Decentralized Exchange (DEX) Overview
When working with Decentralized Exchange, a blockchain‑based platform that lets users trade crypto assets directly, without a central intermediary. Also known as DEX, it relies on smart contracts to match orders and settle trades on‑chain.
Key Building Blocks of a DEX
The Automated Market Maker, a pricing algorithm that replaces traditional order books powers most DEXs. An AMM requires a pool of assets supplied by Liquidity Providers, users who lock tokens into smart contracts and earn a share of trading fees. This relationship forms a core semantic triple: Decentralized exchange encompasses automated market maker; automated market maker requires liquidity providers; liquidity providers earn fees. When traders initiate a Token Swap, the smart contract instantly exchanges one asset for another at the current pool price, the whole process stays trustless and permissionless. Another triple links the concepts: Token swaps are facilitated by smart contracts; smart contracts enable trustless execution.
Beyond the core mechanics, DEXs bring several practical benefits. Users keep full control of their private keys, reducing custodial risk. Since trades settle on‑chain, censorship is hard, making DEXs attractive for regions with restrictive regulations. However, the same openness introduces challenges: impermanent loss can erode liquidity provider returns, and thin liquidity may cause slippage on larger orders. Our collection of articles dives into these topics— from assessing the risk of impermanent loss in liquidity pools to comparing the fee structures of platforms like Vebitcoin, Azorswap and SunSwap V3.
Understanding how DEXs interact with broader market trends also matters. Instant finality protocols can speed up settlement, while adaptive mining difficulty influences overall network security, both affecting DEX performance. For developers, smart contract use cases beyond simple swaps—such as NFT‑backed tokens, creator token launches, or decentralized gaming economies—show how DEX infrastructure fuels innovative business models.
Below you’ll find detailed reviews, how‑to guides and risk analyses that walk you through choosing a DEX, managing liquidity, and navigating the evolving DeFi landscape.
- By Eva van den Bergh
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- 20 Oct 2025
ApeSwap (BSC) Review: Features, Tokenomics, and How It Stacks Up
An in‑depth review of ApeSwap on BSC covering features, tokenomics, security, pros, cons and how it compares to PancakeSwap.
- By Eva van den Bergh
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- 28 May 2025
Libre Swap Review: In‑Depth Look at the New Libre Blockchain DEX
A thorough Libre Swap review covering features, fees, security, volume, and how it stacks up against major DEXs in 2025.
- By Eva van den Bergh
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- 22 May 2025
SquadSwap v2 Crypto Exchange Review: Features, Tokenomics & Risks
In-depth SquadSwap v2 crypto exchange review covering features, tokenomics, liquidity, risks and future outlook for traders on the BNB Chain.
- By Eva van den Bergh
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- 11 Jan 2025
Fraxswap (Fantom) Review: Is This DeFi AMM Worth Your Trade?
A detailed Fraxswap (Fantom) review covering its TWAMM feature, liquidity, fees, security, and how it stacks up against SpookySwap, SpiritSwap and Beethoven X.
- By Eva van den Bergh
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- 29 Dec 2024
Block DX Review: In‑Depth Look at the Decentralized Crypto Exchange
An in‑depth Block DX review covering its decentralized architecture, tokenomics, pros, cons, and how it compares to IDEX, SushiSwap and dYdX in 2025.
- By Eva van den Bergh
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- 29 Nov 2024
AMM vs Order Book: Which Crypto Trading Model Wins?
A clear, side‑by‑side guide to Automated Market Makers and Order Book models, covering how they work, pros and cons, best‑use scenarios, and future hybrid trends.
- By Eva van den Bergh
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- 15 Nov 2024
DubiEx Crypto Exchange Review - Zero‑Fee Trading Explained
A detailed review of DubiEx crypto exchange, covering its zero‑fee claim, trustless model, security gaps, regulatory status, and how it stacks up against Bybit and Phemex.