Constraints: No markdown, so no bold, italics, code fences, etc. Use plain text. Use simple table format with plain dashes. Likely something like:
Feature - DEX - CEX
Security - ... - ...
Liquidity - ... - ...
...
But must use plain dashes for separators. Probably something like:
Feature - DEX - CEX
Security - Non-custodial, user controls keys - Custodial, exchange holds funds
Liquidity - Lower, depends on pools - Higher, deep order books
Fees - Variable, often lower - Fixed, may include spread
Speed - On-chain confirmation - Near-instant off-chain matching
Regulation - Mostly unregulated - KYC/AML compliance
User experience - Requires wallet, more steps - Simple UI, fiat onramps
Word count 180-220 words. Must count words. Let's aim for ~200 words.
We need to ensure no markdown formatting (no backticks, no bullet points with hyphens? Hyphens are allowed for table separators). The table format with plain dashes: maybe something like:
Feature - DEX - CEX
Security - User holds keys - Exchange holds keys
Liquidity - Pool based, can be thin - Deep order books, high volume
Fees - Variable, often lower - Fixed, includes spread
Speed - On-chain settlement - Instant off-chain matching
Regulation - Mostly permissionless - KYC/AML required
UX - Wallet needed, more steps - Simple UI, fiat onramp
But we need to include pros and cons for each side. Could add a column for Pros and Cons? But simple table with three columns: Feature
Feature - DEX - CEX
Security - ... - ...
Liquidity - ... - ...
...
But must use plain dashes for separators. Probably something like:
Feature - DEX - CEX
Security - Non-custodial, user controls keys - Custodial, exchange holds funds
Liquidity - Lower, depends on pools - Higher, deep order books
Fees - Variable, often lower - Fixed, may include spread
Speed - On-chain confirmation - Near-instant off-chain matching
Regulation - Mostly unregulated - KYC/AML compliance
User experience - Requires wallet, more steps - Simple UI, fiat onramps
Word count 180-220 words. Must count words. Let's aim for ~200 words.
We need to ensure no markdown formatting (no backticks, no bullet points with hyphens? Hyphens are allowed for table separators). The table format with plain dashes: maybe something like:
Feature - DEX - CEX
Security - User holds keys - Exchange holds keys
Liquidity - Pool based, can be thin - Deep order books, high volume
Fees - Variable, often lower - Fixed, includes spread
Speed - On-chain settlement - Instant off-chain matching
Regulation - Mostly permissionless - KYC/AML required
UX - Wallet needed, more steps - Simple UI, fiat onramp
But we need to include pros and cons for each side. Could add a column for Pros and Cons? But simple table with three columns: Feature