Starting late last year, I’ve been taking a closer look at the cryptocurrency (aka crypto) landscape. Given the nine years I’ve spent running an algorithmic hedge fund, I’m naturally drawn to the dynamics of crypto trading. Since I’m not a crypto true believer, I expect to have a fresh perspective on any new trading technologies. ICO scams aside, there are some interesting innovations occurring in the space. Particularly new is the concept of a decentralized exchangeThe core value proposition of a decentralized exchange (DEX), and what makes them interesting, is allowing for counterparties to find each other and trade directly on-chain, thereby not being dependent on a centralized trading exchange and taking on the associated custody risks.
 Because cryptocurrencies are bearer instruments, exchanges holding large sums effectively become honeypots. At current exchange rates, over USD $15 billion has been stolen from over a dozen different exchanges.

WHAT ARE THOUGHT REGARDS DECENTRALIZED EXCHANGES.