# Decentralized Exchanges ⎊ Area ⎊ Resource 44

---

## 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 Recovery Mechanisms](https://term.greeks.live/term/order-book-recovery-mechanisms/)

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

## [Trade Settlement Finality](https://term.greeks.live/term/trade-settlement-finality/)

## [Computational Integrity Verification](https://term.greeks.live/term/computational-integrity-verification/)

## [Proof Aggregation Techniques](https://term.greeks.live/term/proof-aggregation-techniques/)

## [Optimistic Models](https://term.greeks.live/term/optimistic-models/)

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

## [Real-Time Solvency Attestation](https://term.greeks.live/term/real-time-solvency-attestation/)

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

## [Real-Time Derivative Markets](https://term.greeks.live/term/real-time-derivative-markets/)

## [Order Book Thinning Effects](https://term.greeks.live/term/order-book-thinning-effects/)

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

## [Hybrid Rollup](https://term.greeks.live/term/hybrid-rollup/)

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

## [Encrypted Data Feed Settlement](https://term.greeks.live/term/encrypted-data-feed-settlement/)

## [Cross-Margin Verification](https://term.greeks.live/term/cross-margin-verification/)

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

## [Virtual Order Book Aggregation](https://term.greeks.live/term/virtual-order-book-aggregation/)

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

## [Real-Time Price Impact](https://term.greeks.live/term/real-time-price-impact/)

## [Zero Knowledge Succinct Non Interactive Arguments Knowledge](https://term.greeks.live/term/zero-knowledge-succinct-non-interactive-arguments-knowledge/)

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

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

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

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

## [Cross Market Order Book Bleed](https://term.greeks.live/term/cross-market-order-book-bleed/)

## [Zero-Knowledge Architecture](https://term.greeks.live/term/zero-knowledge-architecture/)

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

## [Order Book Pattern Recognition](https://term.greeks.live/term/order-book-pattern-recognition/)

## [Algorithmic Order Book Strategies](https://term.greeks.live/term/algorithmic-order-book-strategies/)

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```


---

**Original URL:** https://term.greeks.live/area/decentralized-exchanges/resource/44/