Problem with majorify of those "decentralized exchanges" is that they are not really decentralized. Good example of that is Pancakeswap that is based on highly centrazlied BSC so how decentrazlied it can be in the end? In the same time, truly decentralized Bisq has only ~$100k daily volume so it makes it very costly to buy/sell any bigger amount of bitcoin.
I agree with your perspective that many so-called decentralized exchanges (DEXs) in the cryptocurrency industry have not fully achieved decentralization, like PancakeSwap on the Binance Smart Chain (BSC).
However, there are still truly decentralized exchanges, such as Uniswap. To identify genuine DEXs, we need to consider the following factors:
The underlying blockchain on which they are deployed should be decentralized. BSC, for instance, is not truly decentralized, so DApps built on it cannot be considered fully decentralized either.
In contrast, Ethereum and several prominent Layer-2 chains offer a more decentralized infrastructure. Therefore, when choosing DEXs or Transparent Exchanges (TEXs), opt for those deployed on Ethereum or major Layer-2 chains, keeping in mind that Ethereum has higher gas costs, while Layer-2 chains offer lower gas fees.1.
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4. I remember IDEX asking for KYC from users at one point. Another so-called decentralized exchange using smart contracts deployed on Ethereum