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What is DEX?

A DEX, or decentralized exchange, is a type of cryptocurrency exchange that operates on a decentralized blockchain network, allowing users to trade cryptocurrencies directly with each other without the need for a centralized intermediary. DEXs typically use smart contracts to execute trades automatically, and they often provide increased security and privacy compared to centralized exchanges (CEXs). However, DEXs can have lower liquidity and higher trading fees compared to CEXs, which can limit the range of trading pairs and the overall trading experience.