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After all, part of the appeal of cryptocurrencies is the idea of a decentralized internet — a platform where no single party controls the data. In that case, why do centralized platforms control the exchange of crypto assets? This is often referred to as a "dogfooding" problem, or not practicing what you preach.

There are several operating DEXs matching and executing orders via smart contracts.

The Waves DEX, for example, is currently handling about $6 million of daily trading volume. Others are still in the development or testing phases.

The chart below tracks fundraising by some of the players in the space, including companies like 0x, which is building a protocol for DEXs:


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