Nobody wants to say it but CEXs are still winning.
And i donโt mean barely, i mean comfortably.
Every cycle we get the same speech โDeFi is taking over, CEXs are dinosaurs, self custody is the future.โ and then everyone goes right back to Binance and Coinbase to actually trade because the experience is just ykโฆ better.
Faster execution, cleaner UI, better liquidity, one tap withdrawals. the average person doesnโt care about self custody until they get rugged and by then itโs too late anyway.
DEXs have made real progress, Iโll give them that. But letโs be honest about where we actually are. most perp DEXs still canโt touch a CEX on execution speed.
Slippage on spot DEXs is still a conversation. Bridging is still a nightmare for new users and gas fees, even on L2s, still confuse people who just want to make a trade.
But until that becomes the default?
CEXs arenโt going anywhere. The people screaming โnot your keys not your coinsโ are still using Binance for 80% of their volume and everyone knows it.
DeFi has the vision. CEXs still have the users.
Hot take or just facts?