A DEX, short for Decentralized EXchange, is a peer-to-peer crypto marketplace where parties are able to directly trade crypto, normally without the need of KYC or an intermediary (like a bank).
What is DEX and how does it work?
DEXs (Decentralized crypto EXchanges) are blockchain-based applications that offer the ability for the exchanging cryptocurrency assets. This is accomplished through the use of automated algorithms and smart contracts without the need for a financial intermediary (middleman) as with traditional exchanges.
The concept behind the function and creation of a DEX is to remove any 'middleman' and offer an entirely automated platform that allows individuals to trade directly with each other.
Currently, the largest DEX is Uniswap.