Lighter: A ZK-SNARK Orderbook DEX on Ethereum
Decentralized exchanges come in two main forms. AMMs (Automated Market Makers) like Uniswap set prices algorithmically from pool ratios and work as permissionless swap venues. Orderbook DEXes match individual buy and sell orders by price and time priority, the same way centralized exchanges like Binance or Coinbase operate. Orderbooks enable limit orders, tighter spreads with active market-making, and more precise price discovery. AMMs do not.
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