去中心化交易所（DEXs）為加密貨幣交易帶來根本性變革，讓用戶能於點對點市場直接交易數碼資產，毋須中間人。與中心化交易所有別，DEXs利用區塊鏈科技及智能合約促成交易，保障用戶於交易過程中全程掌控資金。隨著去中心化金融（DeFi）的持續發展，DEXs已成為加密生態的基石，體現區塊鏈的三大核心理念——透明度、安全性及去中心化。
甚麼是去中心化交易所？
去中心化交易所是一個點對點市場，讓用戶可直接買賣加密貨幣，同時毋須放棄資產託管權。DEXs不靠中心化權威，而是利用智能合約（於區塊鏈網絡上自執行的程式碼）自動按預設規則執行交易。中介被消除，真正交易主導權落在用戶手中，並降低對手方風險。
DEXs基於區塊鏈技術運作，為所有交易提供不可篡改及透明的紀錄。當進行交易時，指令會被發送至區塊鏈網絡，由參與者確認並永久儲存，保障整個過程的合法性及透明度。
非託管機制是DEXs的一大優勢。用戶可將個人錢包直接連接至DEX介面，同時保留私鑰（即進入區塊鏈資產的加密密碼）的擁有權。由於沒有資金會集中存放於平台，故此大大降低因平台被黑或內部詐騙帶來的風險。
DEXs另一優勢是私隱度高，通常只需極少個人資料，遠較須遵守KYC及AML規例的中心化平台為低。此外，DEXs亦可無縫接入其他DeFi協議，組合成新穎多變的金融服務，方便用戶自由搭配不同工具。
去中心化交易所的運作原理
步驟始於用戶將其加密貨幣錢包連接至DEX介面。與傳統金融服務不同，DEX通常僅需用戶配備兼容錢包（如MetaMask或Trust Wallet），無須開立賬戶或身份驗證。這種連接方式為用戶錢包及交易所智能合約間建立安全通道。
連接後，用戶可選擇希望買賣的加密貨幣並輸入數量。當發出交易指令後，DEX智能合約會根據現有流動性及報價演算法進行分析。自動做市商（AMM）模式則計算對流動池的價格影響；訂單簿DEX則比對現有買賣單。
用戶審視交易細節後，需用錢包私鑰進行數碼簽署，以授權合約只針對是次交易操作指定代幣。簽署後，交易會發送至區塊鏈網絡，並加入待驗證的操作隊列。
實際兌換發生於區塊鏈共識機制執行該交易時，由DEX智能合約促使雙方資產互換。在整個過程中，區塊鏈會保留不可更改的完整紀錄，建立可審計歷史，加強整個交易生態的信任。
交易確認後，換得的資產會即時顯示於用戶錢包，完成整個流程，而DEX平台無須接管用戶資金。這種非託管方式有效消除中心化交易所的對手方風險，人為中介亦完全移除。
去中心化交易所的主要類型
自動做市商（AMMs）是現今最廣用的DEX模式，由Uniswap等平台首創。AMM以流動性池取代傳統訂單簿——即兩種代幣儲備，並按數學公式撮合買賣。最普遍是恆定乘積（x × y = k）公式，當交易者與池進行買賣時價格自動調整。流動性提供者須存入等值代幣，並可按持有比例賺取手續費收益。
訂單簿DEX則嘗試在保持去中心化原則下，重現中心化交易所的用戶體驗。平台會列出不同價格的買賣單，盡量撮合有互補需求的用戶。部分混合式DEX會將訂單簿保留於鏈下，再把撮合後交易於鏈上結算，以提升體驗同時兼顧安全。
DEX聚合器針對流動性碎片化問題，會同時掃描多個交易所，自動找出最佳交易條件。例如1inch這種元平台，會將交易切割並路由至不同流動池，爭取最優惠價格及最小滑點。
另外，亦有針對特定需求而設計的DEX模式。例如Curve Finance主打穩定幣，採用專用算法優化近乎等值資產的交易效率；Balancer則發展出可自訂資產比例的靈活型AMM，突破傳統的50/50約束。以dYdX為例，去中心化衍生品交易所則將複雜的金融衍生工具帶入非託管環境。
十大去中心化交易所
1. Uniswap：去中心化交易先驅
Uniswap穩坐去中心化交易所生態的龍頭寶座，是自動做市商機制的創始者，一舉革新鏈上交易。由前西門子機械工程師Hayden Adams於2018年創立，Uniswap為早期DEX長期流動性匱乏問題提供了優雅解決方案。
現時版本Uniswap V3帶來重大突破，首推集中流動性，容許供應者指定資金價格區間，而非分佈於整條價格曲線，大大提升資本效率，同時針對不同波動性資產設有多種收費層（0.05%、0.3%、1%）。
其治理代幣（UNI）賦予持有人提案和投票權，實現去中心化管理。Uniswap更已由以太坊擴展到多個主流Layer-2及其他區塊鏈，既解決可擴展性問題，同時每日交易量約達5.93億美元。
2. PancakeSwap：BNB鏈龍頭DEX
PancakeSwap憑藉精準時機及部署，成功成為BNB Chain（前稱幣安智能鏈）首席交易平台。於2020年9月以太坊手續費高昂時推出，PancakeSwap以極低交易成本及更快確認時間搶佔市場。
其界面色彩繽紛及遊戲化設計，與同業「極簡」風格形成強烈對比。PancakeSwap除常規兌換外，還加入質押（staking）、農場募資、預測市場、NFT收藏及六合彩遊戲等多種功能。
原生CAKE代幣一身多用，包括治理及質押獎勵。憑著BNB Chain首發的成功經驗，PancakeSwap亦已進駐Ethereum、Aptos、Polygon zkEVM、zkSync、Arbitrum、Linea及Base，於各鏈實現每日交易約1.2億美元。
3. Curve Finance：專門穩定幣交易所
Curve Finance帶來專為穩定幣及掛鈎資產而設的DEX，大大改善此類資產在AMM上的交易效率。由俄羅斯物理學家Michael Egorov於2020年創立，Curve破解了傳統AMM無法為等價資產提供充足流動性和低滑點的難題。
平台專屬的StableSwap不變式，將流動性集中於錨定點，並容許資產價格出現小幅偏差，令穩定幣兌換達到極佳匯率。與傳統AMM要求存入等值資產不同，Curve接受不平衡注入，更切合穩定幣於理論上價值相等的特性。
Curve的治理代幣（CRV）引入創新模式，包括需鎖定CRV最長四年才可參與治理的「veCRV投票鎖定」。Curve與DeFi生態深度整合，已由專業交易所躍升為基建平台，現時每日交易量約2.33億美元。
4. 1inch：DEX聚合器
1inch首創DEX聚合技術，徹底革新用戶如何於多平臺碎片流動性之間高效交易。Sergej Kunz及Anton Bukov於2019年創立1inch，針對用戶需人手比較不同交易所匯率的嚴重效率低下問題。
平台路由演算法Pathfinder會同時分析多個流動來源，如有需要將一單交易切割於不同DEX完成，提高成交效率。除此以外，1inch限制單委託協議讓用戶設限價，只於達價時執行，而平台專有Gas優化技術進一步降低交易成本。
1inch積極進行多鏈部署，目前已在Ethereum、BNB Smart Chain、Polygon、Optimism、Arbitrum、Avalanche、Gnosis、Fantom、Klaytn及Aurora等鏈運行。現時每日交易約1.34億美元。
daily trading volume, the platform serves both retail users through its intuitive interface and sophisticated traders via its comprehensive API.
每日交易量，該平台不但以直觀介面服務零售用戶，亦透過全面嘅 API 滿足專業交易員需要。
5. SushiSwap: Community-Driven Exchange
SushiSwap emerged from one of DeFi's most dramatic episodes, beginning as a controversial Uniswap fork created by pseudonymous developer Chef Nomi in August 2020. The platform initially attracted attention through its aggressive "vampire mining" strategy, which successfully transferred over $1 billion in liquidity from Uniswap.
SushiSwap 由 DeFi 一個最轟動事件中誕生，最初係由化名 Chef Nomi 嘅開發者喺 2020 年 8 月以分叉 Uniswap 創立，並因為激進嘅「吸血鬼挖礦」策略吸引咗大量注意，成功由 Uniswap 轉移超過 10 億美元流動性。
SushiSwap quickly differentiated itself through rapid feature development, including BentoBox (an isolated vault system), Kashi (a specialized lending platform), Onsen (a rotating incentive program), and Miso (a launchpad for new tokens). These extensions transformed SushiSwap from a simple exchange into a comprehensive DeFi ecosystem.
SushiSwap 以極速推出新功能來突顯自己，包括 BentoBox（獨立金庫系統）、Kashi（專屬借貸平台）、Onsen（輪替激勵計劃）同 Miso（新代幣發行平台）。呢啲擴展令 SushiSwap 由一個簡單交易所轉型成一個完善嘅 DeFi 生態系統。
The SUSHI token enables governance participation while directly capturing value from exchange operations, with 0.05% of trading fees distributed to stakers. SushiSwap has deployed versions on numerous networks including Arbitrum, Fantom, Avalanche, and Polygon, maintaining approximately $100 million in daily trading volume.
SUSHI 代幣除咗可以參與平台治理外，仲會直接從交易營運中分取收益，當中 0.05% 嘅交易手續費會分派畀持幣人。SushiSwap 已經喺 Arbitrum、Fantom、Avalanche 同 Polygon 等多條網絡推出版本，日均交易量約 1 億美元。
6. Balancer: Multi-Token Pools
Balancer revolutionized the AMM paradigm by introducing unprecedented flexibility into liquidity pool composition. Founded by Fernando Martinelli and Mike McDonald in 2020, Balancer enables the creation of pools containing up to eight different tokens with customizable weightings, essentially creating on-chain index funds where compositions reflect specific investment theses.
Balancer 革新咗自動做市商（AMM）模式，為流動池組成帶嚟前所未有嘅彈性。由 Fernando Martinelli 同 Mike McDonald 於 2020 年創辦，Balancer 允許用戶建立可包含最多八種不同代幣並自訂權重嘅流動池，實質上就係將特定投資主題變成鏈上指數基金。
The weighted math formula extends the constant product function to accommodate multiple assets with varying weights. Liquidity providers specify both the tokens to include and the desired weight for each, ranging from 1% to 99% of the pool's value. This mechanism inverts traditional portfolio management—the market pays providers for rebalancing their portfolios through trading activity.
其加權數學公式將恆定乘積方程擴展到可多資產、不同權重。流動性提供者可以指定納入咩代幣同各自權重（由 1% 至 99%）。呢種機制顛覆咗傳統資產組合管理——市場會透過交易活動，主動為流動池提供者「埋單」做資產再平衡。
Balancer's governance operates through its native BAL token, with a bicameral structure separating routine operational decisions from strategic resource allocation. The platform has deployed on Polygon and Arbitrum in addition to Ethereum, processing approximately $60.75 million in daily trading volume.
Balancer 嘅治理由其原生 BAL 代幣操作，並設有雙層決策架構，將日常運營事務同策略性資源分配區分開。平台除咗喺 Ethereum 之外，亦已部署到 Polygon 與 Arbitrum，每日交易量約 6,075 萬美元。
7. 0x Protocol: Infrastructure for Decentralized Exchange
0x Protocol stands apart as an infrastructure layer powering numerous exchanges rather than a consumer-facing platform. Founded by Will Warren and Amir Bandeali in 2017, 0x identified a critical need for standardized exchange infrastructure that developers could integrate into their projects.
0x Protocol 與眾不同之處在於佢作為基建層支持多個交易所運作，而唔係面向普通用戶的平台。由 Will Warren 同 Amir Bandeali 於 2017 年創立，0x 揭示咗開發者需要一套可整合到自己項目入面嘅標準化交易所基礎設施。
The protocol employs a hybrid approach to order management, with orders created and stored off-chain but settled through on-chain transactions when matched. This significantly reduces blockchain congestion and gas costs while supporting various market structures including limit orders, Dutch auctions, and batch auctions.
協議採用混合型訂單管理，訂單會喺鏈下建立同儲存、而成交時就上鏈結算，大大減輕區塊鏈擠塞同 gas 費用。協議支援多種市場結構，包括限價單、荷蘭拍賣同批量拍賣等。
Governance occurs through the native ZRX token, enabling stakeholders to participate in protocol development and resource allocation. 0x has pursued comprehensive multi-chain deployment across Ethereum, Base, Arbitrum, Optimism, Polygon, Binance Smart Chain, Avalanche, Scroll, Linea, and Blast, establishing itself as blockchain-agnostic infrastructure.
協議治理透過原生 ZRX 代幣進行，持幣人可以參與協議開發同資源分配。0x 進行咗廣泛多鏈部署，包括 Ethereum、Base、Arbitrum、Optimism、Polygon、幣安智能鏈 (BSC)、Avalanche、Scroll、Linea 及 Blast 等，成為無鏈屬性的基建設施。
8. IDEX: Hybrid Decentralized Exchange
IDEX pioneered the hybrid DEX model, combining blockchain settlement security with centralized order matching performance advantages. Founded in 2017 by Alex Wearn, IDEX utilizes a centralized order book and matching engine for instant execution while keeping asset control in user hands through smart contract settlement.
IDEX 首創混合型 DEX 模式，結合區塊鏈結算安全同中心化撮合效率優勢。由 Alex Wearn 於 2017 年成立，IDEX 採用中央訂單簿及撮合引擎以達到即時成交，同時透過智能合約結算確保資產由用戶掌控。
The platform supports sophisticated order types including limit orders, stop-loss orders, and post-only orders, enabling trading strategies beyond simple market swaps. IDEX has embraced an omnichain approach to perpetual trading, offering leveraged contracts while maintaining its hybrid philosophy of off-chain matching with on-chain settlement.
平台支援多元進階訂單類型，包括限價單、止損單及僅掛單等，令交易策略唔再局限於即時兌換。IDEX 現已全力發展全鏈永續合約交易，推出槓桿合約，同時堅持鏈下撮合、鏈上結算嘅混合理念。
The IDEX token enables governance participation and security infrastructure through Proof-of-Stake consensus, with stakers receiving rewards from trading fees. The platform has deployed versions on multiple networks including Ethereum, Binance Smart Chain, and Polkadot.
IDEX 代幣讓用戶可參與治理，同時以權益證明（PoS）方式強化安全基建，質押者可獲交易費用分紅。IDEX 已於 Ethereum、幣安智能鏈同 Polkadot 等多條鏈上部署。
9. TraderJoe: Emerging Multi-Chain DEX
TraderJoe emerged as a significant player by initially focusing on the Avalanche ecosystem, where it quickly established itself as the dominant trading platform. Founded in 2021, the exchange seized the opportunity presented by Avalanche's rising popularity, offering superior trading experiences through native chain optimizations.
TraderJoe 初期專注 Avalanche 生態發展，迅速成為主導交易平台。該交易所於 2021 年創立，乘著 Avalanche 熱潮，把原生鏈優化轉化為更佳用戶體驗。
The platform's innovation accelerated with Liquidity Book, replacing the continuous curve of traditional AMMs with discrete price bins that concentrate liquidity at specific points. This approach combines order book and AMM advantages, allowing precise capital deployment while maintaining permissionless execution.
平台創新之處體現在 Liquidity Book，將傳統 AMM 連續流動曲線變為離散價格區間，令流動性聚集於指定價格。此舉結合訂單簿同 AMM 優勢，容許資金有針對性地部署，同時維持免審批執行。
TraderJoe's governance centers around its JOE token, with stakers receiving portions of trading fees and token burns reducing circulating supply. The platform has expanded to Arbitrum and BNB Chain while extending beyond exchange functionality to include lending markets and structured products.
TraderJoe 嘅治理圍繞 JOE 代幣，持幣人可分取交易費，代幣銷毀則減少市場流通。平台已擴展至 Arbitrum 同 BNB Chain，並開拓借貸市場及結構性產品功能。
10. dYdX: Decentralized Derivatives Exchange
dYdX stands apart through its focus on derivatives trading, bringing perpetual futures and margin trading to non-custodial environments. Founded by former Coinbase engineer Antonio Juliano in 2017, dYdX identified a significant gap in the early DEX landscape: the absence of decentralized derivatives despite their dominance in centralized markets.
dYdX 以專注衍生產品交易與眾不同，於無託管環境引入永續合約及孖展交易。由前 Coinbase 工程師 Antonio Juliano 於 2017 年創辦，dYdX 早年發現 DEX 市場雖然興旺，但分散式衍生品長期匱乏，這與中心化市場情況形成極大落差。
The platform's technical evolution reflects its pursuit of performance improvements, progressing from Ethereum mainnet to StarkEx (a layer-2 implementation using Zero-Knowledge Rollups) and subsequently launching a dedicated appchain built on the Cosmos SDK specifically optimized for derivatives trading.
平台技術歷程反映其不斷追求效能，先後由 Ethereum 主網遷至 StarkEx（Layer-2 零知識滾動技術），再推出專為衍生品而建、基於 Cosmos SDK 開發的專屬應用鏈。
The trading experience closely resembles centralized derivatives exchanges, featuring an order book interface rather than AMM models. dYdX supports advanced order types including limit, stop, and trailing stop orders, creating a professional environment while maintaining non-custodial architecture.
平台交易體驗類似中心化衍生品交易所，選用訂單簿介面而非 AMM 模式，支援限價單、止損單、追蹤止損單等進階訂單，既專業又維持資產自主管理。
Advantages and Challenges of Decentralized Exchanges
Security advantages: represent DEXs' most compelling feature, fundamentally changing the risk profile for cryptocurrency traders. By implementing non-custodial models where users maintain complete asset control, DEXs eliminate the honeypot effect created when centralized platforms aggregate billions in customer funds. The deterministic, transparent execution of smart contracts removes possibilities of internal fraud or misappropriation.
安全優勢：正係 DEX 最吸引人之處，徹底改變加密貨幣交易風險格局。去中心化交易所實行非託管模式，使用戶始終掌控所有資產，大大減低中心化平台集中數十億資金後所帶來「蜜罐」效應。智能合約嘅確定性同透明執行，進一步杜絕內部欺詐或資產濫用。
Permissionless accessibility: removes barriers to participation that characterize traditional financial systems. Most DEXs enable trading with nothing more than a cryptocurrency wallet, extending services to individuals excluded from conventional banking infrastructure. This openness creates more dynamic and inclusive trading environments where merit rather than institutional relationships determines market access.
無需審批：突破傳統金融系統參與門檻。大多數 DEX 只需加密貨幣錢包即可交易，將服務帶畀無法進入傳統銀行體系的人士。開放性創造咗更具活力同包容性嘅交易環境，以實力而非人脈決定能否參與市場。
Liquidity challenges: persist as the most significant disadvantage, particularly for trading pairs beyond major cryptocurrencies. While leading DEXs have achieved impressive depth for popular tokens, fragmentation across numerous platforms creates inefficiencies compared to centralized exchanges, manifesting as wider spreads and greater slippage for larger orders.
流動性問題：係現時最大短板，特別係主流加密貨幣以外嘅交易對。即使大型 DEX 已為熱門代幣帶嚟豐厚深度，但分散喺多個平台形成碎片化，與中心化交易所相比更易出現買賣價差闊、成交滑點大等情況，特別對大宗訂單影響更明顯。
User experience limitations: have historically constrained adoption, particularly among less technical users. Requirements to manage private keys, understand gas fees, and navigate blockchain confirmations introduce friction points that can deter newcomers. While interface improvements and educational resources have mitigated these challenges, the technical knowledge required remains higher than for centralized alternatives.
用戶體驗局限：一向阻礙普及率，特別係非技術型用戶。需自行管理私鑰、理解 gas 費、知道鏈上確認風險，多重門檻打消唔少人入門意欲。雖然近年介面同教學資源有改善，但技術知識要求始終高於中心化平台。
The Future of Decentralized Exchanges
As technical innovations continue addressing current limitations, DEXs are poised to capture increasing market share from centralized alternatives. Layer-2 scaling solutions promise dramatic improvements in throughput and cost-efficiency, potentially eliminating performance gaps between DEXs and centralized platforms. Cross-chain infrastructure developments enable seamless asset movement between previously isolated networks while preserving decentralized architecture's security benefits.
隨著技術創新持續突破限制，DEX 有望逐步占領中心化市場份額。Layer-2 擴容方案將極大提升吞吐同成本效率，有望消除 DEX 與中心化平台之間表現差距。跨鏈基建發展則令原本各自為政嘅網絡資產能夠無縫流通，並同時保留架構本身的安全特性。
User experience innovations target technical barriers limiting mainstream adoption. Account abstraction implementations eliminate specialized wallet requirements by enabling smart contract wallets with customizable security rules and recovery mechanisms. Fiat on-ramps integrated directly into DEX interfaces reduce the multi-step processes previously required to begin trading.
新一輪用戶體驗創新將進一步消除主流普及路上的技術屏障。賬戶抽象技術容許用戶用自訂化安全規則同恢復機制管理智能錢包，毋須再靠傳統獨立錢包。法幣入金直接整合到 DEX 介面，令初入市場以前繁複的程序大為簡化。
As decentralized exchanges continue evolving, they increasingly fulfill blockchain's fundamental promise of financial sovereignty without intermediaries. Whether through specialized platforms optimized for specific trading requirements or comprehensive ecosystems offering diverse financial services, DEXs have permanently transformed how cryptocurrency users access markets while maintaining control over their digital assets.
隨住去中心化交易所不斷演進，越來越貼近區塊鏈最原始的金融自主承諾——毋須中間人。無論係針對特定交易需求嘅專用平台，定係集多元服務於一身嘅生態系統，DEX 已經徹底改變咗加密用戶進出市場方式，同時始終保有對數碼資產最大控制權。