The Problem

After FTX collapsed during the final months of 2022, we wondered why so many people, including decentralization enthusiasts like ourselves, still had accounts at centralized exchanges.
Despite the technical capabilities of self-custody provided by blockchains, centralized exchanges remain the most popular and obvious way for both newcomers and veterans to enter and exit the crypto space.
We were left with a question:
Why haven't centralized financial services been replaced with truly decentralized alternatives in the crypto world?
The truth is, most of us still use CEXs because they offer benefits not currently offered by DEXs.
  • Good UX
  • Advanced spot order types
  • Deep liquidity and low slippage
  • High leverage and margin trading
  • A broad range of simple yield products
  • Low cost on/off-ramps
  • Simple mobile-friendly interface
By relying on CEXs, we are essentially trading self-custody and censorship resistance for comfort and access to these features.
We refuse to accept that as the final answer.