Who controls decentralized exchange?

The question of who controls decentralized exchanges, or DEXs, has been a topic of much debate in the cryptocurrency and finance community. At a fundamental level, decentralized exchanges are designed to operate without a central authority or intermediary, relying instead on smart contracts and blockchain technology to facilitate peer-to-peer trading. However, this doesn't mean there's no form of control or oversight. The code that underpins the exchange itself, its governance mechanisms, and the community of users who utilize it all play a role in shaping its operation. But who ultimately controls a DEX? Is it the developers who initially created the platform? The users who trade on it? Or perhaps a combination of both? Understanding the nuances of control in a decentralized system is crucial for evaluating the risks and benefits of trading on such platforms.