# Overview
Decentralized exchanges (DEXes) are decentralized financial (DeFi) platforms where cryptocurrency is traded through peer-to-peer transactions in exchange for other cryptocurrencies for an equivalent value.
Born in 2012, the XRP Ledger possibly has the world’s oldest DEX. The exchange allows users to buy and sell tokens for XRP or other tokens, with minimal fees charged to the network itself (not paid out to any party).
Ripple has recently [**implemented the long-awaited automated market maker (AMM) feature in a devnet**](https://xrpl.org/automated-market-makers.html) that allows those that provide liquidity for automated market makers to take a large share of the profits that would normally go to arbitrageurs.
This feature has yet to roll out to the production mainnet, but when it goes live it will enable liquidity providers to:
* **Redeem their LP Tokens for a share of the assets in the AMM's pool**, including fees collected
* **Vote to change the AMM's fee settings**. The votes are weighted based on how many LP Tokens the voters hold
* **Bid some of their LP Tokens to receive a temporary discount** on the AMM's trading fees
*Want to learn more about decentralized exchanges on Ripple?*
Check out our comparison of available XRP DEXes.
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