Decentralised exchange (DEX)
The order book built into the XRP Ledger protocol.
Offers to trade any pair of ledger assets are stored on-ledger and matched during consensus.
Because the order books are part of the protocol, payments can route through them automatically to deliver a different currency than the one sent.
Related terms
Automated market maker (AMM)
Pooled liquidity that quotes prices algorithmically, added to the XRP Ledger by the XLS-30 amendment.
Path-finding
The ledger's ability to route a payment through multiple markets to deliver an exact destination amount.
Issued currency
A token issued on the XRP Ledger by an account, such as a stablecoin.