The standard Serum DEX is decentralized. What does this mean?
Anyone can create SPL tokens
Anyone can add markets to the DEX; it’s not permissioned
Anyone can host a GUI on the DEX; that’s also not permissioned
Anyone can trade on any of the DEX markets; they’re not permissioned
Roughly 20 independent parties are hosting DEX GUIs
The DEX is fully on-chain: the orderbook, matching engine, etc. are all on-chain, and don’t rely on some separate, centralized server to match trades.
The Serum DEX is fully non-custodial; the tokens only travel between your personal wallet and on-chain programs which behave deterministically