Centralized Exchanges Are Becoming Obsolete, Says NEAR Co-Founder
NEAR co-founder Illia Polosukhin argues that expanding onchain tools mean traders no longer need centralized exchanges for basic crypto tasks.
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Key takeaways
- NEAR co-founder Illia Polosukhin says onchain tools now replace standard centralized exchange functions.
- Traders no longer need offchain intermediaries for a large chunk of daily crypto operations.
- The trend threatens to reduce centralized exchanges to simple fiat entry points.
Centralized crypto exchanges are losing their monopoly on routine trading. That's the assessment from NEAR Protocol co-founder Illia Polosukhin. He argues that expanding onchain tools now handle a massive share of standard crypto activity.
Ditching the middleman
For years, traders defaulted to centralized platforms for simple execution, deep order books, and asset management. Onchain alternatives caught up. Polosukhin pointed out that users no longer need to trust centralized intermediaries for daily operations—decentralized protocols now offer comparable functionality without forcing traders to hand over custody of their funds.
Why it matters
If you hold or trade crypto, this shift dictates where market liquidity lives. Centralized exchanges were once the default hub for everything from token swaps to earning yield. As onchain tools improve, CEXs risk being demoted to simple fiat entry points, forcing them to compete aggressively on fees and security while decentralized alternatives capture the real volume.
Source: The Block
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Mia Chen
Mia digs into DeFi and on-chain data, translating protocol mechanics into plain English for everyday readers.
