- Binance’s DEX faces its first major competition from Kucoin, which is steering towards a hybrid solution
- It is going live today with the Arwen protocol, which allows traders to self-custody and protects their assets in the event of a hack. It hence removes the need to trust the middleman.
- The move suggests Asian exchanges are beginning to look more seriously at decentralised options to differentiate themselves
- Kucoin’s approach of decentralising only the custody element deviates from pure DEX solutions. But is it attractive enough?
$1.4 billion. That’s how much thieves have stolen in total from third-party crypto exchanges, according to research by The Block in February. Not to mention the QuadrigaCX debacle.
It should come as no surprise then that allowing users to secure their assets while trading is an important differentiator for exchanges. That’s where DEXs – or decentralised exchanges – have started to be of interest; essentially, dApps that allow for peer-to-peer trading and provide liquidity; making them hack-proof.
Enter The Block Genesis
Information your competitors wish they had.
The Block Genesis consists of our most in-depth, timely and impactful pieces, giving you an informational edge over the entire financial and technology industry. Genesis members get exclusive access to the stories that the mainstream media doesn’t understand and that remains undiscovered and buried amid the noise of social media. On a daily basis, The Block Genesis will feature the best research, investigative reporting, analysis, company digests, op-eds, and interviews. The Block Genesis is the first and last word on the world of digital assets, cryptocurrencies, and blockchain.
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- Token Analysis: So, is Binance Coin actually worth anything
- Profiles: Cathie Wood on The Block
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