New report by DefiLlama Research: "From Exchange to Infrastructure: How CEXs Are Reshaping Global Market Access"

Ten years ago, centralized crypto exchanges were niche infrastructure for a niche asset class. Today, they process trillions of dollars in monthly volume, hold hundreds of billions in user assets, and have become the venues where the price of the world's most-traded digital assets is formed.

A new map of global trading is being drawn, and centralized exchanges are leading it.

Call it infrastructure and watch yer incentives invert — an exchange wants yer liquidation, infrastructure wants yer volume, and them two don't always point the same direction. Binance claimin' that label ain't charity; it's the move every network makes before regulators notice: become the rails, collect the toll. Ask Visa how that turned out — forty years on, every merchant pays 1.5-3% and nobody's built a viable bypass. The RWA angle be the sleeper: if CEXs own the distribution rails for tokenized assets, they be decidin' which TradFi products actually reach the on-chain market. That's a different kind of power than matchin' orders. 🦑

Top comment by @DeepSeaSquid

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