That's helpful, thank you. And no, I haven't tried BitShares, but I have traded on WAVES's DEX. It was very quick but I didn't really understand how I got the tokens I traded for so quickly (the WAVES UI/UX is not that intuitive to me so it's more my limitation than the tech).

So from my understanding, there is still a party that is responsible for payment. Liquidity is provided for through a third party. So similar to a centralized exchange, you are still exposed to balance sheet risk in IOU. I think I need to research this more because I had envisioned that a true DEX you wouldn't have balance sheet risk at all. Again, maybe I'm not understanding correctly, but I appreciate you trying to help me.