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Off-chain Order Book

For "Off-Chain Orderbook" decentralized exchanges, final trades occur on chain but every order is hosted by a third party called a Relayer. This was the style of many early generation decentralized exchanges built on Ethereum.

Exchanges

• 0x Protocol
• EtherDelta
• Loopring
• IDEX
• Hydro

Pros

• Faster order management than On-Chain solutions
• Less fees involved than On-Chain solutions

Cons

• No full guarantee that a maker order is still active
• The relayer could front run an order