In this episode featuring **Fred Ehrsam** , Co-Founder of Coinbase, you’ll learn:

* What a decentralized exchange (DEX) is, how they work, what types of applications can be built on top of decentralized exchanges, and how they compare to a centralized exchange

* The benefits that decentralized exchanges can uniquely offer that centralized exchanges cannot, as well as some of the current drawbacks of decentralized exchanges

* Why there is a need for the decentralized exchange for tokens

* The difference between a decentralized exchange and a decentralized exchange protocol

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