A few words on centralized and decentralized exchanges:
Many DEXs don't have order books. Instead, they use liquidity pools and automated market-making formulas to set prices, as Uniswap does on Ethereum.
The most fundamental difference is who holds the assets: on a CEX, the platform holds them for you; on a DEX, users hold their own private keys.
Slippage is often significant in less popular DEX pools, so check the estimated amount you'll receive before swapping.
$BNB 705.07（+0.56%）
#BNB
Many DEXs don't have order books. Instead, they use liquidity pools and automated market-making formulas to set prices, as Uniswap does on Ethereum.
The most fundamental difference is who holds the assets: on a CEX, the platform holds them for you; on a DEX, users hold their own private keys.
Slippage is often significant in less popular DEX pools, so check the estimated amount you'll receive before swapping.
$BNB 705.07（+0.56%）
#BNB