DEX
Decentralized exchange — you trade directly from your wallet against a smart contract.
Definition
A DEX lets you swap tokens without an intermediary holding your funds. Uniswap (Ethereum/L2s), Raydium and Jupiter (Solana), PancakeSwap (BSC) dominate. Most use an automated market maker model: you trade against a liquidity pool, price is set by a curve.
Anyone can list a token on a DEX — no listing fee, no vetting. That's why new memecoins live on DEXs first. It's also why you have to vet contracts yourself: the DEX doesn't care if the token is a honeypot.
Examples
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Token only trades on Raydium right now — no CEX listing yet.
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Checked pool depth on the DEX before sizing the buy.
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DEX self-custody means no support line when you approve a scam contract.
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