#中心化与去中心化交易所 Centralized and Decentralized Exchanges: A Game of Efficiency and Control

In the field of cryptocurrency trading, the debate between centralized exchanges (CEX) and decentralized exchanges (DEX) has never ceased. CEXs like Binance and Coinbase firmly dominate the market with high liquidity, convenient fiat deposits and withdrawals, and a wide range of derivatives. However, they require users to entrust their assets, which exposes them to trust risks—historical incidents of hacking and exchange collapses serve as evidence.

On the other hand, DEXs like Uniswap and dYdX enable peer-to-peer trading through smart contracts, eliminating the need for trust intermediaries and granting users true control over their assets. But the trade-offs are also evident: high slippage, fragmented liquidity, vulnerability to front-running, and difficulty in supporting complex financial products.

Today, hybrid models are on the rise. Some CEXs introduce on-chain settlement layers, while DEXs enhance trading depth by aggregating liquidity. This balancing act between efficiency and control is far from over—the future forms of exchanges may simultaneously possess the advantages of both: centralized performance and decentralized trust.

CeFi DeFi Cryptocurrency Exchanges Financial Technology