8 lines
545 B
Markdown
8 lines
545 B
Markdown
# Decentralized Exchange
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Order-book based but peer-to-peer transactions (i.e. without market makers). This contrasts with [AMM](AMM.md) (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](blockchain.md) 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. |