YZi Labs—formerly Binance Labs, Binance’s venture capital and investment arm—has announced a $10 million seed investment in Genius Terminal. Genius is described as a professional trading terminal for private, high-velocity onchain operations. According to the announcement, Binance and YZi Labs co-founder Changpeng Zhao (CZ) has been nominated as one of the startup’s advisors under claims of “alignment” to YZi Labs’ vision of backing infrastructure to compete with centralized exchanges (CEXs). Armaan Kalsi, ...

DEX Volume & Market Share - Monthly DEX volume has surpassed $500 billion [1] - DEXs' share of trading volume compared to CEXs has been increasing since 2023 [1] - The DEX to CEX trading volume ratio was approximately 25% and has been steadily growing [1] Perpetual DEX (PerpDEX) Growth - In 2022, PerpDEXs accounted for only 5% of the market [1] - PerpDEXs now control over 30% of the market [1] - Hyperliquid's strong performance has significantly contributed to the growth of the derivatives market [1] CEX Response & On-Chain Competition - Major centralized exchanges are launching their own on-chain perpetual platforms [2] - Examples include Binance (@Aster DEX), Coinbase (@avantisfi), and Kraken (@rails xyz) [2] - New on-chain native platforms like @reya xyz and @Lighter xyz are rapidly scaling and attracting trading demand [2] - On-chain trading is becoming the primary battleground for the entire market [2]

Market Trends - DEXs are outperforming CEXs [1]

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]

Do you trust centralized exchanges, or do you self-custody your #crypto?🔹 I trust CEXs🔹 Cold storage only🔹 A mix of both🔹 I hide my seed phrase under my bed 😂 ...