# Glossary

### Centralized exchange (CEX)

An exchange which is operated by a central authority. In addition to order matching and broadcasting, the centralized exchange keeps custody of users’ assets.

### Decentralized exchange (DEX)

An exchange which operates in a decentralized way, using smart contracts to facilitate the transacting in and settling of assets. Generally, one distinguishing feature of a decentralized exchange is that participants keep custody of their own assets in their own wallets; the DEX facilitates the direct wallet-to-wallet settlement between counter-parties in a transaction.

### **API Key**

A unique identifier used to authenticate a user, developer, or calling program to an API (Application Programming Interface).

### **DePIN**

Decentralized Physical Infrastructure Network, a technology used by MMSolutions to enhance decentralized capabilities in computing, storage, and network capacity.

### **Exchange / Connector**

A platform where users can buy, sell, and trade cryptocurrencies.

### **Firmware**

The software programmed into a hardware device that provides low-level control for the device's specific hardware.

### **MMBox**

A physical device provided by MMSolutions that integrates market making strategies with decentralized technologies.

### **MMCloud**

A scalable, cloud-based service provided by MMSolutions that integrates market making strategies with decentralized technologies.

### **Market Making**

A type of trading strategy where a trader provides liquidity to the market by placing both buy and sell orders to capture the bid-ask spread.

### **Order Book**

A digital list of buy and sell orders organized by price levels, used by exchanges to facilitate trading.

### **Telegram UI**

The user interface of the Telegram application, used by MMSolutions to allow users to manage their trading strategies and configurations.

### **Trust-less Operation**

An operational mechanism that eliminates the need for users to trust the platform with sensitive information such as API keys.

### Volume Strategy

An algorithmic trading strategy focused on contributing to trading activity by executing high-frequency trades.