DEXs >>> CEXs ...

Core Insights - Centralized exchanges (CEXs) are evolving from mere trading platforms to regulated financial services, indicating a structural shift in market access for institutions and consumers [1][2] - The rise of decentralized exchanges (DEXs) is notable, with perpetual DEXs surpassing $2.6 trillion in trades in 2025, highlighting their growing appeal due to custody-free leverage and speed [1] Group 1: IPO and Market Dynamics - Kraken has raised $500 million to expedite its IPO, while Gemini has capped its proceeds at $425 million due to high demand [3] - Revolut is contemplating a $75 billion dual listing on both the London and New York stock exchanges, which would be a historic debut on both FTSE100 and NYSE simultaneously [3][4] - Revolut, valued at $75 billion with 65 million users, has raised $3.77 billion to expand into crypto, brokerage, and banking sectors [4] Group 2: Exchange Evolution and User Engagement - Exchanges are transitioning into multi-service hubs, with liquidity concentrated in the top five venues while challengers expand regionally [5][6] - Coinbase has launched the Base App, integrating trading, payments, and social features, while LINE NEXT and Kaia have introduced Unify for stablecoin payments in Asia [7] Group 3: Regulatory Landscape and Institutional Demand - The CME has noted increasing institutional demand for derivatives, favoring exchanges that offer integrated services for spot, futures, and tokenized assets [8][9] - PwC has indicated that CEXs may be classified as systemically important, which would subject them to bank-like regulations, potentially increasing costs but enhancing credibility [9]

Core Insights - The rally in exchange tokens is driven by stronger institutional demand and regulatory clarity, indicating a shift beyond short-term hype [1][7] - Centralized exchanges (CEXs) face competition from perpetual decentralized exchanges (perp DEXs), raising questions about their ability to maintain market share [1][6] Market Dynamics - The trading volume for Aster reached over $100 billion in the past week, indicating significant activity in the perp DEX market [3] - Hyperliquid has established itself as a leader among perp DEXs, showcasing a hybrid model that combines features of both CEXs and DEXs [4][5] Institutional Interest - Institutional investors have shown renewed interest in exchange-based crypto tokens, which has positively impacted their performance [7][8] - CEXs continue to dominate in liquidity, fiat on- and off-ramps, and compliance, making them essential for institutional investors [8][13] Hybrid Models - Hybrid models are emerging as a viable path forward, blending the strengths of CEXs and DEXs to address their respective weaknesses [12][14] - Experts agree that the future of trading may involve a combination of CEXs and DEXs, rather than a clear winner [17] Volume Trends - The DEX-to-CEX spot volume ratio has increased significantly, with perp DEXs capturing around 30-35% of the market, indicating a structural change in trading behavior [15][16]

RT BeInCrypto (@beincrypto)The Evolving Exchange: From Gateway to EcosystemCentralized exchanges are no longer just crypto gateways. They are evolving into full ecosystems.With voices of crypto like @Vivien_BingX (Chief Product Officer of @BingXOfficial), @montymetzger (CEO & Founder of @lcx), @Han_Gate (CEO & Founder of @Gate), @usithetalk (COO of @bitgetglobal), and Griffin Ardern (Head of Research & Options Desk at @BloFin_Academy & @BloFin_Official), we explore the future of CEXs. 🧵👇🔗 https://t.co/vItXy ...

Infrastructure Development - DEXs and CEXs are not competing but building the same system [1] - Hyperliquid launches instant Solana bridge [1] - Coinbase builds Chainlink verification [1] - Cross-chain functionality is becoming ubiquitous [1] Institutional Adoption - PNC Bank (with $560 billion AUM) is integrating with Coinbase [1]