Crypto’s Peer-to-Peer Exchanges Lose Ground in a Shrunken Market
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Crypto exchanges that connect buyers and sellers directly without Wall Street-style middlemen are under pressure to improve their services amid a decline in market share.These so-called decentralized platforms facilitate trading via algorithmic, blockchain-based software known as smart contracts, with users retaining custody of tokens rather than handing them to an intermediary institution. Crypto diehards predicted a golden period for peer-to-peer trading venues such as Uniswap and dYdX after last November's collapse of the FTX exchange, which undermined trust in centralized platforms that take control of tokens. But that hasn't panned out: monthly spot trading volumes on decentralized exchanges slid 76% to $21 billion by June this year versus January 2022, more than the 69% dro...