9 lines
616 B
Markdown
9 lines
616 B
Markdown
# DEX = Decentralized EXchange
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Order-book based but p2p (i.e. without market makers). This contrasts with [[amm]] (automated market makers) who don't have an order book.
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## Limitations
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From https://academy.binance.com/en/articles/what-is-uniswap-and-how-does-it-work
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> 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. |