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A peer-to-peer exchange allowing users to trade cryptocurrency without the need for an intermediary. Transactions conducted on centralized exchanges are custodial — meaning the platform holds the asset that is being exchanged. Decentralized exchanges tackle this issue, offering theoretically complete anonymity and, crucially, non-custodial transactions. This means the actual asset being exchanged never passes through the hands of an intermediary. DEXs are seen by many as a vital part of the next wave of development in crypto.

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