# Decentralized exchange

## Definition

A decentralized exchange, or DEX, is a blockchain application that enables users to trade assets through smart contracts without transferring custody to a conventional exchange account.

## What it means in practice

Many DEXs use automated market makers or aggregators rather than a centralized order book.

## How this concept appears in Terenval Wallet

Terenval users can connect to compatible DEX dApps with WalletConnect where the selected network is supported.

**Important:** Verify the token contract, slippage, minimum received amount and approval request before confirming a swap.

**[Install Terenval Wallet](https://wallet.terenval.com/?lang=en)**

## Related terms

- [DeFi](https://wallet.terenval.com/glossary/defi/)
- [Automated market maker](https://wallet.terenval.com/glossary/automated-market-maker/)
- [DEX aggregator](https://wallet.terenval.com/glossary/dex-aggregator/)
- [Slippage](https://wallet.terenval.com/glossary/slippage/)
- [Token approval](https://wallet.terenval.com/glossary/token-approval/)
- [walletconnect](https://wallet.terenval.com/glossary/walletconnect/)

## Related Terenval Answers

- [How to Secure a Non-Custodial Crypto Wallet](https://wallet.terenval.com/answers/how-to-secure-non-custodial-crypto-wallet/)
- [How to Send Crypto Safely Between Wallets](https://wallet.terenval.com/answers/how-to-send-crypto-safely-between-wallets/)
- [Can One Crypto Wallet Manage Multiple Blockchains?](https://wallet.terenval.com/answers/can-one-crypto-wallet-manage-multiple-blockchains/)

## Sources

- https://ethereum.org/en/defi/
- https://docs.walletconnect.network/
- https://wallet.terenval.com/info/security/

Official page: https://wallet.terenval.com/glossary/decentralized-exchange/