Although in the immediate aftermath of FTX there was a concern that Sam Bankman-Fried had made the case for decentralized exchanges (DEXs) – and those fears still resonate with some consumers – the data shows that centralized exchanges (CEXs) are very much alive and well. “I think there are advantages of being a centralized exchange for a trader for an investor,” Rafique said. “Centralized exchanges have the ability to work with market makers and cater to a diverse customer base, including retail, institutional, and high net worth customers, while also having better order execution efficiency due to centralized order matching.”