JP Morgan Believes Centralized Crypto Exchanges Will Remain Dominant


We are going to start the show off with a bank report. It's been so long since I've had the chance to troll will with one of these. So here we go. JPMorgan analysts say that centralized crypto exchanges will remain dominant despite FTX is collapsed, which contradicts some crypto native figureheads who predict a shift towards DeFi platforms in the wake of FTX implosion. The analyst cited an absence of a limit order stop loss feature on DEXs dependency on price oracles that source data from centralized exchanges, hacks and exploits as some of the reasoning. Zach, I'm going to kick it off to you for your thoughts on this bank report. Before will foxley dunks on this poor bank analyst and calls him a midwife. I will stand up for this report and I believe that this is right. Humans have a long history of entrusting other people to do complicated things for them. And sometimes being your own bank sucks, and sometimes yield farming out on the wilds of DeFi also sucks. And that's why we saw firms like Celsius and others leverage some of these DeFi protocols to give lazy users some of that sweet, sweet yield. And I think directionally, if that's the argument that's being made here, directionally that point will stand. And I think despite all of the chest dumping that this is DeFi's moment, I think probably those are pretty stiff like stiff human headwinds to overcome, right? That desire for laziness for entrusting others to do things that, you know, can be tricky, especially in crypto with self custody assets.

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