#DEX VS #CEX – GAME OF THRONES IN THE #CRYPTO MARKET

🔔 Key Data:

- In Q1/2025, trading volume on DEX reached over $296 billion, an increase of +28% compared to the previous quarter.

- In March alone, DEX accounted for 16% of total market liquidity, the highest since the beginning of the bull run.

- A portion of capital withdrawn from Binance and OKX is flowing into DEX platforms like Uniswap, dYdX, and especially new DEXs focused on derivatives.

🚩 Main Reasons:

- Trust in CEX is declining: Legal audits, strict KYC policies, and risks of frozen assets are causing users to “run to DEX.”

- The $6 million exploit of Hyperliquid backfired — instead of damaging DEX credibility, it made the community realize that even incomplete DEXs are still attracting significant capital.

- DEXs are gradually overcoming traditional weaknesses: transaction speed, user experience, and especially gas fees being increasingly optimized thanks to Layer 2 and Solana.

🔥 CEX Counterattack:

- Binance is ramping up its derivatives sector and listing memecoins to attract volume.

- Coinbase is expanding Base and investing in on-chain infrastructure to “DEX-ify” itself while still maintaining centralized infrastructure.

- CEXs are trying to pull liquidity back by offering listing incentives, farming programs, staking...

🔍🔍🔍 My Personal Perspective:

- The DEX vs CEX battle is not just about technology, but a battle of trust and asset control models.

- If this trend continues, in the coming quarters, DEX could capture up to 25–30% of the total market liquidity share, especially in the derivatives sector.

- Memecoins, pre-launch tokens, new farming... will be weapons for both sides to “attract capital.”