Decentralised exchanges allow users to trade digital assets without relying on a conventional centralised intermediary, but understanding how they work requires more than knowing how to connect a wallet.
DEXs, Swaps & Liquidity explains the mechanics behind decentralised exchanges, automated market makers, liquidity pools, swap routing and liquidity provision. It shows how prices are formed, why price impact and slippage occur, how liquidity providers earn fees and why impermanent loss matters.
The book also examines concentrated liquidity, token approvals, MEV, front-running and other execution risks. Practical examples and verification checklists help readers assess a swap or liquidity position before exposing real capital.
Written for readers seeking a clear and practical introduction, this volume focuses on understanding how decentralised markets operate, what can go wrong and which questions should be answered before signing a transaction.
This publication is for educational purposes only and does not constitute financial, investment, legal or tax advice.