DeFi Will Always Be Better Than CeFi – and FTX Just Proved It

The fall of FTX has prompted other industry players to come up with on-chain proof of reserve – publicly declaring wallet addresses that show user funds safe and secure. However, this has done little to restore confidence in the crypto community by large. Although the sudden and highly unexpected downfall of FTX will be a big blow to the industry once the dust settles, DeFi and especially decentralized non-custodial exchanges will see a lot of adoption. In 2021 the total spot and derivatives trading volumes were 49 trillion and 57 trillion, respectively. DEXs comprised less than 5% of the spot…...