I know what a CEX is and what a DEX is. The phrase "protocol CEX" is an oxymoron. "protocol" implies a set smart contracts, i.e., some semblance of decentrali

I know what a CEX is and what a DEX is. The phrase "protocol CEX" is an oxymoron. "protocol" implies a set smart contracts, i.e., some semblance of decentralization. A CEX could be fully off-chain.