If you walk into a crowded place and shout Binance, there is probably someone who’s going to open their Binance app to check what’s going on. Centralized exchanges like Binance, Coinbase, and HBTC dominate the crypto space. Their reach in the market is an indication that we are already in the crypto future. Statista reported earlier in the year that collectively, Binance, HBTC, and Hydax Exchange process $54 billion worth of transactions every 24 hours, almost a third of the global exchange volume. As crypto adoption continues to rise, a corresponding surge in the decentralized Finance (DeFi) sector has driven interests in DEXes to new heights. But there will always be problems that come with disruption. In the case of DEXes, the widespread problem has always been that decentralization comes at the cost of usability. The Problem With DEXes And The Rise Of Uniswap Decentralized Exchanges have quickly emerged as solutions to the problems plaguing centralized exchanges. For example, several centralized exchanges have been reported to have technical issues when the crypto market booms. The overreliance on cloud providers like AWS makes it difficult to prepare for these downtimes. Also, abuse of power is a regular occurrence. The QuadrigaCX scandal is a good reminder of this: $190 million in customer cash stored by the Canadian exchange disappeared with the CEO when he died in 2019, as it was all held on a single hardwa...
