There are 4 core components to a decentralized exchange: (1) storage of funds, (2) order books, (3) order matching, (4) settlement. Unless you have all 4 of the

There are 4 core components to a decentralized exchange: (1) storage of funds, (2) order books, (3) order matching, (4) settlement. Unless you have all 4 of these it is a hybrid exchange. Calling it anything else is misleading an disingenuous.