# Decentralized Exchanges ⎊ Area ⎊ Resource 38

---

## 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.


---

## [Order Book Order Flow Visualization](https://term.greeks.live/term/order-book-order-flow-visualization/)

## [Order Book Order Flow Visualization Tools](https://term.greeks.live/term/order-book-order-flow-visualization-tools/)

## [Order Book Matching Engine](https://term.greeks.live/term/order-book-matching-engine/)

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

## [Order Book Order Flow Prediction](https://term.greeks.live/term/order-book-order-flow-prediction/)

## [Order Book Order Type Optimization Strategies](https://term.greeks.live/term/order-book-order-type-optimization-strategies/)

## [Marginal Gas Fee](https://term.greeks.live/term/marginal-gas-fee/)

## [ZK-Proof Computation Fee](https://term.greeks.live/term/zk-proof-computation-fee/)

## [Off-Chain Aggregation Fees](https://term.greeks.live/term/off-chain-aggregation-fees/)

## [Real Time Oracle Feeds](https://term.greeks.live/term/real-time-oracle-feeds/)

## [Adversarial Environment Game Theory](https://term.greeks.live/term/adversarial-environment-game-theory/)

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

## [Dynamic Margin Engines](https://term.greeks.live/term/dynamic-margin-engines/)

## [Economic Cost of Attack](https://term.greeks.live/term/economic-cost-of-attack/)

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

## [Financial History Systemic Stress](https://term.greeks.live/term/financial-history-systemic-stress/)

## [Hybrid Trading Systems](https://term.greeks.live/term/hybrid-trading-systems/)

## [Liquidation Price Calculation](https://term.greeks.live/term/liquidation-price-calculation/)

## [Financial Market Evolution](https://term.greeks.live/term/financial-market-evolution/)

## [Transaction Cost Skew](https://term.greeks.live/term/transaction-cost-skew/)

## [Hybrid Model](https://term.greeks.live/term/hybrid-model/)

## [Transaction Cost Reduction Strategies](https://term.greeks.live/term/transaction-cost-reduction-strategies/)

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

## [Transaction Ordering Manipulation](https://term.greeks.live/term/transaction-ordering-manipulation/)

## [Portfolio Rebalancing Cost](https://term.greeks.live/term/portfolio-rebalancing-cost/)

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

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

## [Derivative Liquidity](https://term.greeks.live/term/derivative-liquidity/)

## [Security-Freshness Trade-off](https://term.greeks.live/term/security-freshness-trade-off/)

## [Delta Manipulation](https://term.greeks.live/term/delta-manipulation/)

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```


---

**Original URL:** https://term.greeks.live/area/decentralized-exchanges/resource/38/