DEX is distributed exchange, think D-Ex. Decentralized exchange is not, think De-X. Visualize, but consider also a DEX execution net more a distributed-state-of-swap-tx-db or messaging-like to which trades all plug and tx into, not necessarily a p2p routing network per se... https://static1.seekingalpha.com/uploads/2018/2/1/389729-15174980652034152.p... Most so called "DEX" today are spamvertised corporate startup lies, worthless garbage infested with some things that make them not a true DEX... a) Centralized or "De-X" not truly distributed in some p2p or chain net sense. b) Works only with one particular token family or blockchain network. c) Have arbitration, escrow, insurance, brokerage, custody, entry fee'd, governed, staked, taxed, trades fiat, keeps a record, has support desk, etc. Binance style central exchanges running on onions are not DEX. OpenBazaar markets are not DEX. XMR, ZEC, JoinMarket, CashShuffle, CashFusion are not DEX. McAfee DEX (OEM'd @switchdex switch.ag) is not really a true DEX. ERC20, SLP, etc families only... must be made cross-chain DEX compatible. BlockDX is more like a true distributed atomic cross-chain DEX. Others coming soon. A true DEX will be a cross-chain fully distributed non-custodial uncensorable exchange protocol, its own atomic execution network, blockchain-ish, messaging or transaction advertisement meta layer API running over some privacy overlay network in free space. Generally requires each participant coin to have set of atomic exchange and cryptographic API functions into the DEX such that any market pair among the coins can be composed and executed free of counterparty risk. ccDEX - emphasizing cross-chain to eliminate all the ETH and other token only DEXs from consideration. Atomic - emphasizing committal of nominal values in key form to the exchange protocol net for proofed agreement, execute or return. Both sides either have the privkeys and safely swap over the protocol in time, or they don't. Some DEX use intermediate mechanisms. Some early DEX protocol research and operational nets are out there, for which further searches will return even newer more advanced work... bitshares etherdelta bisq 0x nvo-safenetwork blockdx.co/blocknet.co avalanche tao method language Standardized DEX protocol API's will emerge and be adopted. If you can sue it, shoot it, shut it down, get censored, premined, gov / founder taxed, kyc'd, deanon'd, lose money to the protocol or humans, not be opensource, not be privacy, waste disk space, vote governance stake force over free networks etc... then 10+ years past Genesis, considering today's available and forthcoming crypto tech, it's not a DEX, and it's not a cryptocurrency... it's just central fiat.