At the summit hosted by Coinlive, Shane Hong, KyberSwap’s DAO and Head of Token Economics Strategy at KNC, shared “Decentralized exchanges: the future of crypto trading?” He pointed to the implosion of FTX and its spread, and stated that he personally Suffered as it was a traumatic experience as he was unable to withdraw funds.
He talked about the shortcomings of CEX, such as financial data is stored through a centralized system, intermediaries are required to trust the data, opaque operations with counterparty risks, limited access and fee monopoly, and funds are controlled by centralized intermediaries.
He also shared the advantages of blockchain and dApps over centralized applications: censorship-resistant/immutable, code can be verified so there is no need to rely on centralized intermediaries for data, transparent and open-source distributed ledgers, “permissionless” and Accessible from any computer and unregulated so you have full control over your assets.
DEX is a better, safer, and more convenient way to trade cryptocurrencies because it uses blockchain technology to facilitate transactions; only requires your own unique blockchain wallet, private key, public address; and more. Finally, he hopes that more DEXs will emerge in this space.