Oh yeah, for sure it will work differently as there are only two coins in the mix rather than three. That Medium article is the "simple" version, believe it or not and focuses on creating a stablecoin. This YouTube video focuses on creating a collateralized debt position, a CDP:
I'd advise you to get a big jug of coffee or a a few beers as it takes a bit of effort to wrap your head around.
I'm guessing, and it is a guess, is that CET is functioning as both the collateral (the Ether) and the payment coin (the Maker). The concept could well be applicable for an exchange though.