Decentralised exchange (DEX)
A smart contract that lets users trade tokens directly from their wallets, without a company holding funds or matching orders.
Uniswap, PancakeSwap, Raydium and Aerodrome are DEXs. Anyone can list a token by creating a pool; trades settle on chain in one transaction; and because every swap is a public record, DEX volume can be measured exactly rather than reported. Coinmico indexes swaps pool by pool on each chain it covers.