$DEX - Decentralized exchanges are gaining significant flow and adoption, with innovative vault designs and cross-asset margin capabilities positioning them to compete with centralized exchanges.
$MARKETMAKING - Market makers on decentralized exchanges have profitable opportunities through liquidation flows and RFQ systems, with over 50 market makers integrated into Extended alone.
Bearish:
$CEFI - Centralized exchanges are losing market share to decentralized alternatives that offer better product portfolios and don't control user funds.
$DEFI - DeFi spot markets on order book exchanges are illiquid compared to decentralized exchanges, creating a major blocker for cross-asset collateral margin at scale.