DEX is probably one of the best ways to obtain some of the coins that you might find interesting but a lot of scam coins can be given as well. So everyone should be careful on it as well. I hope no one gets scammed like that.
We've to also remember that people also get lots of scam coins on Cex too. It's not a Dex thing alone. For instance, on Pancakeswap there's always a caveat emptor to traders on scam projects. I've come to realize that it's best strategy to copy token contract address from token site and then paste on the Dex one is buying from to avoid interacting with scam projects. That has been my strategy for close to a year that I've been dealing on PCS and I haven't had any issue of buying into scam coins.
The change that they've made played a vital part of their success and right now, they're not the top dex anymore.
Please, help me understand that comment in bold. How could the change be a
vital part of their success but they aren't
top dex anymore?
Bact to the OP on how a decentralized exchange works. Basically, I would say that it's just the same way a crypto wallet works but with a little addition of allowing traders and investors trade on it and having a complete control of their funds and tokens therein. Users control the keys to the wallets.