An interesting observation:
Binance’s current “front line” in crypto is becoming less and less important.
Among the popular assets that have run this cycle, almost none are being ignited by launchpads at the exchange. Price discovery has largely happened on-chain;
Even the trading volume of perpetual futures is being gradually taken over by on-chain perp DEXs.
The reason isn’t complicated—minting, market making, and leverage can all be executed and closed-loop entirely on-chain, so centralized exchanges are moving from a “necessary route” to an “optional channel.”
And tokenized stocks, as this new kind of play, naturally require licenses and compliance. That originally gave CEXs an advantage, but it now turns into a burden.
CEX won’t be replaced, but its pricing power is being diluted. Valuing it with old valuation logic means you need to apply a discount.
By the way, today $HYPE listed on Binance spot.
Binance’s current “front line” in crypto is becoming less and less important.
Among the popular assets that have run this cycle, almost none are being ignited by launchpads at the exchange. Price discovery has largely happened on-chain;
Even the trading volume of perpetual futures is being gradually taken over by on-chain perp DEXs.
The reason isn’t complicated—minting, market making, and leverage can all be executed and closed-loop entirely on-chain, so centralized exchanges are moving from a “necessary route” to an “optional channel.”
And tokenized stocks, as this new kind of play, naturally require licenses and compliance. That originally gave CEXs an advantage, but it now turns into a burden.
CEX won’t be replaced, but its pricing power is being diluted. Valuing it with old valuation logic means you need to apply a discount.
By the way, today $HYPE listed on Binance spot.