> For the complete documentation index, see [llms.txt](https://neuraswap.gitbook.io/neuraswap/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://neuraswap.gitbook.io/neuraswap/products-and-features/exchange.md).
# Exchange
At the core of the NeuraSwap platform is our decentralized exchange (DEX). Our DEX allows users to swap nearly any tokens on GPT Chain (coming soon: BNB Chain, Polygon, Ethereum, and Arbitrum)
Users can also add liquidity to the NeuraSwap DEX to earn passive income on tokens they hold via trading fees in the form of liquidity provider tokens (AI-LPs).
#### How Decentralized Exchanges Work
Unlike centralized exchanges, which use third-party intermediaries like market makers to facilitate trading between tokens, decentralized exchanges use smart contracts to coordinate trades between users. This allows for permissionless and anonymous trading free of the constraints of centralized exchanges.
In a decentralized exchange like NeuraSwap's DEX, all liquidity is added by users and partner projects. To incentivize deeper liquidity, a decentralized exchange can offer reward tokens to liquidity providers, as well as a share of trading fees earned from trades from a token pair. A token cannot be traded for another token on the NeuraSwap DEX *unless* there is ample liquidity depth in the exchange for that token pair.
For example, let's say a project launched the "PROJ" token on GPT Chain, but did not add any GPT-PROJ (or any other \[TOKEN]-PROJ combination) liquidity to the NeuraSwap DEX. In this example, a user would not be able to swap into the PROJ token with any other assets, because there is no liquidity on the DEX to swap with. It is impossible to push GPT into a liquidity pool and pull out PROJ, because there are no PROJ tokens on the NeuraSwap DEX.
This is why a DEX must maintain sufficient liquidity for all token pairs that it offers for trading. Traders can also run into issues with price impact and slippage if there is insufficient liquidity for a particular token pair.
NeuraSwap typically recommends having at least $150,000 of liquidity for a trading pair to operate effectively on our DEX. Using the same example, the new project would need to add $75,000 of GPT and $75,000 of PROJ to the NeuraSwap DEX in order to be listed.
**Confused? Head back to the** [**AiFi Glossary**](/neuraswap/welcome/im-new-here/aifi-glossary.md)**.**
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