- What is DEX?
A decentralized exchange (DEX) is a peer-to-peer (p2p) online service that allows direct cryptocurrency transactions between two interested parties.
Decentralized cryptocurrency exchanges are aimed at solving problems that are inherent in centralized exchanges. They create p2p markets directly on the blockchain, which allows traders to independently store and operate funds. Users of such exchanges can make transactions with cryptocurrency directly between each other — i.e., without third-party involvement.
Decentralized services are supervised either automatically or by the participants. The safety of assets is provided by a distributed ledger technology (DLT) — in general, mostly the following blockchains are utilized for DEXs: Ethereum (EtherDelta, IDEX, etc.), Graphene (BitShares, CryptoBridge, etc.) or blockchains powered by other cryptocurrencies (Waves, Switcheo, etc.).
Read more about this from CoinTelegraph: https://cointelegraph.com/explained/dex-explained
For more information on Switcheo: