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In 2024, DEXs (decentralized exchanges) snagged a greater portion of the crypto trading pie, demonstrating the future of finance is firmly headed toward decentralization.
And Trump’s recent victory has only reinforced this trend, with Bitcoin’s price surging to nearly $91,000.
As monthly DEX trading volume soared above $250 billion in March and June 2024 for the first time since 2021, it’s clear that traders are increasingly opting for the benefits of autonomy and transparency these platforms offer.
Over the past 12 months, several DEX platforms have refined their offerings to enhance the trading experience while prioritizing financial inclusivity and trust.
This evolution indicates that the market is not just progressing it has reached a level of maturity that some skeptics never anticipated. But these successes did not come without some hurdles.
As 2025 approaches, 2024’s achievements and setbacks serve as a roadmap for where the market is heading.
While no crystal ball can predict the future, one can assume that the steady shift from CEXs (centralized exchanges) to DEXs is just the beginning.
DEX developments and challenges in 2024
This year, the DeFi (decentralized finance) landscape continued to grow significantly, particularly with the advancements in concentrated liquidity models.
While these advancements enhance DeFi by providing greater capital efficiency and enabling users to concentrate liquidity in specific ranges, it’s no secret that this advancement was achieved at the expense of liquidity providers.
On the governance front, 2024 saw the emergence of ‘DAO wars,’ where various DAOs (decentralized autonomous organizations) engaged in strategic maneuvers to assert dominance.
These organizational rivalries add another layer of complexity to the DeFi ecosystem with DAOs fighting for control, leading to opportunities and risks for participants.
As DAOs compete for influence, they have experimented with novel voting mechanisms, management strategies and community incentives to help attract and retain participants.
This competitive environment has led to both innovation and volatility, with some DAOs forming alliances to strengthen their position, while others engage in aggressive tactics to undermine their rivals.
In January 2024, a blockchain interoperability project launched a crypto bridge to allow a staked ETH token to move across multiple blockchains but did so without…
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