DEX

Decentralized Exchange. Smart-contract-based protocols for trading crypto without an intermediary. Most use automated market makers (AMMs) — pools of liquidity priced by mathematical curves rather than orderbooks.

Top DEXes: Uniswap (Ethereum), Raydium (Solana), Curve (stablecoin specialist), Balancer (multi-asset pools). Combined daily volume sometimes exceeds Coinbase's spot volume.