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Every attempt to build a decentralized exchange has been focused on a single market type....On centralized exchanges, either the exchange or a project actively solicits market making firms to provide...As a decentralized exchange, Vega will not engage in this....It’s an obvious problem for decentralized exchanges.
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21 Min
Perpetual Futures
Feb 2022
ETH outflows from exchanges outweigh inflows, blockchain gaming continues to attract investors, and Binance...📊 ETH Exchange Outflows Continue to Outweigh Inflows
Large amounts of ETH have continued to leave...exchange wallets, despite the declining ETH price....On August 29th, exchanges saw an outflow of over 476k ETH.
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5 Min
Layer 1 / L1
Sep 2022
31% of USDT Supply Is Sitting on Exchanges
Risk assets fell during Asian hours weighed down by rising...USDT supply on exchanges is at a 1-year high, indicating that investors have become risk-averse and sold...About 31% of the total USDT supply are sitting idle on exchanges, suggesting traders are turning risk-off...supply on exchanges respectively.
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3 Min
Algorithmic Stablecoins
Dec 2021
BTC and ETH Leaving Exchanges
Exchange balances of BTC and ETH have been on a consistent decline since...BTC balance on exchanges is currently at a three-year low, and ETH balance on exchanges is at a two-year...rise of DeFi has allowed users to seek yields on their assets rather than keeping them dormant on an exchange...on centralized exchanges.
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4 Min
Infrastructure
Dec 2021
Chart of The Day: BTC Exchange Balance Trends Down
The BTC balance on exchanges recently hit its multi-year...As the adoption of Bitcoin increases, we see that more users are willing to take bitcoin off exchanges...Previously, the BTC balance peaked on March 2020’s Black Thursday when investors rushed into exchanges...
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5 Min
Infrastructure
Mar 2022
Centralized cryptocurrency exchange (“CEX”) tokens have seen a stellar run up year to date, with BNB...In this report, we will be studying the utility of exchange tokens across a number of centralized (CEX...) and decentralized (DEX) exchanges, as well as the cashflow accrual mechanism to token holders.
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6 Min
Data
Apr 2021
Exchange Exodus; Bullish for DEXes?...Yesterday marked the single largest daily outflow of BTC from exchanges since mid 2016....Binance and Coinbase were the top two exchanges in terms of absolute outflow....The million dollar question right now is whether this will benefit decentralized exchanges.
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4 Min
NFTs & Gaming
Jul 2021
Amid the speculation, let’s revisit the current exchange token landscape, many of which have seen remarkable...The rise in exchange tokens has been driven in large part by Binance’s BNB token, which recently reached...There’s little doubt the approaching Coinbase IPO has shed light on other centralized exchanges and positively...
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4 Min
Spot Exchange
Apr 2021
...to specific market makers in exchange for a fee....Centralized exchange distribution runs on affiliates (KOLs)....Quick back-of-napkin:
Centralized exchanges today: taker fee 6 bps → 80% to KOLs (-4.8 bps) → exchange...Because an exchange can’t afford to blur Church and State....It’s a platform play rather than just an exchange.
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53 Min
DeFi
Sep 2025
Deribit becomes the latest crypto exchange to get hacked for $28M, prompting the exchange to temporarily...🚨 In Case You Missed It
Deribit halts withdrawals after hackers drain $28M from the exchange’s hot...
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4 Min
Nov 2022
Quick Background
Curve is an exchange liquidity pool built on Ethereum to handle extremely efficient...While Curve is directly targeting this market between stablecoin exchanges, the total volume number of...$12.6T is misleading as while this amounts to total stablecoin exchange volumes, only a fraction would...
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6 Min
DeFi
Jul 2020
Through its standardized commerce rails, AI agents can discover, collaborate, and exchange value at a...This, in turn, forms the foundation of the value exchange process, allowing agent clusters to reliably...(A2A) protocol and Anthropic’s Model Context Protocol (MCP) are designed for communication and data exchange...
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16 Min
AI
Oct 2025
Protection
In spectacular fashion, the SEC has filed lawsuits against the two largest cryptocurrency exchanges...Exchanges are a sensitive topic, particularly for an industry still recovering from the FTX collapse....While centralized exchanges should be subject to scrutiny, the SEC’s regulatory approach not only fails...
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8 Min
Spot Exchange
Jun 2023
A Scandinavian country opens a tax office in the metaverse and a leading exchange is likely working on...Sam Bankman-Fried, CEO of FTX, says the exchange will likely create a stablecoin.
Report
4 Min
Digital Collectibles
Oct 2022
Justin Sun is reportedly involved in the purchase of another crypto exchange, and the rush to mint a...OECD releases a new global tax reporting framework for crypto assets, covering intermediaries like exchanges...
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5 Min
Macro & Markets
Oct 2022
Introduction
Level Finance is an oracle-based margin and spot trading decentralized exchange (DEX)...At its peak, Level Finance held about 33.7% of the total volume across all decentralized exchanges (DEXs...Level Finance is an oracle-based margin and spot trading decentralized exchange (DEX) that emerged following...
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12 Min
Derivatives
May 2023
August 2026
The State of
Tokenized Tokens
The State of Tokenized Stocks
Centralized exchanges...Centralized exchanges (CEXs) came to tokenized stocks well after the onchain issuers had introduced the...
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4 Min
Spot Exchange
Aug 2026
Heading into the Merge, Ethereum experienced its largest daily exchange inflow since 2016 on Sept 14th...📊 The Merge Brings Large Exchange Inflows
The wait is finally over!...One factor that may support this is the large exchange inflows of ETH seen before the Merge.
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5 Min
Macro & Markets
Sep 2022
Decentralized exchanges are slowly chipping away at centralized exchange dominance....For a brand-new exchange, Vertex’s trading metrics are staggeringly impressive....reduces emissions in exchange for lesser fees paid....Levana – Levana is a perps exchange on Cosmos with no insolvency risk.
Report
40 Min
Derivatives
Jul 2023
Infrastructure
Jul 2019


















