DEX

A decentralized exchange is a trading venue whose exchange and settlement rules are implemented in smart contracts rather than only in an operator's internal database. Custody models still vary: some DEXes trade directly from user-controlled wallets, while others combine on-ledger exchange rules with account-linked or operator-managed wallets.

Most DEXes, OneSwap included, use the automated market maker model: liquidity pools quote prices from their reserves, so trades execute against the pool rather than waiting for a matching counterparty. OneSwap's default signup flow creates a custodial platform wallet that it operates for the user's account; self-custody is a separate optional Settings flow on deployments where it is enabled.

OneSwap is a DEX for Canton Network assets, with a difference inherited from its platform. Canton's privacy model means trading activity is not broadcast globally as it is on fully transparent chains; contract data is shared only with the parties entitled to it. The AMM mechanics are familiar, but the disclosure characteristics are specific to Canton.