How Do Decentralised Exchanges Work? (Uniswap Case Study)

A Decentralized Exchange (DEX) is the opposite of a Centralized Exchange (CEX). It is a type of exchange that does not require a third party to have custody of customer assets. No central body is in charge of transactions and trades. DEX are non-custodial meaning that users have control over their assets and trades. The exchange only serves as a platform to bring traders together. DEX uses an order book to connect buyers and sellers and also transfer funds between users’ wallets. A DEX operates on the blockchain network to guarantee smooth and secure transactions without a third party. DEX users are in charge of their assets and can store their coins in cold wallets. Because a DEX does not hold users’ assets, it makes them less vulnerable to hackers. DEX registration doesn’t require personal information or proof of identity. Some DEXs don’t even require registration.

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