Whether the politicians currently talking tough about the latest crypto crisis agree or not on the matter, crypto isn’t dead (yet). Or at least the crypto that exists outside of a particular three-letter centralized crypto exchange isn’t dead yet. Along with a harsh lesson for many, the collapse of FTX also presents an interesting question for DeFi (which some argue is the only real crypto thing that currently exists): What would crypto look like without exchanges? Let’s first unpack the component parts, or rather the consumer services, that the average crypto exchange provides. First and foremost, it lets folks swap their Bitcoin for Ethereum, their Cardano for Solana, and any multitude of non-compatible cryptocurrencies for one another. It does this for a very reasonable price. Trades on exchanges are executed quickly, without too many concerns around congestion and so forth. It’s not perfect, though, with plenty of downtime throughout their histories. Finally, and perhaps most importantly, they make it really easy to connect your bank account to the crypto markets, giving traders convenient on- and off-ramps to pull their chips off the table (or double down).
Full opinion : What Would Crypto Look Like Without Centralized Exchanges Like FTX?.