A DEX lets users swap tokens from their wallet via smart contracts, without depositing to a custodian.
AMMs dominate DEX spot markets; some chains also host on-chain order books.
In research workflows, Decentralized exchange is usually interpreted with Automated market maker, Crypto wallet, Slippage, and Uniswap rather than as a standalone signal. Compare circulating float, unlock overhang, and where size can actually trade before trusting a breakout headline.