CEXs and DEXs Are Not Competitors. They Are Different Contracts.
Centralized and decentralized exchanges are not direct competitors, but rather distinct models defined by the allocation of responsibility and custodial trust.Summary
The article argues that centralized exchanges (CEXs) and decentralized exchanges (DEXs) represent fundamentally different agreements regarding responsibility and risk. CEXs function as service providers that manage operational complexity and offer institutional support, acting as a "caregiver" for users who prefer convenience over self-custody. In contrast, DEXs prioritize autonomy, transparency, and self-governance, requiring users to manage their own technical risks without intermediaries. The author emphasizes that the recent shift toward DEXs is largely a response to the loss of trust in centralized platforms that failed to uphold their end of the "custodial contract" through opaque practices. Ultimately, both models serve different user needs, and the industry must prioritize transparency and honesty regarding these distinct operational frameworks.
(Source：BeInCrypto)