#Circle扩大IPO规模 Exchange

### **Decentralized Exchange (DEX)**

- **Non-custodial model**: Users hold private keys and trade directly on-chain (like Uniswap).

- **Trading method**: Automated Market Maker (AMM) or peer-to-peer matching, with no central server.

- **Advantages**: Resistant to censorship, asset autonomy, transparent and verifiable chain.

- **Risks**: Smart contract vulnerabilities, fragmented liquidity, fluctuating Gas fees.

**Key difference**: **CEX = efficiency prioritized but sacrificing control, DEX = security and autonomy but sacrificing usability**. New users are advised to start with CEX, but be sure to transfer assets to cold wallets!