# DEX = Decentralized EXchange

Order-book based but p2p (i.e. without market makers). This contrasts with [[amm]] (automated market makers) who don't have an order book.

## Limitations

From https://academy.binance.com/en/articles/what-is-uniswap-and-how-does-it-work

> Due to the inherent limitations of [blockchain](https://academy.binance.com/en/articles/what-is-blockchain-technology-a-comprehensive-guide-for-beginners) technology, it has been a challenge to build DEXes that meaningfully compete with their centralized counterparts. Most DEXes could improve both in terms of performance and user experience.