Decentralized exchanges (DEXes), together with stablecoins, lending services, and trading aggregators, constitute the fundamental building blocks of DeFi. Among these components, DEXes have risen as the cornerstone, serving as the central hub of the DeFi ecosystem. In this post, we will provide a concise overview of the evolutionary progress of DEXes since 2018. First Generation The first generation of DEXes emerged between 2018 and 2019, primarily relying on the reserve model. Under this mod...