16min chapter

Bell Curve cover image

The Evolution of Crypto Exchanges | Austin Adams & Jesse Walden

Bell Curve

CHAPTER

The Rise of Decentralized Exchanges

This chapter examines the evolution and significance of automated market makers (AMMs) like Uniswap within the decentralized finance landscape. It discusses the shift towards vertical integration in decentralized exchanges (DEXs) to enhance user experience and liquidity, as well as the benefits of permissionless trading environments. The chapter also highlights the transformative impact of DEXs on asset issuance and price discovery, particularly for less mainstream cryptocurrencies, amidst the broader trend of tokenizing assets on blockchain.

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