A decentralized exchange (DEX) is a cryptocurrency exchange which operates in a decentralized manner without any form of central authority. DEXs do not require a third party to store your funds and enable you to retain control over your private keys at all times.
Since DEX transactions are peer-to-peer (P2P), they offer greater levels of transparency as well. Over the years, DEXs have grown immensely in terms of popularity. Crypto enthusiasts normally prefer DEXs in order to retain control and because they enable them to interact with decentralized finance (DeFi) products.
You can learn more about how Decentralized Exchange (DEX) differs from Centralized Exchange (CEX) by reading our Injective Learn post: Centralized Exchange (CEX) vs. Decentralized Exchange (DEX).