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Why Crypto Markets Will Ultimately Converge on Full-Chain Trading Platforms

From Bitcoin to stablecoins, and from CEX-vs-DEX to the next generation of trading infrastructure.

• Crypto is moving from asset issuance to infrastructure competition: the scarce resource is no longer tokens, but trading systems.
• CEXs solve usability but concentrate trust; traditional DEXs preserve on-chain verifiability but still struggle to behave like complete trading systems.