Centralized exchanges (CEX) and decentralized exchanges (DEX) are two options for trading cryptocurrencies. CEXs, such as Binance, Coinbase, and Kraken, work like traditional stock exchanges, relying on a central authority to execute trades. Order books serve as the foundation of CEXs, where all buy and sell orders are recorded. In contrast, DEXs use smart contracts to execute trades, eliminating the need for a central authority. DEXs, like Uniswap, PancakeSwap, and Deri Protocol, offer more anonymity and flexibility but can be more complex to use. In terms of user experience, CEXs are often more convenient, while DEXs offer more control over funds. CEXs tend to have better liquidity, while DEXs struggle with low liquidity. Ultimately, the choice between a CEX or DEX comes down to ease of use and control over funds. Deri Protocol provides a DeFi way to trade derivatives using an Automated Market Maker paradigm.

Deri Protocol official website: https://deri.io/#/index