#中心化与去中心化交易所

Cryptocurrency exchanges are platforms that allow users to buy and sell cryptocurrencies, which can be divided into two types: centralized exchanges (CEX) and decentralized exchanges (DEX). Cryptocurrency exchanges typically offer various functions such as trading, storage, withdrawals, deposits, and different trading pairs.

CEX is similar to traditional banks; they hold users' crypto assets and are responsible for processing transactions. Users need to rely on the exchange to fulfill its commitments and handle the transfer of their cryptocurrencies. This means that users cannot control their private keys, and theoretically, the exchange can freeze or confiscate their assets. This can also increase the risk of cryptocurrencies being stolen. We can find real-life examples to prove this point. In 2018, the leak at Coincheck exchange led to a massive theft of $713 million.

On DEX, the exchange does not hold users' crypto assets but utilizes smart contracts to facilitate trading on the blockchain. This means that users always have control of their private keys and fully control their assets. DEX is merely a matching platform that provides the environment necessary for users to trade.