DEX (Decentralized Exchange)
An exchange that is code, not a company: trade directly from your wallet against liquidity pools, no sign-up, no custodian.
A decentralized exchange is a set of smart contracts that lets users swap tokens directly from their own wallets. Most use automated market makers — pricing against liquidity pools funded by users — rather than order books. Uniswap pioneered the model; every major chain now has flagship DEXs.
DEXs never custody your funds and list anything permissionlessly — which is both the feature and the hazard: no KYC and no gatekeeper also means scam tokens and rug pulls trade freely alongside legitimate assets. Users pay gas, manage slippage, and carry full responsibility for what they sign.