Metal X is a DEX built on XPR Network that uses onchain order books to compile a record of all open buy and sell orders for a particular asset. The spread between these prices determines the depth of the order book and the prevailing market price. The order information is held onchain during trades, while user funds remain offchain in WebAuth Wallet.
A decentralized exchange (DEX) is a peer-to-peer (P2P) marketplace that connects buyers and sellers. In contrast to centralized exchanges (CEXs), decentralized platforms are non-custodial, meaning a user remains in control of their private keys when transacting on a DEX platform. In the absence of a central authority, DEXs employ smart contracts that self-execute under a set of conditions and record each transaction to the blockchain.