What Is DEX (Decentralized Exchange)?

A DEX is a cryptocurrency exchange that operates without a central authority, using smart contracts to facilitate trading directly between users. Examples include Uniswap, SushiSwap, and PancakeSwap. DEX trades are recorded on-chain and visible to whale trackers. Large DEX swaps by whales can significantly impact token prices through slippage, making DEX whale monitoring especially valuable for traders.