# Decentralized Exchanges ⎊ Area ⎊ Resource 50

---

## 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.


---

## [Collateralized Debt Obligation](https://term.greeks.live/definition/collateralized-debt-obligation/)

## [Decentralized Protocol Design](https://term.greeks.live/term/decentralized-protocol-design/)

## [Volatility Trading Techniques](https://term.greeks.live/term/volatility-trading-techniques/)

## [Margin Call Dynamics](https://term.greeks.live/definition/margin-call-dynamics/)

## [Fundamental Data Analysis](https://term.greeks.live/term/fundamental-data-analysis/)

## [Option Delta](https://term.greeks.live/definition/option-delta/)

## [Basis Spread](https://term.greeks.live/definition/basis-spread/)

## [Financial Crisis History](https://term.greeks.live/term/financial-crisis-history/)

## [Vega Exposure Management](https://term.greeks.live/term/vega-exposure-management/)

## [Financial Settlement Engines](https://term.greeks.live/term/financial-settlement-engines/)

## [Security Best Practices](https://term.greeks.live/term/security-best-practices/)

## [Legal Framework Analysis](https://term.greeks.live/term/legal-framework-analysis/)

## [Margin Engine Mechanics](https://term.greeks.live/term/margin-engine-mechanics/)

## [Crypto Asset Valuation](https://term.greeks.live/term/crypto-asset-valuation/)

## [Crypto Market Microstructure](https://term.greeks.live/term/crypto-market-microstructure/)

## [Security Token Offerings](https://term.greeks.live/term/security-token-offerings/)

## [Financial History Cycles](https://term.greeks.live/term/financial-history-cycles/)

## [Smart Contract Options](https://term.greeks.live/term/smart-contract-options/)

## [Incentive Structure Design](https://term.greeks.live/term/incentive-structure-design/)

## [Margin Call Prevention](https://term.greeks.live/definition/margin-call-prevention/)

## [Trading Plan Development](https://term.greeks.live/term/trading-plan-development/)

## [Venture Capital Funding](https://term.greeks.live/term/venture-capital-funding/)

## [Liquidity Provision Mechanisms](https://term.greeks.live/term/liquidity-provision-mechanisms/)

## [Margin Engine Analysis](https://term.greeks.live/term/margin-engine-analysis/)

## [Theta Decay Impact](https://term.greeks.live/term/theta-decay-impact/)

## [Protocol Physics Research](https://term.greeks.live/term/protocol-physics-research/)

## [Consensus Mechanism Effects](https://term.greeks.live/term/consensus-mechanism-effects/)

## [Market Impact Assessment](https://term.greeks.live/term/market-impact-assessment/)

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

## [High-Frequency Trading Systems](https://term.greeks.live/term/high-frequency-trading-systems/)

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---

**Original URL:** https://term.greeks.live/area/decentralized-exchanges/resource/50/