Decentralised crypto exchanges dominated by big players – paper
Research argues that simply removing intermediaries is not enough to democratise finance
Decentralised cryptocurrency exchanges (DEXs) tend to be dominated by a small group of participants rather than a broad set of users, the latest working paper from the Bank for International Settlements reveals.
The paper, published on November 19, says DEXs are currently responsible for more than $10 billion of digital asset transactions every day. Unlike traditional cryptocurrency exchanges such as Binance and the now-defunct FTX, which require central counterparties to take custody of assets
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