“It’s a good learning moment for the industry,” says Hayden Adams, creator of UniSwap, the world’s largest decentralized exchange (DEX). “The fact that [FTX founder Sam Bankman-Fried] had the ability to do [what he did] speaks to the fact he was building a centralized product over which he had full control.”
Unlike traditional exchanges, which let people swap regular currency for crypto and store assets on behalf of customers, DEXs never take control of customer funds, and trades are made on a peer-to-peer basis. According to Adams, this decentralized model eliminates the middleman risk that contributed to FTX getting itself into hot water in the first place.
UniSwap is still a
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