#中心化与去中心化交易所 Below is an analysis of the core differences between Centralized Exchanges (CEX) and Decentralized Exchanges (DEX) (approximately 120 words):

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### **Centralized Exchanges (CEX)**

- **Custodial Model**: User assets are stored in the exchange's wallet, requiring trust in the platform.

- **Trading Method**: Order book matching (like stock trading), reliant on a central server.

- **Advantages**: High liquidity, easy operation, support for fiat deposits and withdrawals.

- **Risks**: Target for hacker attacks (e.g., Mt.Gox incident), platform exit scams (e.g., FTX).

### **Decentralized Exchanges (DEX)**

- **Non-Custodial Model**: Users hold their private keys and trade directly on-chain (e.g., Uniswap).

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

- **Advantages**: Censorship-resistant, asset autonomy, transparent and verifiable chain.

- **Risks**: Smart contract vulnerabilities, fragmented liquidity, Gas fee volatility.

**Key Difference**: **CEX = Efficiency prioritized but sacrifices control, DEX = Security and autonomy but sacrifices usability**. New users are advised to start with CEX, but must transfer assets to a cold wallet!