Decentralized exchanges (DEXs) have emerged as a solution to crypto’s bloody history of centralized exchange hacks. While self-custody is an important feature of DEXs, decentralized exchanges also present a unique opportunity to rethink how to design an exchange from scratch based on first principles.There's no clear winner in the DEX space yet, but three models for designing a DEX have distinguished themselves: the order book model, the automated market making model, and the Dutch auction model. Read more about the tradeoffs for each approach in our latest blog post: A Comparison of Decentralized Exchange Designs.