The essential difference between centralized and decentralized exchanges lies in the allocation of 'trust': CEX exchanges efficiency for risk, while DEX exchanges technology for autonomy. In the future, the two will not be in a substitutive relationship, but rather complementary and coexisting—CEX will still be the mainstream entry point, while DEX will become a testing ground for safety and innovation. With the maturation of blockchain technology and the improvement of regulatory frameworks, users will flexibly choose based on trading scenarios (such as high-frequency arbitrage, long-term holding), and a hybrid model may become the next breakout point.