Forbes: The dual-track development of the crypto market, the hybrid model of CEX and DEX will become mainstream

According to Forbes, CEX's spot and derivatives trading volume surged to $9.72 trillion in August, setting a new annual record; the annual trading volume of major exchanges reached $80 trillion.

The market is showing a dual-track development: CEX attracts institutions and retail investors with high liquidity, a compliant framework, and a user-friendly interface; DEX, on the other hand, enables cross-chain trading and yield through smart contracts, with platforms like Hyperliquid gaining attention for their deep liquidity pools.

Both models face challenges: CEX is confronted with regulatory risks and single points of failure, while DEX must deal with smart contract vulnerabilities and complex user experiences. The future trend points towards a hybrid model: combining the speed and liquidity of CEX with the autonomy and innovation of DEX. Cross-chain interoperability, atomic swaps, and liquidity aggregators are eliminating ecological fragmentation and paving the way for mainstream adoption.