DEX (Decentralized Exchange) test

In this test, we offer you to test your knowledge of DEX (Decentralized Exchanges). Take a short quiz consisting of 7 questions.

1.What does DEX stand for?

Digital Exchange Network

Data Encryption Exchange

Decentralized Exchange

Dynamic Exchange System

2.How are transactions secured on a DEX?

By a central authority

Through smart contracts on the blockchain

By user verification

Through a combination of fingerprint and password

3.What do users typically need to use a DEX?

A crypto wallet compatible with the DEX’s blockchain

Permission from the exchange administrator

A registered account on the platform

None of the above

4.How are orders executed on a DEX?

Through manual approval by the exchange

By a central order book

By matching buyers and sellers directly

Through automated liquidity pools

5.Compared to a Centralized Exchange (CEX), DEX transactions are typically:

Slower and more expensive

Faster and cheaper

More secure but less user-friendly

Less secure but more convenient

6.DEX users can generate income by providing liquidity to the platform

True

False

7.DEX requires users to register and deposit funds with the exchange.

True

False