An on-chain trade refers to a transaction that occurs directly on a blockchain network, meaning all trade details—such as price, asset amount, and wallet addresses—are recorded publicly and immutably on the blockchain. These trades typically occur on decentralized exchanges (DEXs) and rely on smart contracts to execute. In contrast, a spot trade is a more general term that refers to the immediate exchange of assets at current market prices, and it can happen either on centralized exchanges (like Binance or Coinbase) or on DEXs. Spot trades on centralized platforms are often executed off-chain, with the exchange updating internal ledgers rather than recording each trade on a blockchain. Thus, while all on-chain trades can be spot trades, not all spot trades are on-chain.

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