# Decentralized Exchanges ⎊ Area ⎊ Resource 57

---

## 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.


---

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

## [Edge](https://term.greeks.live/definition/edge/)

## [Decentralized Margin Engine Integrity](https://term.greeks.live/term/decentralized-margin-engine-integrity/)

## [Cross Chain Solvency Aggregation](https://term.greeks.live/term/cross-chain-solvency-aggregation/)

## [Data Integrity in Crypto Markets](https://term.greeks.live/term/data-integrity-in-crypto-markets/)

## [Market Psychology Influence](https://term.greeks.live/term/market-psychology-influence/)

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

## [Behavioral Game Theory Analysis](https://term.greeks.live/term/behavioral-game-theory-analysis/)

## [Business Continuity Management](https://term.greeks.live/term/business-continuity-management/)

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

## [Decentralized Margin Trading](https://term.greeks.live/term/decentralized-margin-trading/)

## [Real-Time Margin Requirements](https://term.greeks.live/term/real-time-margin-requirements/)

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

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

## [Real-Time Microstructure Analysis](https://term.greeks.live/term/real-time-microstructure-analysis/)

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

## [Trade Execution Analysis](https://term.greeks.live/term/trade-execution-analysis/)

## [Growth Investing Strategies](https://term.greeks.live/term/growth-investing-strategies/)

## [Edge Quantification](https://term.greeks.live/definition/edge-quantification/)

## [Vanilla Option Portfolio](https://term.greeks.live/term/vanilla-option-portfolio/)

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

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

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

## [MEV Aware Design](https://term.greeks.live/term/mev-aware-design/)

## [Liquidation Engine Efficiency](https://term.greeks.live/term/liquidation-engine-efficiency/)

## [Financial Instrument Pricing](https://term.greeks.live/term/financial-instrument-pricing/)

## [Liquidity Provider Game Theory](https://term.greeks.live/term/liquidity-provider-game-theory/)

## [Perpetual Protocol Funding Rate Risk](https://term.greeks.live/term/perpetual-protocol-funding-rate-risk/)

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

## [Decentralized Option Protocols](https://term.greeks.live/term/decentralized-option-protocols/)

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```


---

**Original URL:** https://term.greeks.live/area/decentralized-exchanges/resource/57/