Cryptocurrency exchanges operate in a fluctuating industry that is bracing for change. With changes in regulation and customer sentiment rapidly shifting, it is anybody's guess what will happen in the next two to five years. Notably, a few big players – both centralized and custodial in nature – handle the bulk of trading volume for the $381 billion-worth of the world's crypto assets.
In general, we can classify exchanges into three groups:
- Custodial exchanges
- Non-custodial exchanges
- Decentralized exchanges (DEXs)
Of these, both custodial and non-custodial exchanges are "centralized." This means that orders are routed and executed by a closed, internal system. This is different from a "decentralized" exchange. In a decentralized exchange, smart contracts match and execute orders.
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