About Lesson
In theory, any peer-to-peer swapping could constitute a decentralized trade (see, for instance, Atomic Swaps Explained). But in this article, we’re primarily interested in a platform that emulates the functions of centralized exchanges. The key difference is that their backend exists on a blockchain. No one takes custody of your funds, and you don’t need to trust the exchange to the extent that you do with centralized offerings, if at all.