Too Long; Didn't Read
Decentralized exchanges (DEXs) offer peer-to-peer currencies that can be created by anyone in the world, that can’t be censored or controlled by outside organizations. While the currencies were decentralized, the trading platforms themselves were completely centralized. The history of centralized exchanges is riddled with hacks, exit scams, and other kinds of losses for almost everyone involved. This is a way of trading on a decentralized platform to be traded directly with other traders directly with each other.