The OG vision of crypto decentralization is struggling:- Decentralized stablecoins? LUSD is alive yet USDC/USDT dominate the market- More supply of Bitcoin and ETH moving to ETFs- DAOs are centralizing (DAO tokens become revenue valued assets)- Most ICOs require KYC- Multiple L2s/L1s shut down their chains following Balancer hackNot all is dark:- Ethereum's L2s are moving from Stage 0 to Stage 1 decentralization- Self-custody is still viable for BTC, and ETH despite growing ETF inflows- DEXs challenging CEX ...

📊 NEW: Crypto spot trading on CEXs jumped 31% in Q3.Bull comeback incoming? https://t.co/CTrxWD0Y3g ...

if you are a serious crypto user, you should be fully onchain and only using CEXs for on/off-ramps ...

we are finally entering our "practical" era as an industry & its the most bullish era yet.> institutions are here with longer time horizons> ppl are wanting to invest in fundamental tokens & narratives over flash in the pan stuff> tokenization is having its moment in tradfi circles> increasing focus on revenue & transparent accounting> token performance dispersion, quality is finally leading> the core ethos of decentralization is being reignited> ppl want to see DEXs win >>> CEXs> we are rethinking staking ...

Industry Competition & Dynamics - CEXs are facing increasing pressure from DEXs, potentially leading to a shift in market dominance [1] - Binance is accused of demanding 7% of token supply, millions of USD in cash and BNB for listing [1] - Binance launched a competitor named Aster on its own chain [1] Binance's Actions & Repercussions - Binance allegedly stole money from users, then returned some after backlash [1] - Binance's customer support team publicly threatened a user, causing further backlash [1] - Binance called a user a "clout chasing loser" on X, leading to more criticism [1] Hyperliquid's Rise - Hyperliquid is gaining popularity after a significant crash [1] - Hyperliquid's success is seen as a threat to centralized exchanges [1]

hot take:binance will lose its number one ranking and be replaced by a combination of highly regulated, well ran CEXs + hyperliquidthe writing is on the wall ...

We had Vance & Michael from Framework on yesterday to do a post-mortem on the Black Friday crash, where they see the market going from here, and why CEXs are absolutely cooked.Great for all investors.https://t.co/g30WBIxv3s ...

️🔥 INSIGHT: While DeFi gains attention, CEXs retain the edge with liquidity, execution, and security. USD1’s hybrid model adds loyalty rewards to stablecoin utility.[Brought to you by @flipster_io] https://t.co/HRzbh3vUux ...

Market Structure Experimentation - Crypto trading platforms are undergoing significant microstructure experimentation [1] - Centralized Exchanges (CEXs) employ FIFO CLOB (First-In-First-Out Central Limit Order Book) with standard taker fees and maker rebates [1] Platform Specifics - Hyperliquid prioritizes cancel orders and uses a normal fee structure [1] - Lighter uses FIFO CLOB, offers 0 fees for regular accounts (with latency speedbump), and charges fees to HFTs (with latency speedbump on taker orders) [1] Key to Success - The successful platform will need to balance incentivizing organic flow and Market Makers (MMs) [1]

Competitive Landscape - Hyperliquid is emerging as a credible competitor to incumbent centralized exchanges (CEXs) [1] - Hyperliquid is impacting price discovery before token launches, demonstrated by examples like PUMP, WLFI, and XPL [1] - Hyperliquid is gaining traction in spot trading of major cryptocurrencies [1] Risk Management - Hyperliquid is moving towards reducing tail risks, exemplified by the adoption of native USDC [1]