When using a relayer dashboard interface, instead of token owners depositing their tokens into a wallet account at a proprietary “Centralized Exchange”, token owners trade directly with each other “peer to peer” using their own Ethereum wallets. They do this by accessing order books in the relayer network. In the case of a “Decentralized Exchange”, while the order books are distributed on the Ethereum Blockchain, tokens are still locked up (in effect deposited)in wallets governed by proprietary smart contracts controlled by the decentralized exchange. This means the decentralized exchange developer team controls these smart contracts which can open them up to bad actors. Shark Relay built on the 0x trading protocol provides open-source permissionless  tools to enable individual users to execute trades on the blockchain independent of centralized or decentralized exchanges. Learn more about relayers at relayer.network.