JPMorgan is skeptical of a structural shift from centralized to decentralized crypto exchanges in the wake of FTX's collapse. godbole17 reports.
Centralized exchanges will continue to control a majority of global digital asset trading volumes, JPMorgan said, contradicting some crypto-native experts anticipating a structural shift toward decentralized platforms in the wake of FTX's collapse.
The analysts also cited the absence of a limit order/stop loss feature on DEXs, their dependency on price oracles that source data from centralized exchanges, vulnerability to hacks, exploits, the need for over-collateralization and systemic risks from the cascade of automated liquidations as hindrances to widespread adoption.
Since Sam Bankman Fried's centralized exchange FTX went bust, activity on decentralized exchanges has picked up, withshowing trading volumes on decentralized platforms up 68% to $97.22 billion this month, the highest since May. "With users' confidence in CEXs shaken following the collapse of FTX, and the resilience DEXs has shown to the contagion in the market, we expect increased adoption of DEXs in the coming months among market participants," CryptoCompare's Hosam Mahmoud said in a report published on Nov. 23.
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