{"id":10971,"date":"2021-11-18T10:25:04","date_gmt":"2021-11-18T10:25:04","guid":{"rendered":"https:\/\/www.talium-assets.com\/?p=10971"},"modified":"2021-11-18T10:25:06","modified_gmt":"2021-11-18T10:25:06","slug":"defi-cex-dex","status":"publish","type":"post","link":"https:\/\/www.talium-assets.com\/fr\/defi-cex-dex\/","title":{"rendered":"DeFi : Cex &#038; Dex"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10971\" class=\"elementor elementor-10971\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3cd16bd ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3cd16bd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cd3ba29 ot-flex-column-vertical\" data-id=\"cd3ba29\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3b14299 elementor-widget elementor-widget-text-editor\" data-id=\"3b14299\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Aujourd\u2019hui, investisseurs, sp\u00e9culateurs, technophiles et curieux passent tous par la grande porte pour acc\u00e9der au march\u00e9 des crypto-monnaies. Une porte qui s\u2019est ouverte petit \u00e0 petit au cours des derni\u00e8res ann\u00e9es, pouss\u00e9e par un flux financier sans pr\u00e9c\u00e9dent, je vous parle de la porte des \u201cexchanges\u201d. On en retrouve 2 grandes cat\u00e9gories sur le march\u00e9: les \u00e9changes centralis\u00e9s (CEX) et les \u00e9changes d\u00e9centralis\u00e9s (DEX). <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-49d62d7 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"49d62d7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f96b9b1 ot-flex-column-vertical\" data-id=\"f96b9b1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f61aa48 elementor-blockquote--skin-border elementor-blockquote--button-color-official elementor-widget elementor-widget-blockquote\" data-id=\"f61aa48\" data-element_type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t\u201cLes CEX font confiance \u00e0 l\u2019interm\u00e9diaire, les DEX font confiance au code..\u201d\t\t\t<\/p>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08c9fd8 elementor-widget elementor-widget-spacer\" data-id=\"08c9fd8\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ad73074 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ad73074\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-31410ed ot-flex-column-vertical\" data-id=\"31410ed\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8f6566f elementor-widget elementor-widget-iheading\" data-id=\"8f6566f\" data-element_type=\"widget\" data-widget_type=\"iheading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ot-heading\">\r\n\t        \t            <span>part 1<\/span>\r\n\t        <h2 class=\"main-heading\">CEX<\/h2>\t    <\/div>\r\n\t    \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3da4dde ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3da4dde\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ea9dfe0 ot-flex-column-vertical\" data-id=\"ea9dfe0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0537ada elementor-widget elementor-widget-text-editor\" data-id=\"0537ada\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify\n;\"><b>Les CEX<\/b><span style=\"font-weight: 400;\"> sont les plus populaires avec de grands noms comme Coinbase, Binance, Kraken, etc. On les qualifie de centralis\u00e9s car ils fonctionnent comme une plateforme de trading classique. A savoir, avec un carnet d\u2019ordres opposant des\u00a0 acheteurs et des vendeurs coach\u00e9s par des market makers.\u00a0\u00a0\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6ed9af0 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6ed9af0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-38b03ea ot-flex-column-vertical\" data-id=\"38b03ea\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-013ae8a elementor-widget elementor-widget-spacer\" data-id=\"013ae8a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c03587 elementor-widget elementor-widget-text-editor\" data-id=\"6c03587\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"padding-left: 40px; text-align: justify;\"><i><span style=\"font-weight: 400;\">En bref :<\/span><\/i><i><span style=\"font-weight: 400;\"> Les fonds sont stock\u00e9s sur la plateforme et l\u2019acc\u00e8s se fait par un classique \u201cmail + mot de passe + 2FA\u201d. Le prix d\u2019un produit \u00e0 un instant T d\u00e9pend du cours de l\u2019acheteur (<\/span><\/i><b><i>bid<\/i><\/b><i><span style=\"font-weight: 400;\">) et du cours vendeur (<\/span><\/i><b><i>ask<\/i><\/b><i><span style=\"font-weight: 400;\">). La diff\u00e9rence entre ces cours est appel\u00e9e le <\/span><\/i><b><i>spread.\u00a0 <\/i><\/b><i><span style=\"font-weight: 400;\">Il permet de mesurer la liquidit\u00e9 d\u2019un march\u00e9. Dans le cas o\u00f9 les acteurs sont trop peu nombreux, le march\u00e9 peut \u00eatre consid\u00e9r\u00e9 comme illiquide et c\u2019est \u00e0 ce moment que les market makers entrent en jeu. Il s\u2019agit de professionnels engag\u00e9s pour assurer la liquidit\u00e9 des paires. Ils ach\u00e8tent et vendent en continue en assurant un spread raisonnable (qu\u2019ils prennent en commission pour compenser leur exposition aux risques).\u00a0<\/span><\/i><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><i><span style=\"font-weight: 400;\">Ex : <\/span><\/i><i><span style=\"font-weight: 400;\">le market maker peut acheter le token A pour $ 10 et ensuite le vendre \u00e0 $ 10.05, soit un spread de $ 0,05. Binance fait appel aux traders avec un volume de plus de 1000 BTC \/ mois pour remplir ce r\u00f4le par exemple. <\/span><\/i><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c79e0d5 elementor-widget elementor-widget-spacer\" data-id=\"c79e0d5\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-74f24f6 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"74f24f6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a59cf62 ot-flex-column-vertical\" data-id=\"a59cf62\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-97515e8 elementor-widget elementor-widget-text-editor\" data-id=\"97515e8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">La loi : d\u2019un point de vue <\/span><span style=\"font-weight: 400;\">juridique<\/span><span style=\"font-weight: 400;\">, les CEX sont soumis aux r\u00e9glementations des pays o\u00f9 ils sont implant\u00e9s et doivent suivre des proc\u00e9dures de s\u00e9curit\u00e9 comme le KYC (Know Your Customer) afin d&rsquo;identifier les clients et pr\u00e9venir le blanchiment d\u2019argent.\u00a0<\/span><\/p><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Les + : un cadre rassurant et une simplicit\u00e9 d\u2019usage.\u00a0<\/span><\/p><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Les &#8211; : les fonds sont sous leur garde et les actifs disponibles \u00e0 la n\u00e9gociation sont soumis \u00e0 leur discr\u00e9tion. Ils sont une cible de choix pour les pays qui souhaitent bannir les crypto-monnaies et ils sont plus souvent victime d\u2019attaque \u00e9tant donn\u00e9 qu\u2019ils gardent vos fonds.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0f08407 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0f08407\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-814c923 ot-flex-column-vertical\" data-id=\"814c923\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c650649 elementor-widget elementor-widget-spacer\" data-id=\"c650649\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a6d7887 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a6d7887\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d2790fd ot-flex-column-vertical\" data-id=\"d2790fd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-87574f6 elementor-headline--style-highlight elementor-widget elementor-widget-animated-headline\" data-id=\"87574f6\" data-element_type=\"widget\" data-settings=\"{&quot;highlighted_text&quot;:&quot;coins&quot;,&quot;headline_style&quot;:&quot;highlight&quot;,&quot;marker&quot;:&quot;circle&quot;}\" data-widget_type=\"animated-headline.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-headline\">\n\t\t\t\t\t\t\t<span class=\"elementor-headline-plain-text elementor-headline-text-wrapper\">\"Not your keys, not your<\/span>\n\t\t\t\t\t\t<span class=\"elementor-headline-dynamic-wrapper elementor-headline-text-wrapper\"><\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-headline-plain-text elementor-headline-text-wrapper\">.\"<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ecd0e80 elementor-widget elementor-widget-spacer\" data-id=\"ecd0e80\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5f21b67 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5f21b67\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-937316f ot-flex-column-vertical\" data-id=\"937316f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c992980 elementor-widget elementor-widget-iheading\" data-id=\"c992980\" data-element_type=\"widget\" data-widget_type=\"iheading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ot-heading\">\r\n\t        \t            <span>part 2<\/span>\r\n\t        <h2 class=\"main-heading\">Dex and Pools<\/h2>\t    <\/div>\r\n\t    \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5325bd5 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5325bd5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e9727f1 ot-flex-column-vertical\" data-id=\"e9727f1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c3e8aef elementor-widget elementor-widget-spacer\" data-id=\"c3e8aef\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-99259d6 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"99259d6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-55b6301 ot-flex-column-vertical\" data-id=\"55b6301\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-60d8b35 elementor-widget elementor-widget-text-editor\" data-id=\"60d8b35\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Les premiers DEX utilisaient un mod\u00e8le de carnet d\u2019ordre similaire aux CEX mais souffraient d\u2019un important manque de liquidit\u00e9 doubl\u00e9 d\u2019une UX\/UI peu efficace\u2026 Il a donc fallu repenser compl\u00e8tement la notion d\u2019\u00e9change et de liquidit\u00e9. <\/span><\/p><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Aujourd\u2019hui, on entend par <b>DEX<\/b> des protocoles AMM (Automated Market Makers) aliment\u00e9s par des algorithmes d\u00e9terministes dans un syst\u00e8me de smart contract non \u00e9volutif. Autrement dit, il s\u2019agit d\u2019un \u00e9change Peer-to-Contract (P2C) o\u00f9 les utilisateurs connectent leur wallet personnel pour swaper (=\u00e9changer) des tokens en interagissant avec un smart contract. Dans un DEX, les r\u00e8gles sont connues \u00e0 l\u2019avance, les interm\u00e9diaires ne sont pas n\u00e9cessaires, les liquidit\u00e9s sont automatis\u00e9es et le KYC n\u2019est pas exig\u00e9. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-15146b0 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"15146b0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0381459 ot-flex-column-vertical\" data-id=\"0381459\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e914b3a elementor-widget elementor-widget-spacer\" data-id=\"e914b3a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d69965 elementor-widget elementor-widget-heading\" data-id=\"3d69965\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">1 -  Comment \u00e7a marche ?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f1fd93e ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f1fd93e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0f43448 ot-flex-column-vertical\" data-id=\"0f43448\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7863cf0 elementor-widget elementor-widget-spacer\" data-id=\"7863cf0\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b35f658 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b35f658\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-af3a1cc ot-flex-column-vertical\" data-id=\"af3a1cc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-75eb24d elementor-widget elementor-widget-text-editor\" data-id=\"75eb24d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Pour fonctionner la plupart des DEX ont besoin (a) d\u2019un protocole \u00a0AMM, (b) de pools de liquidit\u00e9, (c) de liquidity providers (LP) et (d) d\u2019utilisateurs. <\/span><\/p><p style=\"text-align: justify;\"><b><span style=\"font-weight: 400;\">Le protocole <\/span>AMM <span style=\"font-weight: 400;\">s\u2019appuie sur des fonctions math\u00e9matiques pour estimer le taux de change de 2 actifs d\u2019apr\u00e8s la liquidit\u00e9 disponible. Il existe plusieurs types AMM : fonction constante, moyenne constante, constante hybride, etc. (ces noms sont directement reli\u00e9s \u00e0 des fonctions math\u00e9matiques sp\u00e9cifiques). L\u2019AMM vient remplacer les market makers mais implique une liquidit\u00e9 constante pour fonctionner : c\u2019est \u00e0 ce moment que les pools de liquidit\u00e9 interviennent.<\/span><\/b><\/p><p style=\"text-align: justify;\"><b><span style=\"font-weight: 400;\">Les <\/span>pools de liquidit\u00e9<span style=\"font-weight: 400;\"> sont des r\u00e9serves de tokens bloqu\u00e9s dans un smart contract. Les utilisateurs appel\u00e9s <\/span>liquidity providers<span style=\"font-weight: 400;\"> (LP) sont invit\u00e9s \u00e0 y ajouter une valeur \u00e9gale<i>\u00a0(1)<\/i><\/span><span style=\"font-weight: 400;\">\u00a0de deux jetons afin de cr\u00e9er un march\u00e9. Autrement dit, dans la pool de la paire A\/B,\u00a0 les LP d\u00e9posent la m\u00eame valeur de token A que de token B. Les pools se remplissent et le march\u00e9 devient liquide. <\/span><\/b><\/p><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Un <b>utilisateur <\/b>peut alors \u00e9changer un des jetons de la paire contre un autre moyennant une commission qui sera revers\u00e9e aux LP (en proportion de leurs avoirs respectifs dans la pool).<\/span><\/p><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><span style=\"text-decoration: underline;\">Important :<\/span> le prix \u00e9tant fix\u00e9 de mani\u00e8re algorithmique (et\/ou avec l\u2019aide d\u2019un oracle dans certains cas), il est possible de faire de <b>l\u2019arbitrage<\/b>. Autrement dit, acheter et vendre un actif afin de profiter d\u2019une diff\u00e9rence de prix entre l\u2019actif et le march\u00e9. Les utilisateurs r\u00e9alisent un profit sur cet \u00e9cart et permettent de maintenir le prix du march\u00e9.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c21e6a3 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c21e6a3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fbb3be9 ot-flex-column-vertical\" data-id=\"fbb3be9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a47afb3 elementor-widget elementor-widget-spacer\" data-id=\"a47afb3\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6f7b766 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6f7b766\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4b57190 ot-flex-column-vertical\" data-id=\"4b57190\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-45b2eac elementor-widget elementor-widget-text-editor\" data-id=\"45b2eac\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><i><span style=\"font-weight: 400;\">(1) Valeur \u00e9gale : Cas de Uniswap V2 par exemple.\u00a0 Mais d\u2019autres DEX proposent de d\u00e9poser 1 ou plusieurs coins dans des proportions diff\u00e9rentes de 50%, comme\u00a0 DODO qui propose d\u2019ajouter un seul coin par exemple, etc. <\/span><\/i><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c1b8a79 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c1b8a79\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1805853 ot-flex-column-vertical\" data-id=\"1805853\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c266383 elementor-widget elementor-widget-spacer\" data-id=\"c266383\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9ec48f6 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9ec48f6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-145f12f ot-flex-column-vertical\" data-id=\"145f12f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0a1f410 elementor-widget elementor-widget-heading\" data-id=\"0a1f410\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">2 - Uniswap V2 : x * y = k, l'\u00e9quation \u00e0 $15B.<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-431c1ab ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"431c1ab\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f3bb297 ot-flex-column-vertical\" data-id=\"f3bb297\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fb90769 elementor-widget elementor-widget-spacer\" data-id=\"fb90769\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3b29ac6 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3b29ac6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-542d8d2 ot-flex-column-vertical\" data-id=\"542d8d2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c6b2915 elementor-widget elementor-widget-text-editor\" data-id=\"c6b2915\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Dans cette partie, vous comprendrez comment les \u201cfonctions\u201d des AMM fonctionnent. Pour cela, nous allons prendre en exemple : x * y = k, la fonction du protocole d\u2019UNISWAP V2. Une fonction largement utilis\u00e9e dans la vulgarisation car simple \u00e0 comprendre m\u00eame pour les allergiques aux math\u00e9matiques.<\/span><\/p><p style=\"text-align: justify; padding-left: 40px;\"><i><span style=\"font-weight: 400;\">DISCLAIMER : UNISWAP est le DEX le plus populaire sur ETH. Il faut noter que la V3 est sortie et change certains processus en les complexifiant. Ne prenez que le concept de ce qui va suivre. De plus, dans un objectif de simplification, nous n\u00e9gligeons les frais de 0,3% appliqu\u00e9s par Uniswap qui, en pratique, augmentent \u201ck\u201d mais j\u2019y viens&#8230;<\/span><\/i><\/p><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Dans x * y = k : <b>x<\/b> repr\u00e9sente le nombre de token A, <b>y<\/b> repr\u00e9sente le nombre de token B, et <b>k<\/b> est le produit ou la constante. On qualifie cet AMM de CFMM (Fonction Constante Market Maker) mais il en existe d\u2019autres types. <\/span><\/p><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Tra\u00e7ons le graphique suivant d\u2019apr\u00e8s la fonction x * y = k : (Source :cryptocutie)<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58f9a72 elementor-widget elementor-widget-spacer\" data-id=\"58f9a72\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8deaf63 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8deaf63\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5a9cc02 ot-flex-column-vertical\" data-id=\"5a9cc02\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-80e9ee1 elementor-widget elementor-widget-image\" data-id=\"80e9ee1\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"464\" height=\"448\" src=\"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/Capture.jpg\" class=\"attachment-large size-large wp-image-10965\" alt=\"\" srcset=\"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/Capture.jpg 464w, https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/Capture-300x290.jpg 300w\" sizes=\"auto, (max-width: 464px) 100vw, 464px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-edb0087 ot-flex-column-vertical\" data-id=\"edb0087\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2bf7bb3 elementor-widget elementor-widget-text-editor\" data-id=\"2bf7bb3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">L\u2019interpr\u00e9tation est tr\u00e8s simple : <\/span><\/p><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">&#8211; Si le nombre de token B (y) augmente, alors le nombre de token A (x) diminue, et inversement ;<\/span><\/p><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">&#8211; Si x ou y varie, alors K glisse sur la courbe, ce qu\u2019on appelle le <b>slippage, <\/b>car la courbe indique les valeurs de k.<\/span><\/p><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">En simplifiant, le prix revient \u00e0 un ratio entre x et y o\u00f9 le prix de x par rapport \u00e0 y est le ratio y\/x et inversement pour y. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2f7ef2b ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2f7ef2b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5c202fc ot-flex-column-vertical\" data-id=\"5c202fc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6f5d983 elementor-widget elementor-widget-spacer\" data-id=\"6f5d983\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e1a439a ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e1a439a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d8987ca ot-flex-column-vertical\" data-id=\"d8987ca\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cf7bf3e elementor-widget elementor-widget-text-editor\" data-id=\"cf7bf3e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Vous l\u2019aurez compris, swaper engendre un <b>price impact<\/b>, c&rsquo;est-\u00e0-dire une modification du prix due \u00e0 une modification du ratio. Plus votre slippage est important, plus votre price impact est important et plus vous payerez cher. <\/span><\/p><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Cette formule a la propri\u00e9t\u00e9 souhaitable que les transactions plus importantes (par rapport aux r\u00e9serves) s&rsquo;ex\u00e9cutent \u00e0 des taux exponentiellement plus \u00e9lev\u00e9s que pour les plus petites transactions.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6e9eec5 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6e9eec5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d918319 ot-flex-column-vertical\" data-id=\"d918319\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1111bd4 elementor-widget elementor-widget-spacer\" data-id=\"1111bd4\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e4879d5 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e4879d5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d4b35bb ot-flex-column-vertical\" data-id=\"d4b35bb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7b80615 elementor-widget elementor-widget-heading\" data-id=\"7b80615\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">3 - Limites <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-94cffc7 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"94cffc7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2adb3d8 ot-flex-column-vertical\" data-id=\"2adb3d8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-860e407 elementor-widget elementor-widget-spacer\" data-id=\"860e407\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a2d3861 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a2d3861\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8ce19d5 ot-flex-column-vertical\" data-id=\"8ce19d5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-626e069 elementor-widget elementor-widget-text-editor\" data-id=\"626e069\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Bien que ing\u00e9nieux, les AMM ne sont pas parfaits\u2026 et s\u2019accompagnent de plusieurs limites<\/span><\/p><ul style=\"text-align: justify;\"><li><span style=\"font-weight: 400;\">La faible utilisation des fonds : pour limiter le price impact, on limite le slippage ce qui a pour cons\u00e9quence de ne jamais pleinement utiliser les liquidit\u00e9s disponibles.<\/span><\/li><li><span style=\"font-weight: 400;\">Le probl\u00e8me de la perte non permanente : fournir des liquidit\u00e9 s\u2019av\u00e8re parfois moins rentable que de simplement conserver les fonds dans son wallet. <\/span><\/li><li>etc.<\/li><\/ul><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Il est tr\u00e8s important de se renseigner sur le protocole o\u00f9 l\u2019on souhaite bloquer ses fonds afin de comprendre les risques que cela implique. Aujourd\u2019hui, les DEX continuent d\u2019innover afin de r\u00e9soudre ces probl\u00e8mes. <\/span><\/p><p style=\"text-align: justify; padding-left: 40px;\"><span style=\"font-weight: 400;\">On peut prendre en exemple la V3 d\u2019UNISWAP qui introduit la notion de <a href=\"https:\/\/docs.uniswap.org\/protocol\/concepts\/V3-overview\/concentrated-liquidity\">liquidit\u00e9 concentr\u00e9e<\/a> pour pallier \u00e0 la faible utilisation des fonds, ou encore BANCOR V2 avec une pond\u00e9ration automatique (via un oracle) pour limiter les pertes non permanentes, ou DODO avec un AMM <a href=\"https:\/\/dodoex.github.io\/docs\/docs\/pmm\/\">proactif <\/a>(PMM), etc. <\/span><\/p><p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Les DEX repr\u00e9sentent les fondations de ce qu\u2019on appelle la DeFI.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c256ff2 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c256ff2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-899236d ot-flex-column-vertical\" data-id=\"899236d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-aa7dddc elementor-widget elementor-widget-spacer\" data-id=\"aa7dddc\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c699fcc elementor-widget elementor-widget-text-editor\" data-id=\"c699fcc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A suivre : <strong>Finance et Assurance d\u00e9centralis\u00e9e<\/strong><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f15229 elementor-widget elementor-widget-spacer\" data-id=\"4f15229\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3a64a23 ot-traditional elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3a64a23\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-84ae362 ot-flex-column-vertical\" data-id=\"84ae362\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2155433 elementor-widget elementor-widget-text-editor\" data-id=\"2155433\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Sources:\u00a0<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/fr.cryptonews.com\/exclusives\/exchanges-cryptos-centralises-cex-ou-decentralises-dex-quelles-differences.htm\"><span style=\"font-weight: 400;\">https:\/\/fr.cryptonews.com\/exclusives\/exchanges-cryptos-centralises-cex-ou-decentralises-dex-quelles-differences.htm<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.youtube.com\/watch?v=x92YrwJ7MvQ\"><span style=\"font-weight: 400;\">https:\/\/www.youtube.com\/watch?v=x92YrwJ7MvQ<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.bitpanda.com\/academy\/fr\/lecons\/quels-sont-les-frais-maker-et-les-frais-taker-pour-les-traders-de-cryptomonnaies\/\"><span style=\"font-weight: 400;\">https:\/\/www.bitpanda.com\/academy\/fr\/lecons\/quels-sont-les-frais-maker-et-les-frais-taker-pour-les-traders-de-cryptomonnaies\/<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/cryptoast.fr\/slippage-effet-glissement\/\"><span style=\"font-weight: 400;\">https:\/\/cryptoast.fr\/slippage-effet-glissement\/<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/stakepool.fr\/definition\/liquidity-pool\"><span style=\"font-weight: 400;\">https:\/\/stakepool.fr\/definition\/liquidity-pool<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/hummingbot.io\/blog\/2020-09-what-is-arbitrage\"><span style=\"font-weight: 400;\">https:\/\/hummingbot.io\/blog\/2020-09-what-is-arbitrage<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/cryptocutie.medium.com\/the-math-behind-defi-is-not-as-hard-as-you-think-60e1ba39ee2a\"><span style=\"font-weight: 400;\">https:\/\/cryptocutie.medium.com\/the-math-behind-defi-is-not-as-hard-as-you-think-60e1ba39ee2a<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/docs.uniswap.org\/protocol\/V2\/concepts\/protocol-overview\/how-uniswap-works\"><span style=\"font-weight: 400;\">https:\/\/docs.uniswap.org\/protocol\/V2\/concepts\/protocol-overview\/how-uniswap-works<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/cryptocutie.medium.com\/the-math-behind-defi-is-not-as-hard-as-you-think-60e1ba39ee2a\"><span style=\"font-weight: 400;\">https:\/\/cryptocutie.medium.com\/the-math-behind-defi-is-not-as-hard-as-you-think-60e1ba39ee2a<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/ladefi.fr\/la-perte-impermanente-ou-provisoire-expliquee\/\"><span style=\"font-weight: 400;\">https:\/\/ladefi.fr\/la-perte-impermanente-ou-provisoire-expliquee\/<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/academy.binance.com\/fr\/articles\/impermanent-loss-explained\"><span style=\"font-weight: 400;\">https:\/\/academy.binance.com\/fr\/articles\/impermanent-loss-explained<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/longhashsg.medium.com\/the-next-generation-of-automated-market-makers-in-a-liquid-defi-world-27d59ae8b1e1\"><span style=\"font-weight: 400;\">https:\/\/longhashsg.medium.com\/the-next-generation-of-automated-market-makers-in-a-liquid-defi-world-27d59ae8b1e1<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/pintail.medium.com\/uniswap-a-good-deal-for-liquidity-providers-104c0b6816f2\"><span style=\"font-weight: 400;\">https:\/\/pintail.medium.com\/uniswap-a-good-deal-for-liquidity-providers-104c0b6816f2<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/medium.com\/bollinger-investment-group\/constant-function-market-makers-defis-zero-to-one-innovation-968f77022159\"><span style=\"font-weight: 400;\">https:\/\/medium.com\/bollinger-investment-group\/constant-function-market-makers-defis-zero-to-one-innovation-968f77022159<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/journalducoin.com\/actualites\/quest-ce-quun-amm-automated-market-maker\/\"><span style=\"font-weight: 400;\">https:\/\/journalducoin.com\/actualites\/quest-ce-quun-amm-automated-market-maker\/<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Aujourd\u2019hui, investisseurs, sp\u00e9culateurs, technophiles et curieux passent tous par la grande porte pour acc\u00e9der au march\u00e9 des crypto-monnaies. Une porte qui s\u2019est ouverte petit \u00e0 petit au cours des derni\u00e8res ann\u00e9es, pouss\u00e9e par un flux financier sans pr\u00e9c\u00e9dent, je vous parle de la porte des \u201cexchanges\u201d. On en retrouve 2 grandes cat\u00e9gories sur le march\u00e9: [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":10987,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"ub_ctt_via":"","_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[381],"tags":[],"class_list":["post-10971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-fr"],"featured_image_src":"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/DeFi-_-Cex-and-Dex.jpg","author_info":{"display_name":"Fran\u00e7ois de Chezelles","author_link":"https:\/\/www.talium-assets.com\/fr\/author\/fdc\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DeFi : Cex &amp; Dex<\/title>\n<meta name=\"description\" content=\"Aujourd\u2019hui, investisseurs, sp\u00e9culateurs, technophiles et curieux passent tous par la grande porte pour acc\u00e9der au march\u00e9 des crypto-monnaies. Une porte\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.talium-assets.com\/fr\/defi-cex-dex\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DeFi : Cex &amp; Dex\" \/>\n<meta property=\"og:description\" content=\"Aujourd\u2019hui, investisseurs, sp\u00e9culateurs, technophiles et curieux passent tous par la grande porte pour acc\u00e9der au march\u00e9 des crypto-monnaies. Une porte\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.talium-assets.com\/defi-cex-dex\/\" \/>\n<meta property=\"og:site_name\" content=\"Talium-assets\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-18T10:25:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-18T10:25:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/DeFi-_-Cex-and-Dex.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Fran\u00e7ois de Chezelles\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fran\u00e7ois de Chezelles\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.talium-assets.com\/defi-cex-dex\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.talium-assets.com\/defi-cex-dex\/\"},\"author\":{\"name\":\"Fran\u00e7ois de Chezelles\",\"@id\":\"https:\/\/www.talium-assets.com\/#\/schema\/person\/d5af915bbeeba52bd27b6bedf7082aa4\"},\"headline\":\"DeFi : Cex &#038; Dex\",\"datePublished\":\"2021-11-18T10:25:04+00:00\",\"dateModified\":\"2021-11-18T10:25:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.talium-assets.com\/defi-cex-dex\/\"},\"wordCount\":1500,\"publisher\":{\"@id\":\"https:\/\/www.talium-assets.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.talium-assets.com\/defi-cex-dex\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/DeFi-_-Cex-and-Dex.jpg\",\"articleSection\":[\"Blog\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.talium-assets.com\/defi-cex-dex\/\",\"url\":\"https:\/\/www.talium-assets.com\/defi-cex-dex\/\",\"name\":\"DeFi : Cex & Dex\",\"isPartOf\":{\"@id\":\"https:\/\/www.talium-assets.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.talium-assets.com\/defi-cex-dex\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.talium-assets.com\/defi-cex-dex\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/DeFi-_-Cex-and-Dex.jpg\",\"datePublished\":\"2021-11-18T10:25:04+00:00\",\"dateModified\":\"2021-11-18T10:25:06+00:00\",\"description\":\"Aujourd\u2019hui, investisseurs, sp\u00e9culateurs, technophiles et curieux passent tous par la grande porte pour acc\u00e9der au march\u00e9 des crypto-monnaies. Une porte\",\"breadcrumb\":{\"@id\":\"https:\/\/www.talium-assets.com\/defi-cex-dex\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.talium-assets.com\/defi-cex-dex\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/www.talium-assets.com\/defi-cex-dex\/#primaryimage\",\"url\":\"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/DeFi-_-Cex-and-Dex.jpg\",\"contentUrl\":\"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/DeFi-_-Cex-and-Dex.jpg\",\"width\":2560,\"height\":1440},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.talium-assets.com\/defi-cex-dex\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.talium-assets.com\/fr\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"DeFi : Cex &#038; Dex\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.talium-assets.com\/#website\",\"url\":\"https:\/\/www.talium-assets.com\/\",\"name\":\"Talium-assets\",\"description\":\"Next level Tokenization Platform\",\"publisher\":{\"@id\":\"https:\/\/www.talium-assets.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.talium-assets.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.talium-assets.com\/#organization\",\"name\":\"Talium-assets\",\"url\":\"https:\/\/www.talium-assets.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/www.talium-assets.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2024\/04\/Talium_Assets_Logo.png\",\"contentUrl\":\"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2024\/04\/Talium_Assets_Logo.png\",\"width\":1594,\"height\":548,\"caption\":\"Talium-assets\"},\"image\":{\"@id\":\"https:\/\/www.talium-assets.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.linkedin.com\/company\/68882684\/admin\/feed\/posts\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.talium-assets.com\/#\/schema\/person\/d5af915bbeeba52bd27b6bedf7082aa4\",\"name\":\"Fran\u00e7ois de Chezelles\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/www.talium-assets.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/21619a085daafaa5d8eec532b7413a3ebaf7de8ce3f72452534970d3abf40796?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/21619a085daafaa5d8eec532b7413a3ebaf7de8ce3f72452534970d3abf40796?s=96&d=mm&r=g\",\"caption\":\"Fran\u00e7ois de Chezelles\"},\"url\":\"https:\/\/www.talium-assets.com\/fr\/author\/fdc\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"DeFi : Cex & Dex","description":"Aujourd\u2019hui, investisseurs, sp\u00e9culateurs, technophiles et curieux passent tous par la grande porte pour acc\u00e9der au march\u00e9 des crypto-monnaies. Une porte","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.talium-assets.com\/fr\/defi-cex-dex\/","og_locale":"fr_FR","og_type":"article","og_title":"DeFi : Cex & Dex","og_description":"Aujourd\u2019hui, investisseurs, sp\u00e9culateurs, technophiles et curieux passent tous par la grande porte pour acc\u00e9der au march\u00e9 des crypto-monnaies. Une porte","og_url":"https:\/\/www.talium-assets.com\/defi-cex-dex\/","og_site_name":"Talium-assets","article_published_time":"2021-11-18T10:25:04+00:00","article_modified_time":"2021-11-18T10:25:06+00:00","og_image":[{"width":2560,"height":1440,"url":"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/DeFi-_-Cex-and-Dex.jpg","type":"image\/jpeg"}],"author":"Fran\u00e7ois de Chezelles","twitter_card":"summary_large_image","twitter_misc":{"\u00c9crit par":"Fran\u00e7ois de Chezelles","Dur\u00e9e de lecture estim\u00e9e":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.talium-assets.com\/defi-cex-dex\/#article","isPartOf":{"@id":"https:\/\/www.talium-assets.com\/defi-cex-dex\/"},"author":{"name":"Fran\u00e7ois de Chezelles","@id":"https:\/\/www.talium-assets.com\/#\/schema\/person\/d5af915bbeeba52bd27b6bedf7082aa4"},"headline":"DeFi : Cex &#038; Dex","datePublished":"2021-11-18T10:25:04+00:00","dateModified":"2021-11-18T10:25:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.talium-assets.com\/defi-cex-dex\/"},"wordCount":1500,"publisher":{"@id":"https:\/\/www.talium-assets.com\/#organization"},"image":{"@id":"https:\/\/www.talium-assets.com\/defi-cex-dex\/#primaryimage"},"thumbnailUrl":"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/DeFi-_-Cex-and-Dex.jpg","articleSection":["Blog"],"inLanguage":"fr-FR"},{"@type":"WebPage","@id":"https:\/\/www.talium-assets.com\/defi-cex-dex\/","url":"https:\/\/www.talium-assets.com\/defi-cex-dex\/","name":"DeFi : Cex & Dex","isPartOf":{"@id":"https:\/\/www.talium-assets.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.talium-assets.com\/defi-cex-dex\/#primaryimage"},"image":{"@id":"https:\/\/www.talium-assets.com\/defi-cex-dex\/#primaryimage"},"thumbnailUrl":"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/DeFi-_-Cex-and-Dex.jpg","datePublished":"2021-11-18T10:25:04+00:00","dateModified":"2021-11-18T10:25:06+00:00","description":"Aujourd\u2019hui, investisseurs, sp\u00e9culateurs, technophiles et curieux passent tous par la grande porte pour acc\u00e9der au march\u00e9 des crypto-monnaies. Une porte","breadcrumb":{"@id":"https:\/\/www.talium-assets.com\/defi-cex-dex\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.talium-assets.com\/defi-cex-dex\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.talium-assets.com\/defi-cex-dex\/#primaryimage","url":"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/DeFi-_-Cex-and-Dex.jpg","contentUrl":"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/11\/DeFi-_-Cex-and-Dex.jpg","width":2560,"height":1440},{"@type":"BreadcrumbList","@id":"https:\/\/www.talium-assets.com\/defi-cex-dex\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.talium-assets.com\/fr\/"},{"@type":"ListItem","position":2,"name":"DeFi : Cex &#038; Dex"}]},{"@type":"WebSite","@id":"https:\/\/www.talium-assets.com\/#website","url":"https:\/\/www.talium-assets.com\/","name":"Talium-assets","description":"Next level Tokenization Platform","publisher":{"@id":"https:\/\/www.talium-assets.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.talium-assets.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"fr-FR"},{"@type":"Organization","@id":"https:\/\/www.talium-assets.com\/#organization","name":"Talium-assets","url":"https:\/\/www.talium-assets.com\/","logo":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.talium-assets.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2024\/04\/Talium_Assets_Logo.png","contentUrl":"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2024\/04\/Talium_Assets_Logo.png","width":1594,"height":548,"caption":"Talium-assets"},"image":{"@id":"https:\/\/www.talium-assets.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/68882684\/admin\/feed\/posts\/"]},{"@type":"Person","@id":"https:\/\/www.talium-assets.com\/#\/schema\/person\/d5af915bbeeba52bd27b6bedf7082aa4","name":"Fran\u00e7ois de Chezelles","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.talium-assets.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/21619a085daafaa5d8eec532b7413a3ebaf7de8ce3f72452534970d3abf40796?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/21619a085daafaa5d8eec532b7413a3ebaf7de8ce3f72452534970d3abf40796?s=96&d=mm&r=g","caption":"Fran\u00e7ois de Chezelles"},"url":"https:\/\/www.talium-assets.com\/fr\/author\/fdc\/"}]}},"modified_by":"nelson","_links":{"self":[{"href":"https:\/\/www.talium-assets.com\/fr\/wp-json\/wp\/v2\/posts\/10971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.talium-assets.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.talium-assets.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.talium-assets.com\/fr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.talium-assets.com\/fr\/wp-json\/wp\/v2\/comments?post=10971"}],"version-history":[{"count":0,"href":"https:\/\/www.talium-assets.com\/fr\/wp-json\/wp\/v2\/posts\/10971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.talium-assets.com\/fr\/wp-json\/wp\/v2\/media\/10987"}],"wp:attachment":[{"href":"https:\/\/www.talium-assets.com\/fr\/wp-json\/wp\/v2\/media?parent=10971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.talium-assets.com\/fr\/wp-json\/wp\/v2\/categories?post=10971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.talium-assets.com\/fr\/wp-json\/wp\/v2\/tags?post=10971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}