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

暗号産業は再びお馴染みの議論に直面しています:
中央集権型取引所は、すべてのトレンドのメモコインを上場すべきか、それとも市場の信頼性を守るためのゲートキーパーとして行動すべきか？
この議論はトークンの上場を超えたものです。暗号が象徴するもの、すなわち自由、責任、合法性の核心に触れています。

問題: 短期的な上場と長期的な信頼
中央集権型取引所（CEX）は、短期的な小売の関心を引き付けるために低品質のメモコインを積極的に上場することで批判されることがよくあります。これらのトークンはボリュームや手数料を生むかもしれませんが、同時に以下のことも可能です:

暗号資産（crypto）の世界では、取引所は買い手と売り手の間の架け橋の役割を果たします。現在最も一般的な二種類の取引所は、中央集権型取引所（CEX）と分散型取引所（DEX）です。

どちらにもそれぞれの利点と欠点があり、ユーザーの異なるニーズに応えています。この記事では、この二つのモデルの違いと、それがデジタル金融の未来をどのように形作るかを理解するのに役立ちます。