Permissionless System

A decentralized exchange (DEX) is a type of cryptocurrency exchange that operates on a decentralized network, such as a blockchain. One of the key features of a DEX is that it is permissionless, which means that anyone can use it without needing to obtain permission or approval from a central authority.

This is in contrast to centralised exchanges, which typically require users to go through a lengthy and often complex process to get approved to use the exchange. With a DEX, users can create an account and start trading if they have the necessary software and hardware to interact with the decentralised network.

The permissionless nature of DEXs makes them more accessible and user-friendly, as users do not need to go through any kind of approval process to use them. It also makes them more decentralized and resistant to censorship, as there is no central authority that can block or restrict access to the exchange.

Overall, the permissionless nature of DEXs is one of their key benefits, as it enables anyone to use them freely and easily.