According to Jamie Elkaleh, Chief Marketing Officer of Bitget Wallet, decentralized exchanges (DEX) are rapidly gaining attention among retail traders and quantitative traders, while institutions continue to favor centralized platforms.
Elkaleh told Cointelegraph that the strongest adoption of platforms like Hyperliquid "comes from retail traders and semi-professional quantitative traders." Retail users are attracted by the airdrop culture and points system, while quantitative traders prefer "low fees, fast execution, and programmable strategies," he said.
However, institutional trading desks still rely on centralized exchanges (CEX) because they support fiat on-ramps, compliance services, and prime brokerage products.
Elkaleh pointed out that the execution quality gap between DEX and CEX is rapidly narrowing. "Order book-based DEXs, such as Hyperliquid, dYdX v4, or GMX, now offer latency and depth that were once unique to CEX," he explained.
As one of the leading perpetual DEX platforms, Hyperliquid operates on its own chain and provides an on-chain central limit order book. "Every order, cancellation, and execution is fully auditable," Elkaleh said. "This performance is achieved without compromising decentralization."
The platform achieves sub-second finality without charging gas fees for each transaction, aiming to combine CEX-like speed with self-custody. However, competition is heating up. On the BNB Chain, Aster has become a top challenger.
"Aster's incentive activities have recently pushed its daily perpetual trading volume to record levels, even surpassing Hyperliquid on some days," Elkaleh said. According to DefiLlama, Aster registered about $47 billion in perpetual trading volume over the past day, more than double Hyperliquid's $17 billion volume.
The growth of DEXs based on BNB and Solana is noteworthy. The BNB perpetual protocol recently reached daily trading volumes of $60-70 billion, while Drift and Jupiter Perps are steadily gaining attention. Elkaleh said these ecosystems benefit from fast settlement, smooth onboarding, and incentives.
Nevertheless, DEXs still face well-known risks. Elkaleh pointed out concerns about the centralization of validators or sequencers, faulty oracles, exploitable upgrade keys, and bridging vulnerabilities. He also highlighted the challenges of maintaining a reliable liquidation engine during volatility.
On Friday, Aster compensated traders affected by the failure of its Plasma (XPL) perpetual market, which experienced a brief price spike to nearly $4 due to a hard-coded index error. The price surge led to unexpected liquidations and fees.
Looking ahead, Elkaleh said he does not believe there will be a zero-sum outcome. "DEXs are undoubtedly the future of crypto-native trading venues," he said. "At the same time, CEXs remain crucial for fiat liquidity and onboarding."
"In the next decade, we may see a hybrid model that merges the advantages of both, creating a balanced ecosystem where coexistence rather than replacement drives the next phase of the crypto market," he concluded.
Related: Chainlink co-founder: Tokenization of traditional financial assets will "redefine" the crypto industry
Original article: “Crypto Executives: Retail and Quant Trading Drive DEX Adoption, Institutions Still Stick to CEX”
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