DEX Aggregator
A tool that splits an order across multiple decentralized exchanges to find the best swap price.
Liquidity is scattered across dozens of DEXs. An aggregator like 1inch or CoW Swap scans them at once, then routes your trade, sometimes splitting it across several pools, to minimize slippage and cost.
For a large swap, the price difference versus a single DEX can be meaningful. You still pay gas and trust the routing contract, but you usually fill at a better rate than going direct.
Related terms
An on-chain venue where smart contracts let users swap tokens directly from their wallets, with no custodian.
Automated Market Maker (AMM)A pricing algorithm that lets a token pool quote and settle trades automatically, replacing the traditional order book of buyers and sellers.
SlippageThe difference between the price you expected on a trade and the price it actually executed at.
LiquidityHow easily an asset can be bought or sold near its current price without moving that price much.