# Decentralized Exchanges ⎊ Area ⎊ Resource 24

---

## 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.


---

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

## [Basis Risk Management](https://term.greeks.live/term/basis-risk-management/)

## [Proof-of-Work Probabilistic Finality](https://term.greeks.live/term/proof-of-work-probabilistic-finality/)

## [Trustless Setup](https://term.greeks.live/term/trustless-setup/)

## [Time-Weighted Average](https://term.greeks.live/term/time-weighted-average/)

## [On-Chain Solvency Verification](https://term.greeks.live/term/on-chain-solvency-verification/)

## [Price Manipulation Vectors](https://term.greeks.live/term/price-manipulation-vectors/)

## [Gas Price Manipulation](https://term.greeks.live/term/gas-price-manipulation/)

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

## [TWAP Manipulation Resistance](https://term.greeks.live/term/twap-manipulation-resistance/)

## [Flash Loan Mitigation](https://term.greeks.live/term/flash-loan-mitigation/)

## [Predictive Risk Engines](https://term.greeks.live/term/predictive-risk-engines/)

## [Zero Knowledge Oracle Proofs](https://term.greeks.live/term/zero-knowledge-oracle-proofs/)

## [Non-Linear Fee Curves](https://term.greeks.live/term/non-linear-fee-curves/)

## [Real-Time Risk Modeling](https://term.greeks.live/term/real-time-risk-modeling/)

## [Batch Auction Mechanisms](https://term.greeks.live/term/batch-auction-mechanisms/)

## [Cryptographic Guarantees](https://term.greeks.live/term/cryptographic-guarantees/)

## [Hybrid Architecture Models](https://term.greeks.live/term/hybrid-architecture-models/)

## [Hybrid Clearing Models](https://term.greeks.live/term/hybrid-clearing-models/)

## [Hybrid Order Book Models](https://term.greeks.live/term/hybrid-order-book-models/)

## [Execution Latency](https://term.greeks.live/term/execution-latency/)

## [Market Participants](https://term.greeks.live/term/market-participants/)

## [Mempool Monitoring](https://term.greeks.live/term/mempool-monitoring/)

## [Multi-Party Computation](https://term.greeks.live/term/multi-party-computation/)

## [High-Frequency Trading Strategies](https://term.greeks.live/term/high-frequency-trading-strategies/)

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

## [Hybrid Compliance Models](https://term.greeks.live/term/hybrid-compliance-models/)

## [DONs](https://term.greeks.live/term/dons/)

## [Hybrid Oracle Design](https://term.greeks.live/term/hybrid-oracle-design/)

## [Scalability Trilemma](https://term.greeks.live/term/scalability-trilemma/)

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---

**Original URL:** https://term.greeks.live/area/decentralized-exchanges/resource/24/