Among the cryptocurrencies' world of unrelenting change, there may be one idea that still sparks attention: the decentralized exchange (DEX). In a departure from the standard centralized exchanges, DEXs enable consumers to exchange digital currencies among themselves without a middleman. As the economy in cryptocurrencies grows, these exchanges are redefining individuals' and institutions' views about trading, simplicity, and independence. To comprehend their role, one needs to discuss what they are, how they work, and why they are regarded as instrumental to the long-term development of the industry.