"Decentralized Exchanges (DEXs) have emerged as the most vigorous use case in blockchain applications, enabling trustless and permissionless value exchange.

Over the last 4 years, DEX trading volumes have grown significantly, from $12.5bn to $300bn[1]. While DEXs offer a self-custodial alternative to centralized exchanges (CEXs)—which have faced, and will likely continue to face, issues such as custody risks (loss of user funds) and lack of transparency—the execution quality of DEXs remains notably inferior to that of CEXs."

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"Decentralized Exchanges (DEXs) have emerged as the most vigorous use case in blockchain applications, enabling trustless and permissionless value exchange.

Over the last 4 years, DEX trading volumes have grown significantly, from $12.5bn to $300bn[1]. While DEXs offer a self-custodial alternative to centralized exchanges (CEXs)—which have faced, and will likely continue to face, issues such as custody risks (loss of user funds) and lack of transparency—the execution quality of DEXs remains notably inferior to that of CEXs."

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https://t1protocol.substack.com/p/t-dex-redefining-dexs-with