kaal:claim:3808852-026

A decentralized exchange can be seen as architecturally centralized, because the DEX code and its operational rules in effect create the exchange and provide a central order exchange and price discovery function rather than a peer-to-peer exchange.

Architecturally, DEX can be seen as centralized because the DEX code and the operational rules of the DEX code in effect create the exchange and facilitate a central order exchange function and price discovery, not a peer-to-peer exchange.

Wulf A. Kaal, Decentralization and Feedback Effects (2021), IV. Market Decentralization, p. 18
https://ssrn.com/abstract=3808852 · source PDF

Wulf A. Kaal, Decentralization and Feedback Effects (2021). SSRN: https://ssrn.com/abstract=3808852

• applies to DEX whose operational rules are set by code

failuresupport: arguedfailure: architectural recentralization of DEXfamily: recentralization-driftdecentralization

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