@david1212
DEXs (e.g., Uniswap, PancakeSwap) allow peer-to-peer trading via smart contracts, offering anonymity and self-custody. CEXs (e.g., Binance, Coinbase) provide liquidity and fiat onboarding but require KYC. DEXs eliminate counterparty risk but face liquidity fragmentation and high gas fees. CEXs dominate trading volumes but are vulnerable to hacks (e.g., FTX collapse) and regulation. Hybrid solutions (semi-decentralized exchanges) are emerging, blending DEX autonomy with CEX efficiency. The future may see DEXs gain ground as regulation tightens on CEXs.
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