# Decentralized Exchanges ⎊ Area ⎊ Resource 28

---

## 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.


---

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

## [Delta Hedging Mechanics](https://term.greeks.live/term/delta-hedging-mechanics/)

## [DeFi Exploits](https://term.greeks.live/term/defi-exploits/)

## [Decentralized Finance Exploits](https://term.greeks.live/term/decentralized-finance-exploits/)

## [Options Trading Game Theory](https://term.greeks.live/term/options-trading-game-theory/)

## [Dark Pools](https://term.greeks.live/term/dark-pools/)

## [Off-Chain Order Book](https://term.greeks.live/term/off-chain-order-book/)

## [Data Streams](https://term.greeks.live/term/data-streams/)

## [Private Options Vaults](https://term.greeks.live/term/private-options-vaults/)

## [Trustless Automation](https://term.greeks.live/term/trustless-automation/)

## [Off-Chain Data Relay](https://term.greeks.live/term/off-chain-data-relay/)

## [Cryptographic Auditing](https://term.greeks.live/term/cryptographic-auditing/)

## [Deep Learning for Order Flow](https://term.greeks.live/term/deep-learning-for-order-flow/)

## [On-Chain TWAP Oracles](https://term.greeks.live/term/on-chain-twap-oracles/)

## [Private Transactions](https://term.greeks.live/term/private-transactions/)

## [Data Provenance Verification](https://term.greeks.live/term/data-provenance-verification/)

## [Frontrunning Prevention](https://term.greeks.live/term/frontrunning-prevention/)

## [Gas Fee Impact Modeling](https://term.greeks.live/term/gas-fee-impact-modeling/)

## [Real Time Analysis](https://term.greeks.live/term/real-time-analysis/)

## [L2 Rollups](https://term.greeks.live/term/l2-rollups/)

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

## [Order Flow Protection](https://term.greeks.live/term/order-flow-protection/)

## [Front-Running Defense Mechanisms](https://term.greeks.live/term/front-running-defense-mechanisms/)

## [Index Price](https://term.greeks.live/term/index-price/)

## [Private Settlement Calculations](https://term.greeks.live/term/private-settlement-calculations/)

## [Public Mempool](https://term.greeks.live/term/public-mempool/)

## [Fee Market Equilibrium](https://term.greeks.live/term/fee-market-equilibrium/)

## [Centralized Data Sources](https://term.greeks.live/term/centralized-data-sources/)

## [Dynamic Fee Structure](https://term.greeks.live/term/dynamic-fee-structure/)

## [Block Space Auctions](https://term.greeks.live/term/block-space-auctions/)

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---

**Original URL:** https://term.greeks.live/area/decentralized-exchanges/resource/28/