2026-01-06 11:23:29

Looking at the current market landscape, it's clear that some mainstream DEX platforms are indeed eating into the share of traditional CEXs. Some emerging decentralized exchanges even refuse to list spot trading pairs, focusing instead on the derivatives market and treating perpetual contract fees as their main revenue source. This focused strategy actually reflects a reality: the competitive pressure on centralized exchanges is becoming increasingly intense.

Ironically, many established CEXs are busy developing decentralized wallets, seemingly moving towards decentralization, but in reality still sticking to the centralized approach. This awkward shift indicates that everyone is feeling the impact.

Of course, centralized exchanges also have their own chips. The proliferation of meme projects is an issue, but history has shown us that even joke coins like Doge can survive to this day and have market value, demonstrating that in this market, regulation and risk often appear pale in comparison to reality. The game of survival and elimination is always ongoing.

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BlockBargainHunter

· 01-09 06:49

Haha, DEX this time is really fierce, CEX is truly a bit panicked. Old-established exchanges trying to fool people with a fake decentralized wallet are still too amateur. Perpetual contract fees are the real money, no wonder people are no longer interested in spot trading. Doge has survived until today, showing that this market can survive anything, what’s there to regulate? While the local dogs are rampant, their survival rules are just like that—survival of the fittest. This round of reshuffling is actually an opportunity for small retail investors. I am optimistic about the future of DEX.

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GateUser-44a00d6c

· 01-09 04:59

CEX is still pretending to be decentralized, hilarious, still being squeezed by DEX Perpetual contract fees dominate, that's the real money-making Mongrels run everywhere, but isn't making a fortune just relying on this? Who cares about regulation Doge living to this day proves everything; even trash coins can succeed, it all depends on your luck Centralized exchanges are being pressed down and rubbed DEXs are really encroaching, it feels like CEX days are getting tougher But although the risk is high, that's how this game is played; survival of the fittest

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StablecoinArbitrageur

· 01-08 12:33

actually, if you pull the perpetuals fee structure data from the last quarter... the basis point spread between dex derivatives and cex spot margin is way wider than most people realize. classic market inefficiency that won't last.

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BankruptcyArtist

· 01-06 11:53

Perpetual contract fees are real money, much more reliable than spot trading. The so-called "decentralization" of CEXs is a joke; it still depends on who can survive longer. Mongrels are everywhere, but Doge has truly become a legend; this market is truly unbeatable. The share taken by DEXs is increasing, old traders are getting nervous. Focusing on derivatives is the right move; the money in spot trading has already been completely taken.

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DataPickledFish

· 01-06 11:51

Alright, DEXs are really eating into CEXs' market share, and everyone can see that. But I laughed at those established exchanges trying to do "decentralized" wallets—it's the same old story, just a different coat. Puppy projects are everywhere, but Doge has survived until today, which shows that this market relies on luck and narratives to survive—what rules are there anyway?

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LayerZeroEnjoyer

· 01-06 11:44

I've seen too many stories of DEX eating away at CEX, and now I feel that the current competition is just involution. How long can perpetual contract fees last? It's really hard to see through. The fact that Doge is still around actually shows that rules and regulations are just decorations in the crypto world. Poo coins and air coins are everywhere, and regulation is actually the softest spot. CEX creating decentralized wallets is really hilarious—it's just a different skin, after all.

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BasementAlchemist

· 01-06 11:44

DEX is so fierce now, perpetual contract fees can be a source of income, CEX is really a bit panicked. The old-established exchange is doing "decentralized wallets," I laughed at this reversal, but it's still the same old thing. Doge has survived until now, what’s the use of regulation, this market just grows wildly. CEX still has room to survive, there are too many local dogs but liquidity is indeed there, not daring to go all-in on DEX. That fee for perpetual contracts... exchanges really know how to play, if this trend continues, the division of DEX will become more and more serious.

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Fren_Not_Food

· 01-06 11:43

Perpetual contract fees are their bread and butter, I'm tired of this routine already. CEX pretending to be decentralized is really hilarious, it sounds good but it's just the same. Speaking of Doge, it's still surreal that it's lasted this long, the local dogs really know how to stir things up. The DEX market share erosion was inevitable, nothing surprising about it. Centralized exchanges are a bit panicked, just look at this scene. The survival game is like this, only the fittest survive. CEX only remembered to develop wallets when they were in a panic, it's too late, brother. Perpetual contracts have made many project teams wealthy, now it's the exchange's turn to profit.

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SolidityNewbie

· 01-06 11:26

The fact that DEX is eating into CEX's market share has been obvious for a long time. Perpetual contracts are indeed a gold mine, but if this continues, CEX will be forced to come up with new tricks. Old money is pushing for decentralized wallets, uh, but it's just a different flavor of the same old thing, fooling themselves. It's truly ironic that Doge has survived until today, showing that this market is completely irrational and only cares about money.

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MevSandwich

· 01-06 11:24

Perpetual contract fees are truly a livelihood CEX pretending to be decentralized, but still chicken I didn't expect the local dog to survive until today DEX is indeed eating away, but the real profit depends on who has the stronger tactics The irony is everyone is just acting, and in the end, only those who survive are the real skill Even Doge has become a story, this market is really incredible Regulation and risk? Ha, they are just clouds in front of利益 Centralized exchanges are getting a bit anxious now I bet five dollars that these two patterns will eventually merge

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