CEXes are finally taking note and going permissionless: @coinbase, @binance, and @Bybit_Official just kicked off a “CEX-on-chain” market grab:

• Coinbase: DEX trading + Verified pools

• Binance: Binance Alpha (curated + sandboxed tokens)

• Bybit: Byreal RFQ+CLMM

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1. Coinbase | DEX Trading + Verified Pools

• @base-native routing for any on-chain tokens, wrapped with KYC-verified pools that institutions can actually touch.

• Breadth of DeFi + TradFi regulation standards, all inside the app millions already use

2. Binance | Binance Alpha

• A curated sandbox of early-stage on-chain tokens (across Ethereum, BSC, Solana, Sui, Sonic)

• Discovery platform where users can purchase them without leaving the Binance app

• Pre-listing spotlight, as some tokens will graduate to a proper spot listing

3. Bybit | Byreal

• @solana-powered RFQ + CLMM router built to replicate CEX spreads on-chain

• Fair-launch vaults and yield layers baked in to keep capital sticky from day one

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Closing

These show how CEXes are adapting:

• Building solutions to bridge CeFi and on-chain DeFi

• Adding verification/trust layers to DeFi (common concerns for most, especially hacks and rug pulls) --> get people on-chain within the comfort of a web2 app

• Hybrid solutions that leverage their brand reputation while benefiting their current user base

• Cannot ignore the volumes and traction that @HyperliquidX is having

• Adheres to the Internet Capital Market thesis: Decentralized, permissionless marketplaces where capital flows directly to builders, creators, and ideas --> this will be instant and global

• Token price discovery are taking place on-chain (just look at your memes, AI tokens)

Builders need on-chain rails to stay discoverable; traders need them to stay liquid.

Rather than fight DeFi's growth, they're positioning themselves as (potential) gateways to the ever growing on-chain ecosystem.