What is a Decentralised Exchange (DEX)?

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Decentralized exchanges or DEX for short, are a type of cryptocurrency exchange which allow for direct cryptocurrency exchanges of tokens to take place online securely and without the need for a middleman like a bank or a government.

To use a DEX:

  1. Go to the DEX’s website (e.g. uniswap.io)
  2. Connect your wallet to the DEX
  3. Swap a token in your wallet for another

I currently use the 1inch.io DEX to exchange ETH tokens for the HEX token, a type of savings and term deposit token that averages around 40% interest rate.

A video explanation of a DEX
Screenshot of the 1inch DEX that I use.

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