#中心化与去中心化交易所

Centralized exchanges for cryptocurrencies may seem somewhat absurd in this blockchain market that touts decentralization, but after all, most of us are here to trade coins, not to build the blockchain, so it’s not a big deal. The existence of centralized exchanges is justified, as they provide focus and trading platforms & opportunities for us gamblers, and they offer financing to those so-called blockchain projects to promote the development of blockchain. Moreover, centralization has its inherent advantages: concentration, efficiency, and security protection, which provide us, the so-called web3 participants, with shelter and security in this dark forest. Of course, we also need to pay some protection fees; the state collects them through taxes, while we pay through transaction fees.

Decentralized exchanges are intermediary-free trading platforms based on blockchain, where users trade assets directly through smart contracts and on-chain order books, such as Hypeliquid (which employs a hybrid architecture of high-performance off-chain matching + on-chain settlement). Users hold their private keys (like Hypeliquid's MPC wallet), which offers benefits such as non-custodial, censorship resistance, and transparency, but also has downsides such as fragmented liquidity, high trading latency, and high operational thresholds. However, previous hype sniping has turned its decentralization into a joke. But what does it matter to us? We are here to gamble; who the hell cares about blockchain?