> For the complete documentation index, see [llms.txt](https://monet-society.gitbook.io/avalanche/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://monet-society.gitbook.io/avalanche/decentralized-exchanges/overview.md). # Overview Decentralized exchanges are decentralized financial (DeFi) platforms that operate without a central authority, unlike centralized exchanges, allowing users to transact peer-to-peer from wallet to wallet whilst maintaining complete control of their assets.
There are a number of DeFi applications built on the Avalanche blockchain that offer different services and features like lending and swapping crypto, staking Avalanche native tokens, many of which also allow cross-chain trading. DEXes help to reduce the risk of price manipulation, as well as hacking and theft because crypto assets are never in the custody of the exchange itself. ### Key Takeaways For Creators and Collectors \ Complete decentralization is not possible for the time being as it’s still necessary to use centralized exchanges to initially fund a wallet in exchange for fiat currency. Still, creators and collectors can benefit from these platforms by being able to: * **Trade cryptocurrency with cryptocurrency** to receive the equivalent value thereof and diversify your portfolio with smaller token not found on centralized exchanges * **Incredibly high interest staking to make more cryptocurrency** from your portfolio as opposed to simply “hodling” it long-term in your wallet (holding on for dear life) * **Supply tokens as collateral to earn interest and enable lending** or borrow tokens against your collateral \* high-interest Defi products are risky, DYOR before investing *‍Want to learn more about decentralized exchanges?* Check out our comparison of leading Avalanche DEXes.