A DEX offers a book that lists investors' buy and sell orders. When supply and demand meet, the smart contract completes the transaction. This is the case with Loopring, DDEX.io and Ethfinex, among others.

But... there's no order book on Uniswap, Balancer Labs or Kyber Network! 😳 So none of them are DEXs!

They are Automated Market Makers, or AMMs. Kézako? 🤔

🏊♀️ An AMM, is a platform based on liquidity reserves (pools) on which users deposit assets in pairs (ETH/USDT for example). Instagram Logo, Use Case, Popsicles, The Original, Blockchain, Senses, Meant To Be, Thankful, Novelty