A Decentralized Exchange — a platform where you trade crypto directly with other users through smart contracts, with no company in the middle.
Think of it like a farmer's market where buyers and sellers trade directly, instead of going through a store.
DEXs let you trade without handing your crypto to a company, giving you more control and access to tokens not listed on big exchanges.
Watch out for fake tokens on DEXs — since anyone can list a token, scammers create copycat coins with similar names to trick you into buying worthless fakes.
A Centralized Exchange — a company-run platform (like Coinbase or Binance) where you can buy, sell, and trade crypto.
A shared pot of crypto tokens locked in a smart contract that enables trading on a decentralized exchange — users deposit tokens and earn fees in return.
A program stored on a blockchain that automatically executes an agreement when specific conditions are met, without needing a middleman.
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