#中心化与去中心化交易所 centralized exchanges (CEX) such as Binance and Coinbase rely on third-party custody of user assets, providing high liquidity and a wide range of trading pairs. Decentralized exchanges (DEX) like Uniswap and XBIT operate based on smart contracts, allowing users to hold their private keys. Trades are transparent and censorship-resistant, but liquidity is lower and dependent on blockchain performance. By 2025, DEX trading volume accounted for 38%, and platforms like XBIT enhance the experience through cross-chain aggregation and zero-knowledge proof (ZKP) technology. CEXs, on the other hand, integrate the advantages of decentralization through hybrid architectures (such as Binance DEX Chain). In the future, regulatory compliance and technological innovation will drive further integration of both types of exchanges, and users need to choose suitable platforms based on security and liquidity requirements.