On January 9, 2025, the trading volume of DEXs historically reached 20% of CEXs for the first time, and the seemingly calm surface of the cryptocurrency industry began to stir with undercurrents.

History always repeats itself. From Wall Street's "Occupy Movement" to the birth of Bitcoin targeting financial oligarchs, every era has its own revolutionaries. They shatter shackles and reconstruct order, yet often fall into the same traps after victory. Cryptocurrency once held high the banner of resistance against centralization, but now it replicates the same concentration of power: 80% of assets are once again concentrated in the hands of 20% of people. CEXs, born in an environment of fairness, transparency, and openness, seem to have become even more centralized than Wall Street banks.

This is the charm of history: when old forces decay, new wielders of the sword will inevitably emerge. Humanity's desire for fairness, transparency, and freedom has never changed.

A Brief Discussion on the Current State of the "Crypto Utopia" at the Crossroads

CEX, once the self-proclaimed king of market dominance, is now embroiled in an unavoidable market controversy. The wealth effect has faded, reduced to a series of scandals such as being a diversion pool for new tokens and "new homes for flippers." Even Binance has been caught up in multiple disputes regarding token listings and Meme discussions.

In the past, exchanges survived on wildly inflated market shares and false trading volumes, but all of this has vanished in the flowing river of time. When DEXs first broke through 20% of CEX trading volume, the market resembled a shattered glass ball, with fragments scattered, revealing hidden cracks.

• Pump.fun realizes the wish for low-cost token issuance for everyone in a new way;

• Polymarket reveals the secrets of the crypto "black box" with on-chain predictive real data;

• Hyperliquid, with lower fees than CEXs and more attractive incentive mechanisms, has seen rapid token issuance and a surge in $HYPE prices, marking it as the best marketing campaign;

As the old gives way to the new, the market always sweeps through crypto attention with the latest narratives and innovative products, which is an inevitable market reaction. It is akin to building a casino on Mars, where the old order faces unprecedented shocks, while the spirit of crypto is innovatively passed down in a better way. Liberals, yearning for freedom and self-discipline in their crypto world, and crypto enthusiasts prefer permissionless value networks.

Breakthrough or Transformation? The Layout Battle of Various Exchanges

Change has quietly arrived, and some keen CEXs have begun to take action.

First is Binance, the leading CEX, which, as the top-ranked exchange, is constrained by traditional financial asset management methods, frequently listing low liquidity, high FDV VC tokens, leading to a crisis of trust. However, this was accompanied by a shift in market attention; starting in the second half of 2024, Binance significantly increased the frequency of listing Meme tokens and used the Alpha section in the Binance web3 wallet as a "testing ground," successively launching innovative tokens like AIXBT, CGPT, and Cookie.

Next, OKX, focusing on developing compliant businesses in 2024 and continuously consolidating its web3 wallet business, has taken a more conventional approach. Coinbase, one of the exchanges most affected by U.S. policies and quick to respond, has gradually expanded into more markets with a high-frequency token listing rhythm.

Among other exchanges, LBank, which was among the first to sense the winds of change, began laying out the Meme track as early as 2023, launching a $10 million meme special fund, and in 2024, it made a significant push in the Meme sector, listing popular tokens like Moodeng, Goat, ACT, and Slerf, all achieving over 50 times growth. Compared to Gate and Bitget, LBank has been bolder, leveraging information and timing differences to achieve a curve overtaking.

During this period, there was also a selection of the performance of the Meme market in 2024, including the top ten memecoins, examining market capitalization, market share, and meme performance in different ecosystems, as well as the performance of new infrastructures and the shift of CEXs towards memes, all reflecting a deep research and rigorous attitude towards memes.

Crypto Revelation: From Bubble to Real Awakening

With the brand upgrade of LBank at the beginning of 2025, it seems that LBank is not content with the status quo.

Recalling what former LBank CEO Eric He said in the 2024 Space, he repeatedly stated:

• "So-called value investment is actually a regression of the industry; high valuations, to some extent, represent arrogance and prejudice."

• "Openness, transparency, and fairness will be the ultimate destination for CEXs."

• "If CEXs continue to cling to decaying traditions and refuse self-renewal, the crypto market will inevitably welcome the dawn of decentralization, and the era of DEXs is unstoppable."

• "Return to the original intention, allowing more users to experience the wealth effect and achieve barbaric growth in the bubble."

In his view, Memecoins break traditional investment barriers, providing equal opportunities for all participants. Although this is a high-risk track, as he said, "this could nurture the next BTC or DOGE." Coupled with LBank's recent brand upgrade, it inevitably raises questions about whether LBank will also follow the trend of web3 wallets and engage in differentiated competition on the product side.

Currently, many CEXs have begun exploring the path of Web3, such as launching services closely integrated with wallet functions, attempting to secure a place in the trend of decentralization. However, this "exchange + wallet" model seems innovative, but the core logic is to direct CEX users into their own ecosystem rather than genuinely pursuing decentralization. For LBank, although the brand upgrade may suggest a focus on the Web3 ecosystem, based on its historical behavior, it is unlikely to simply follow the trend of "walletization."

What Kind of CEX+DEX Do We Need?

The discussion about CEXs and DEXs has never ceased, and the essential differences between the two remain one of the core controversies in the crypto market. CEXs have dominated the past crypto market, establishing their supremacy through efficient trading systems, strong liquidity, and highly concentrated resources. However, as the concept of decentralization gradually takes root, DEXs have risen to become strong competitors to CEXs. The greatest advantage of DEXs is their decentralized nature, which allows for more transparent trading, giving users more control, with trading information and asset flows being almost unaffected by external influences.

Perhaps in the future crypto market, CEXs and DEXs will no longer be opposing poles but will form a deeply integrated ecosystem. True innovation will be a composite trading model of "CEX+DEX," which injects decentralized elements into the efficient trading and liquidity advantages of CEXs. This model can maintain the advantages of CEXs in speed, liquidity, and resource concentration while leveraging the transparency and user control of DEXs to ensure fairness and autonomy on the platform.

This does not mean that CEXs should abandon their traditional operating models, but rather gradually reform by integrating decentralized technologies and governance into the existing structure. Specifically, CEX platforms can introduce decentralized trading pools, smart contracts, and community governance to break through the limitations of traditional models, ensuring trading efficiency while providing users with higher control and transparency.

The true winners will be those platforms that can deeply integrate the concept of decentralization with efficient trading technology. LBank's strategic layout is precisely a key step in this process, as it strives to find a more market-demand-driven innovative path through innovative thinking and technological integration between CEXs and DEXs.

Be a Change Maker or Be Changed?

History has proven that in every major transformation, the guardians of the status quo are often cast aside by the times. Every market participant faces a choice: to remain in the old comfort zone or bravely embrace the new paradigm? To cling to existing interests or actively break through barriers? The true winners will be those pioneers who dare to break shackles and face the challenges of the new era.

For the "ever-victorious general" in the crypto market, CEXs are often filled with controversy and security considerations. In the current harsh reality where the emerging token distribution model has already departed from traditional institutional investments and the old routines of CEX token listings, crypto history has shifted from an infrastructure-dominated cycle to a new cycle centered on applications. The intertwining of truth and lies presents a significant test: whether to continue being complacent or to achieve transformation during this turning point.

The evolution of the market is not static; the true winners will be those pioneers who dare to break conventions and seize new opportunities. In this era of transformation, transparency, decentralization, and innovation are the core values of the crypto market. Whether it is LBank or other CEX platforms, only by continuously examining their core values and breaking free from established frameworks can they stand out in the future crypto market.

The horn of change has sounded, and the old order is collapsing. In this era full of opportunities and challenges, whether to become a driver of change or passively accept change, the final answer will be written by history.

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