Trading Places: The Rise of DEXs and The Way Forward for Centralized Crypto Exchanges

Trading Places: The Rise of DEXs and The Way Forward for Centralized Crypto Exchanges

April 6, 2023

Exchanges have been a fundamental part of finance for centuries. They are the backbone of every economic system, serving as marketplaces that enable the trading of securities, commodities, derivatives, and other financial instruments. This is no different for the crypto world, with crypto exchanges serving the primary function of enabling the trading of digital assets between different parties.

However, the crypto market is still in its nascency, and the past year has uncovered the many improvements that crypto exchanges still need. The collapse of FTX in particular, was a catastrophic event that left a dent in user confidence and trust in the industry. This was a result of a lack of transparency and investor protection which is yet to be solidified in the crypto world. 

While the turn of events may have taken a blow to the growth of the crypto industry, it did do two things: unveil the promise of decentralized exchanges (DEXs), and provide important constructive lessons for the centralized exchanges that remain standing.

In this paper, learn about the different types of exchanges, what happened in the 2022 market crash, the rise of decentralized exchanges, and how centralized exchanges should move forward to restore trust with the help of independent custodians like Hex Trust.

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