exclusive
Non-custodial exchange volumes are trending higher, but challenges remain for the ecosystem's long-term growth
Quick Take
- Today over 99% of crypto trading takes place on centralized exchanges (CEXs), but the trend is shifting to non-custodial or decentralized exchanges (DEXs) at a faster pace
- Looking ahead, more users are expected to get shifted to DEXs, although challenges remain, protocol operators told The Block
- Uniswap founder Hayden Adams said when more fiat is tokenized, and there is more interest in trading between on-chain assets, that’s when “DEXs would crush CEXs”
- However, the real challenge for DEX operators is to convert CEX users, FTX CEO Sam Bankman-Fried told The Block
Over 99% of cryptocurrency trading happens through centralized exchanges today, but this trend is shifting to decentralized or non-custodial exchanges at a faster pace.
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