[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.gateimg.com/image/ann_en_20250905_094837_f2cfb9b9cb3b9c32456b0b1ea195821a.webp) Over the past decade, the crypto user base has expanded exponentially, with CEX and DEX advancing in parallel to shape a diversified market landscape. CEX platforms have expanded steadily, while DEX ecosystems have risen rapidly, driving the overall market toward greater balance. Meanwhile, hacker incidents and cross-chain money laundering routes continue to evolve, with a noticeable rise in personal wallet thefts. In contrast, CEXs maintain trust and institutional advantages through global compliance frameworks and mature systems. Looking ahead, CEX and DEX are expected to coexist in the long term—CEX will remain the primary gateway and compliance hub for mainstream users, while DEX will continue to drive ecosystem expansion through openness and innovation. The market will keep progressing under this multi-track structure. ### Key Takeaways: * Explosive growth in user base drives crypto into mainstream finance: The global crypto user population has surpassed 670 million, showing exponential growth since 2020. Emerging markets are seeing significantly higher penetration rates, becoming a major driver for broader crypto adoption and accelerating the development of DeFi and Web3 ecosystems. * CEX and DEX advance in parallel, forming a dual-track market infrastructure: Since 2021, DEX user numbers have surpassed those of CEX, with Total Value Locked (TVL) also catching up. This reflects a structural shift from centralized platforms toward decentralized ecosystems, with CEX evolving into the core gateway connecting fiat and on-chain economies. * Token issuance is concentrated on DEXs, fostering innovation amid long-tail risk: Millions of new tokens are launched annually via DEXs, enabling fast-paced ecosystem diversification. However, the low barriers to entry lead to short project lifespans and high “long-tail risks.” In contrast, CEXs maintain token quality through strict selection standards. * DEX trading volume and activity are rapidly rising, reflecting on-chain user migration: After adjusting for wash trading, DEX accounts for 42% of global spot trading volume, approaching CEX levels. This indicates a growing user preference for transparency, self-custody, and early access to emerging assets on-chain. * Security Incidents and Regulatory Pressures Intertwine, Driving Ongoing Platform Evolution: Between 2023 and 2025, multiple security incidents occurred in the DEX and wallet sectors, with increasingly complex fund flows drawing broader attention to compliance issues. CEXs have continued to strengthen user trust through global compliance frameworks, while DEXs remain in an exploratory phase regarding institutional structures and governance mechanisms, with related discussions gradually emerging. Discover more details today → Gate Research: The Ecosystem Landscape and Convergence Trends of CEXs and DEXs Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis. **Disclaimer** Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
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