RE: RE: The failure of centralized exchanges has always been a part of cryptocurrency, we just keep forgetting.

Think of it this way:

Decentralized exchanges let anyone with a Web3 wallet (such as MetaMask) connect to the DEX to transact. Connect, transact, disconnect.
Centralized excahnges (CEX) don't allow for this, and they can be like banks in that it can take days for transactions to clear before funds are available.

Keep these details in mind, and you'll be able to distinguish between DEX and CEX.