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Decentralized exchanges, or simply swapping protocols, are just that: They are decentralized portals where users can exchange one token for another without a go-between. The appeal of distributed exchanges lies in users' ability to transact without necessarily exchanging passwords or submitting personal details. DeFi innovators discovered that token swapping is even easier if liquidity provision is shifted to extract from the billions held by token holders within the ecosystem. This is without the liquidity provider signing up, revealing their personal information, or swapping parties having to register.
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