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A decentralized exchange (or DEX) is a peer-to-peer marketplace where transactions occur directly between crypto traders. DEXs fulfill one of crypto's core possibilities: fostering financial transactions that aren't officiated by banks, brokers, or any other intermediary.A decentralized exchange (DEX) uses smart contracts to enable cryptocurrency traders to execute trades without an intermediary. after reading this, you'll understand: Decentralized exchanges place control and responsibility on the users by letting them trade directly from their wallets through smart contracts.