Arjun Sethi: CEX and DEX will eventually converge On October 30, Kraken Co-CEO Arjun Sethi stated in an interview with PondTalk with Blew that CEX and DEX are no longer opposing paradigms but rather different expressions of the same coordinated functionality. He divided the development of crypto trading into three phases: the Custodial Era, the Smart Contract Era, and the upcoming 'Hybrid Era,' characterized by unified liquidity, compliance bridging, and on-chain identity systems. Arjun pointed out that in the future, CEX and DEX will adopt each other's strengths: DEX will enhance user experience, while CEX will become more transparent on-chain. The market will evolve into a structure of shared liquidity rather than shared custody, ultimately forming a self-regulating market system. Source: PondTalk with Blew https://www.(youtube.com)/watch?v=UPRZ2aCzsVg&t=434s