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Notice how all the major scams in the crypto space were all from CEXs, not DEXs...?

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by COINS NEWS 94 Views

I'm not saying DEXs are free from scams. In fact, scams happen way more often on DEXs. But what I'm talking about is the sheer volume of money and number of people that were affected.

If you put CEXs and DEXs against each other, the amount of people scammed and the numbers of funds stolen by CEXs DRASTICALLY exceed those of DEXs

I get that using CEXs is way more convenient (and so is ramping), but the crypto community needs to start learning more how to DEXs and depend on them

Ethereum has a wide array of DEXs with great UI/UX, and for those that complain about chain isolation, there are always IBCs like Cosmos. DEXs there like Osmosis have so many assets that you can to another chain on the network.
Similar is the concept with Polkadot (although I'm not familiar with how the chain works exactly)

Bottom line is, yes DEXs have scams, but you can avoid them by being careful. CEXs on the other hand can completely wipe out your funds regardless of how careful you are

submitted by /u/CappyEnjoyor
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