# Decentralized Exchanges ⎊ Area ⎊ Resource 41

---

## 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.


---

## [Real-Time Exploit Prevention](https://term.greeks.live/term/real-time-exploit-prevention/)

## [Base Layer Verification](https://term.greeks.live/term/base-layer-verification/)

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

## [Blockchain Network Security Research](https://term.greeks.live/term/blockchain-network-security-research/)

## [Portfolio Delta](https://term.greeks.live/term/portfolio-delta/)

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

## [Decentralized Settlement Efficiency](https://term.greeks.live/term/decentralized-settlement-efficiency/)

## [Proof of Integrity](https://term.greeks.live/term/proof-of-integrity/)

## [Proof of Integrity in Blockchain](https://term.greeks.live/term/proof-of-integrity-in-blockchain/)

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

## [Maintenance Margin Threshold](https://term.greeks.live/term/maintenance-margin-threshold/)

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

## [Funding Rate Mechanism Integrity](https://term.greeks.live/term/funding-rate-mechanism-integrity/)

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

## [Trustless Auditing Systems](https://term.greeks.live/term/trustless-auditing-systems/)

## [Private Transaction Security](https://term.greeks.live/term/private-transaction-security/)

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

## [Non-Linear Cost Scaling](https://term.greeks.live/term/non-linear-cost-scaling/)

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

## [Cross-Chain State Proofs](https://term.greeks.live/term/cross-chain-state-proofs/)

## [Option Pricing Privacy](https://term.greeks.live/term/option-pricing-privacy/)

## [Cryptographic Systems](https://term.greeks.live/term/cryptographic-systems/)

## [Order Book Structure Optimization](https://term.greeks.live/term/order-book-structure-optimization/)

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

## [Synthetic Order Book Generation](https://term.greeks.live/term/synthetic-order-book-generation/)

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

## [Cryptographic Data Proofs for Enhanced Security](https://term.greeks.live/term/cryptographic-data-proofs-for-enhanced-security/)

## [Non-Linear Contagion](https://term.greeks.live/term/non-linear-contagion/)

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

## [Decentralized Order Book Design Patterns](https://term.greeks.live/term/decentralized-order-book-design-patterns/)

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---

**Original URL:** https://term.greeks.live/area/decentralized-exchanges/resource/41/