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web3/concepts/dex.md

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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 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.