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Decentralized exchanges (DEXs) let traders swap tokens on-chain straight from their own wallets. This dashboard compares DEX protocols on spot volume, fees, and total value locked (TVL). It shows where on-chain trading and liquidity actually concentrate.
TVL is the value of assets deposited in a protocol’s smart contracts. For a DEX it approximates the liquidity available for trading.
DEXs settle trades on-chain from self-custodied wallets, so there is no account, custodian, or withdrawal process. Centralized exchanges hold customer funds and match trades off-chain.