Is the Term ‘Decentralized Exchange’ an Oxymoron?

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There has been a lot of media coverage and chatter in the crypto community over the concept of ‘decentralized’ exchanges. Unfortunately, this type of coverage magnifies the confusion among crypto enthusiasts regarding market structure and price discovery. It is vital to separate discussions of price discovery from the settlement process. Otherwise, ‘decentralized exchanges’ that have limited (or no) price discovery mechanisms will continue to be promoted as panaceas.

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