# Decentralized Exchanges ⎊ Area ⎊ Resource 19

---

## What is the Architecture of Decentralized Exchanges?

Decentralized exchanges (DEXs) operate on a peer-to-peer model, utilizing smart contracts on a blockchain to facilitate trades without a central intermediary. Unlike centralized exchanges, DEXs do not rely on a traditional order book; instead, many employ automated market maker (AMM) protocols. This architecture allows for permissionless access and transparent transaction settlement directly on the ledger.

## What is the Custody of Decentralized Exchanges?

A defining characteristic of decentralized exchanges is their non-custodial nature, where users retain full control over their private keys and assets throughout the trading process. This eliminates the counterparty risk associated with centralized platforms holding user funds. The self-custody model enhances security by removing a single point of failure for asset management.

## What is the Mechanism of Decentralized Exchanges?

Trading on a DEX involves interacting with liquidity pools rather than matching buyers and sellers directly. Liquidity providers supply assets to these pools, earning fees from transactions. The price discovery mechanism on AMM-based DEXs is determined by a mathematical formula that adjusts the asset ratio within the pool based on trade size.


---

## [Data Integrity Auditing](https://term.greeks.live/term/data-integrity-auditing/)

## [Ethereum Virtual Machine Computation](https://term.greeks.live/term/ethereum-virtual-machine-computation/)

## [Market Arbitrage](https://term.greeks.live/term/market-arbitrage/)

## [Interest Rate Arbitrage](https://term.greeks.live/term/interest-rate-arbitrage/)

## [Arbitrage Strategy](https://term.greeks.live/term/arbitrage-strategy/)

## [Private Order Matching](https://term.greeks.live/term/private-order-matching/)

## [HFT Front-Running](https://term.greeks.live/term/hft-front-running/)

## [On-Chain Price Discovery](https://term.greeks.live/term/on-chain-price-discovery/)

## [Data Source Aggregation](https://term.greeks.live/term/data-source-aggregation/)

## [Oracle Attack Costs](https://term.greeks.live/term/oracle-attack-costs/)

## [Transaction Front-Running](https://term.greeks.live/term/transaction-front-running/)

## [Risk-Free Rate Analogy](https://term.greeks.live/term/risk-free-rate-analogy/)

## [Front-Running Bots](https://term.greeks.live/term/front-running-bots/)

## [Flash Loan Attack Protection](https://term.greeks.live/term/flash-loan-attack-protection/)

## [MEV Front-Running](https://term.greeks.live/term/mev-front-running/)

## [Order Books](https://term.greeks.live/term/order-books/)

## [Data Oracle Integrity](https://term.greeks.live/term/data-oracle-integrity/)

## [Cross-Chain Order Books](https://term.greeks.live/term/cross-chain-order-books/)

## [Liquidity Feedback Loops](https://term.greeks.live/term/liquidity-feedback-loops/)

## [Price Feed Architecture](https://term.greeks.live/term/price-feed-architecture/)

## [Price Feed Updates](https://term.greeks.live/term/price-feed-updates/)

## [Risk-Free Rate Simulation](https://term.greeks.live/term/risk-free-rate-simulation/)

## [Arbitrage Feedback Loops](https://term.greeks.live/term/arbitrage-feedback-loops/)

## [Market Dynamics Feedback Loops](https://term.greeks.live/term/market-dynamics-feedback-loops/)

## [Capital Efficiency Mechanisms](https://term.greeks.live/term/capital-efficiency-mechanisms/)

## [Financial Feedback Loops](https://term.greeks.live/term/financial-feedback-loops/)

## [Price Feed Staleness](https://term.greeks.live/term/price-feed-staleness/)

## [Price Feed Risk](https://term.greeks.live/term/price-feed-risk/)

## [Front-Running Liquidations](https://term.greeks.live/term/front-running-liquidations/)

## [Capital Efficiency Analysis](https://term.greeks.live/term/capital-efficiency-analysis/)

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---

**Original URL:** https://term.greeks.live/area/decentralized-exchanges/resource/19/