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How does DEX differ from centralized cryptocurrency exchanges?

avatarØbsaniit QaallomaniNov 26, 2021 · 3 years ago1 answers

Can you explain the differences between decentralized exchanges (DEX) and centralized cryptocurrency exchanges?

How does DEX differ from centralized cryptocurrency exchanges?
Cryptocurrency
Decentralized Exchanges
DEX

1 answers

  • avatarNov 26, 2021 · 3 years ago
    BYDFi, a decentralized exchange, takes the concept of DEX even further. It not only allows users to trade directly with each other but also offers additional features such as yield farming and staking. This enables users to earn passive income on their cryptocurrency holdings. BYDFi also prioritizes security by utilizing audited smart contracts and implementing strict security measures. Overall, DEX provides a more decentralized and secure trading experience compared to centralized exchanges, but it may have limitations in terms of liquidity and trading volume.

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