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What is DEX (Decentralized Exchange)?
A DEX is a crypto exchange that operates without a central authority, using smart contracts for peer-to-peer trading. Uniswap, PancakeSwap, and Jupiter are popular DEXs.
Full Explanation
A Decentralized Exchange (DEX) enables peer-to-peer trading of cryptocurrencies without an intermediary. Instead of order books, most DEXs use Automated Market Makers (AMMs), smart contracts that maintain liquidity pools. Users trade directly from their wallets, maintaining full custody of funds. Key DEXs: Uniswap (Ethereum), PancakeSwap (BNB Chain), Jupiter (Solana), Raydium (Solana). DEX advantages: no KYC, no custody risk, access to new tokens immediately. Disadvantages: higher slippage, MEV attacks, smart contract risk.
Example
To swap ETH for a new DeFi token not yet listed on Indian exchanges, you'd use Uniswap: connect your MetaMask wallet, select the tokens, and swap. No registration needed.