In our previous blog post, we explored the origins of DeFi and how it differs from traditional finance. Now, let's dive deeper into a cornerstone of DeFi: decentralized exchanges (DEXs).What are DEXs?Unlike traditional exchanges controlled by central authorities, DEXs operate on a peer-to-peer (P2P) basis. They leverage smart contracts to facilitate token swaps directly between users, eliminating the need for intermediaries. DEXs reside within the application layer of the DeFi stack, pro...