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.