Chainfeeds Guide:
When the "iron rice bowl" was smashed, CEX launched a chain war.
Article Source:
https://www.theblockbeats.info/news/58678
Article Author:
BUBBLE
Perspective:
BUBBLE: In the OKX annual letter on December 30, 2024, OKX founder Star Xu stated a firm belief that "true decentralization will lead to the mass adoption of Web3" and is committed to building a bridge connecting traditional finance and decentralized finance. This is not without reason, as OKX is one of the earliest and most systematic centralized exchanges in laying out on-chain infrastructure, second only to Binance. It is not about launching scattered wallets or features, but about building a Web3 operating system that can replace centralized scenarios through "full-stack construction" and create a closed loop with CEX user assets. In the past two years, OKX has continuously promoted its strategic construction of on-chain infrastructure, attempting to transform from a centralized exchange to a core participant in the Web3 operating system. One of its key focuses is OKX Wallet (a non-custodial wallet supporting over 70 public chains), which integrates Swap, Non-Fungible Token, DApp browser, inscription tools, cross-chain bridges, and yield vaults in the Web3 sector. OKX Wallet is not a single product, but the core hub of OKX's Web3 strategy, connecting users with on-chain assets and bridging centralized accounts with on-chain identities. With its comprehensive components, many newcomers who joined the crypto in 2023 first experienced on-chain interactions through OKX Wallet. Binance launched Binance Alpha on December 17, 2024. What was originally an experimental feature in the Binance Web3 wallet for exploring high-quality early projects quickly evolved into a key tool for Binance to reshape the on-chain primary market pricing mechanism. Binance co-founder He Yi once publicly acknowledged in a Twitter Space response to community controversy that Binance's token listing has a structural problem of "peak at opening" and frankly admitted that the traditional token listing mechanism is difficult to sustain under current trading volumes and regulatory frameworks. In the past, Binance tried to correct the pricing imbalance after new token listings through voting, Dutch auctions, and other methods, but the effects were never satisfactory. The launch of Binance Alpha, to some extent, became a strategic alternative to the original listing system within a controllable range. Since its launch, Alpha has introduced over 190 projects from ecosystems such as BNB Chain, Solana, Base, Sonic, and Sui, gradually forming a platform for discovering and preheating early on-chain projects led by Binance, providing an experimental path to regain primary pricing rights. Following Binance and OKX's footsteps, Coinbase has also begun integrating its on-chain ecosystem, with an initial strategy of accessing DEX trading and verified liquidity pools. At the recent 2025 crypto summit, Coinbase's Senior Director of Product Management, Max Branzburg, announced the integration of Base chain's DEX into the Coinbase main app, with future applications embedding DEX trading. Users can route trades for any on-chain token through Base native routing and package them into KYC-verified pools, allowing institutional participation. Coinbase now has over 100 million registered users, with 8 million monthly active trading users, and according to investor reports, the platform's customer asset value is $328 billion. Retail trading only accounts for about 18% of Coinbase, and since 2024, the trading volume of institutional clients has been continuously increasing (trading volume in Q1 2024 was $256 billion, accounting for 82.05% of total trading volume). With Coinbase integrating Base's DEX, the breadth of DeFi combined with TradFi's compliance standards should be able to introduce significant liquidity for tens of thousands of Base chain tokens.
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