# Decentralized Exchanges ⎊ Area ⎊ Resource 39

---

## 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.


---

## [MEV Liquidation Skew](https://term.greeks.live/term/mev-liquidation-skew/)

## [Algorithmic Transaction Cost Volatility](https://term.greeks.live/term/algorithmic-transaction-cost-volatility/)

## [Value-at-Risk Transaction Cost](https://term.greeks.live/term/value-at-risk-transaction-cost/)

## [Liquidations](https://term.greeks.live/term/liquidations/)

## [Zero Knowledge Proof Order Validity](https://term.greeks.live/term/zero-knowledge-proof-order-validity/)

## [Blockchain State Verification](https://term.greeks.live/term/blockchain-state-verification/)

## [Zero-Knowledge Ethereum Virtual Machines](https://term.greeks.live/term/zero-knowledge-ethereum-virtual-machines/)

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

## [Zero Knowledge Bid Privacy](https://term.greeks.live/term/zero-knowledge-bid-privacy/)

## [Gas Optimization](https://term.greeks.live/term/gas-optimization/)

## [Game Theory Auctions](https://term.greeks.live/term/game-theory-auctions/)

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

## [Gas-Gamma](https://term.greeks.live/term/gas-gamma/)

## [Liquidation Penalty Fee](https://term.greeks.live/term/liquidation-penalty-fee/)

## [Smart Contract Liquidation Engine](https://term.greeks.live/term/smart-contract-liquidation-engine/)

## [ZK-proof Based Systems](https://term.greeks.live/term/zk-proof-based-systems/)

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

## [Systemic Stress Simulation](https://term.greeks.live/term/systemic-stress-simulation/)

## [Transaction Gas Fees](https://term.greeks.live/term/transaction-gas-fees/)

## [Order Book Depth Monitoring](https://term.greeks.live/term/order-book-depth-monitoring/)

## [Cryptographic Proofs Verification](https://term.greeks.live/term/cryptographic-proofs-verification/)

## [Cross-Chain Trade Verification](https://term.greeks.live/term/cross-chain-trade-verification/)

## [Zero Knowledge Proof Failure](https://term.greeks.live/term/zero-knowledge-proof-failure/)

## [Zero-Knowledge Order Privacy](https://term.greeks.live/term/zero-knowledge-order-privacy/)

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

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

## [Order Book Market Impact](https://term.greeks.live/term/order-book-market-impact/)

## [Black-Scholes Verification](https://term.greeks.live/term/black-scholes-verification/)

## [Zero-Knowledge Proof Attestation](https://term.greeks.live/term/zero-knowledge-proof-attestation/)

## [Systemic Resilience Design](https://term.greeks.live/term/systemic-resilience-design/)

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---

**Original URL:** https://term.greeks.live/area/decentralized-exchanges/resource/39/