cex

Evan Cheng and Stephen Mackintosh said 2025 marked a turning point for institutional adoption, with tokenization and agentic commerce emerging as the next frontier.
Post the Genius Act, we’ve seen so much more institutional demand and awareness for what the promise of crypto could deliver,” he said, particularly around tokenization and stablecoins.
While sentiment has fluctuated, Mackintosh argued the structural shift is clear. “The market, despite all of the sentiment being low, has never been greater,” he said, citing record options volumes and the entrance of major firms such as Citadel and Jane Street into crypto markets. He described a long-term trend in which “the biggest institutions in finance in the world” are investing in infrastructure and talent to capture market share.
Mysten Labs CEO Evan Cheng framed the next phase as convergence rather than competition between traditional finance and decentralized finance. In his view, TradFi products often operate on “T+1 or T+whatever,” while DeFi is “T+0”—a “strictly better product” in settlement terms.
The convergence, he suggested, will emerge through tokenization. “You acquire [an asset] and immediately you can collateralize and borrow against it,” Cheng said, enabling DeFi strategies layered on traditional exposure.
On whether ETFs compete with DeFi, Cheng said products will evolve. Institutional on-ramps may begin conservatively but could incorporate yield or other on-chain mechanics over time.
Both executives emphasized infrastructure as Sui’s differentiator. Mackintosh described Sui as “a differentiated proposition” built by former Facebook engineers behind Libra, offering low latency and high throughput suited for emerging use cases such as “agentic commerce”, the intersection of AI and onchain transactions.
#CEX
#TheGenius
#ETF
#cplwatch
#usnonFarm

The crypto industry is once again facing a familiar debate:
Should centralized exchanges list every trending memecoin, or should they act as gatekeepers to protect the market’s credibility?
This discussion goes far beyond token listings. It touches the core of what crypto stands for—freedom, responsibility, and legitimacy.

The Problem: Short-Term Listings vs Long-Term Trust
Centralized exchanges (CEXs) are often criticized for aggressively listing low-quality memecoins to capture short-term retail interest. These tokens may generate volume and fees, but they can also:
Damage the reputation of the industryAttract scams and rug pullsCreate unsustainable hype cyclesPush new users into high-risk assets
If the industry does not respect itself, it becomes difficult to earn respect from regulators, institutions, and the broader public.
This raises an important question:
Should exchanges prioritize volume, or credibility?

Why DEXs Listing Everything Makes Sense
Decentralized exchanges (DEXs) are built on permissionless principles.
Anyone can:
Launch a tokenProvide liquidityTrade without approvalParticipate without KYC
This openness is not a flaw—it is the essence of decentralization.
DEXs are meant to be:
ExperimentalPermissionlessOpen to innovationFree from centralized control
In this environment, the responsibility shifts to the user, not the platform.

Why the Same Logic Doesn’t Fully Apply to CEXs
Centralized exchanges operate very differently.
They:
Hold user funds (custodial wallets)Require KYC and complianceAct as fiat on-rampsRepresent the “front door” of crypto for most users
Because of this, CEXs are not just trading venues.
They are brand gatekeepers for the entire industry.
When a major exchange lists low-quality or purely speculative tokens, it sends a signal:
“This asset is legitimate enough to be on a regulated platform.”
That perception matters—especially for new users.

The Core Difference: Responsibility
DEX Model
PermissionlessUser takes full responsibilityHigh freedom, high risk
CEX Model
Curated listingsPlatform takes reputational responsibilityLower freedom, but more protection
This is why many people believe:
DEX listing everything = acceptableCEX listing everything = harmful

But Should CEXs List Everything?
There is another side to the argument.
Some believe exchanges should:
Provide access to all assetsLet the market decide winners and losersAvoid acting as centralized gatekeepers
From this perspective, restricting listings contradicts the ethos of crypto.
However, this approach has risks:
More scams reaching retail investorsHigher regulatory pressureLoss of institutional trustIncreased market manipulation

Why Your Favorite Token Isn’t Listed
Many users ask:
“Why isn’t my token listed on a major exchange?”
The answer is simple:
Every exchange has its own listing framework, which may include:
Security auditsLegal and compliance checksLiquidity requirementsTeam credibilityMarket demandRisk assessments
And these frameworks can change over time based on:
RegulationsMarket cyclesPast listing outcomesReputation concerns

The Bigger Picture: Legitimacy vs Freedom
The CEX vs DEX listing debate reflects a deeper tension in crypto:
PriorityOutcomeMaximum freedomMore innovation, more scamsStrong curationMore trust, less experimentation
The industry is still trying to find the right balance.
Too much freedom can lead to chaos.
Too much control can kill innovation.

DEXs and CEXs serve different purposes:
DEXs represent crypto’s permissionless, experimental frontier.CEXs represent its regulated, user-friendly gateway.
Expecting both to follow the same listing philosophy ignores their fundamental differences.
The real question isn’t:
“Should exchanges list everything?”
It’s:
“What kind of industry do we want to build—one driven by short-term hype, or long-term trust?”
#CEX #DEX #Listing