Decentralized Exchange (DEX)

A Decentralized Exchange (DEX) is a crypto trading platform that uses smart contracts to match and settle trades on-chain, rather than running a centralized order book like Coinbase or Binance. Major DEXs include Uniswap, Curve, and PancakeSwap. Most use an automated market maker (AMM) model where liquidity pools price trades algorithmically.

DEXs offer self-custody trading (no exchange holds your funds) and 24/7 access, but typically have higher slippage on large trades and no fraud protection.

Why it matters for Milo customers

If you trade primarily on DEXs and self-custody your crypto, Milo's self-custody mortgage is built for you — your assets never have to move to a centralized exchange or custodian to qualify. Wallet attestation is enough.

Related terms

DeFi (Decentralized Finance)Smart ContractSelf-CustodyPrivate Key
Debt-to-Income Ratio (DTI)Deed of Trust

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