Whilst centralized exchanges (CEXs) are the natural competitors of decentralized exchanges (DEXs), rather than suppress their emergence, several CEXs are embracing the new type of exchange as well as the wider DeFi movement.

In September last year, Binance, the world’s largest cryptocurrency exchange by volume, launched Binance Smart Chain, a blockchain ecosystem developed for the decentralized finance (DeFi) space.

BSC allows developers to build applications, such as DEXs, atop the platform. As reported by BeInCrypto, the cost for DEXs operating on BSC last year was up to 49-times cheaper than Ethereum-based DEXs.

BSC also allows Binance users to stake Binance Coin (BNB), the top exchange’s native cryptocurrency, in return for interest.

Formerly the world’s largest cryptocurrency exchange by trading volume, Bitfinex is a veteran of the DEX space.

In September 2018, the exchange launched Ethfinex Trustless, a completely decentralized marketplace for ETH-based ERC-20 tokens. Bitfinex promoted the DEX as the first such “trustless” exchange backed by a major player in the cryptocurrency market.

Three years later, Ethfinex evolved into DeversiFi, an independent offshoot that is currently leading the space.

Last year, one of China’s leading cryptocurrency exchanges, Huobi, launched its own public blockchain called Huobi Chain.

Huobi launched the platform as a bid to enter the DeFi space, with a specific ambition of providing a high-performance chain for the digital asset financial infrastructure.

Developers can build their own blockchains and DEXs in the ecosystem and launch their own tokens and offer lending services.

“With Huobi Chain, we want to provide the decentralized framework that facilitates industry-wide collaboration, which is critical to the widespread adoption of DeFi.”

Another Chinese exchange, OKEx, launched the mainnet of their DeFi iteration, OKExChain, in December last year.

Much Huobi Chain, OKExChain is a bid as blockchain ecosystem that allows developers to build a variety of decentralized applications such as DEXs.

However, OKExChain also features a decentralized governance system, allowing users to impact the ecosystem’s future development directly.

It also permits users to create and list their own cryptocurrencies on OKEx DEX, a decentralized exchange developed by OKEx, which also features derivatives trading.

Finally, the oldest cryptocurrency exchange in this group, Poloniex, acquired a TRON-based DEX in 2019 in its effort to move into the DeFi space.

Re-branded as Poloni DEX, the DEX allows Polniex users to access decentralized trading services directly through the exchange’s main site.

The DEX continues to run on the TRON mainnet and currently ranks as TRON’s most popular DEX.

The post 5 Centralized Exchanges Supporting the DeFi Revolution appeared first on BeInCrypto.

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