#CEXvsDEX101 Identification and Essential Differences** - **CEX**: Operated by a central entity (like Binance and Coinbase). Acts as an intermediary, holding users' funds and matching trades through an order book. - **DEX**: Peer-to-peer trading on blockchain technology (like Uniswap and PancakeSwap). Uses smart contracts or automated market makers (AMMs) to facilitate trading without the need for intermediaries. --- ### **2. Comparison of Key Features** | **Aspect** | **CEX** | **DEX** | |----