📄️ 3.2.1. Centralized Cryptocurrency Exchanges (CEX)
Operating model of centralized cryptocurrency exchanges, order book trading, KYC/KYB requirements, infrastructure risks, and examples of major platforms
📄️ 3.2.2. Decentralized Cryptocurrency Exchanges (DEX)
Architecture of decentralized exchanges, AMM and order book models, non-custodial structure, and smart contract risks
📄️ 3.2.3. Perpetual DEX (Perp DEX)
Evolution of decentralized exchanges toward derivatives markets, Perp DEX architecture, and the development of specialized blockchain solutions
📄️ 3.2.4. Prediction Markets
Architecture of prediction markets, their connection to crypto infrastructure, and their use for speculation and risk hedging