What is Decentralized EXchanges (DEXs)? Peer-to-Peer (P2P) Cryptocurrency Exchanges [Uniswap, PancakeSwap, SushiSwap, QuickSwap]

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What is Decentralized EXchanges (DEXs)?

Decentralized EXchanges (DEXs) are cryptocurrency exchanges that allow direct Peer-to-Peer (P2P) exchange of cryptocurrency over the Internet without any intermediary (company), while maintaining security.

The advantages of DEXs are that it reduces the risk of cracking by intermediaries and maintains anonymity.

The disadvantage of DEXs is that if a password or private key is stolen, it cannot be recovered, and there is no intermediary to contact.

In contrast, exchanges such as MEXC and Gate.io are centralized exchanges where transactions are mediated by intermediaries.

On centralized exchanges, if a password or private key is stolen, the problem can be solved by contacting the intermediary.

Having a point of contact for inquiries is both an advantage and a disadvantage.

If you would like to trade cryptocurrency on a centralized exchange, read the following!

For an explanation of DEXs, these videos are easy to understand.

Examples of DEXs

We introduce examples of DEXs.

Uniswap

Uniswap is a DEX that automatically mediates exchange transactions between cryptocurrencies on the Ethereum blockchain via smart contracts.

Click the following to watch videos explaining Uniswap.

PancakeSwap

PancakeSwap is a decentralized exchange running on the Binance Smart Chain (BSC) that allows users to trade cryptocurrencies and tokens without intermediaries.

Click the following for explanatory videos of PancakeSwap.

SushiSwap

SushiSwap is a DEX cloned from Uniswap.

While Uniswap tends to be more traditional (conservative) as a DEX, SushiSwap is innovative and characterized by its "open organization".

Click the following to watch videos of SushiSwap.

QuickSwap

QuickSwap is a DEX powered by the polygon blockchain.

These are videos of QuickSwap.

Summary

We introduced Decentralized EXchanges (DEXs), which are Peer-to-Peer (P2P) cryptocurrency exchanges.

We also described Uniswap, PancakeSwap, SushiSwap, and QuickSwap as examples of DEXs.

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