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Arjun Sethi: CEXs and DEXs Will Ultimately ConvergeOn October 30, Kraken Co-CEO Arjun Sethi said in an interview on PondTalk with Blew that CEXs and DEXs are no longer opposing paradigms, but rather different expressions of the same coordination function. He outlined three phases in the evolution of crypto trading: the custody era, the smart-contract era, and the emerging "hybrid era", characterized by unified liquidity, compliance bridging, and on-chain identity systems. Arjun noted that CEXs and DEXs will ...