Guy Young, founder of Ethena Labs, explains that decentralized exchanges (DEXs) are taking market share from centralized exchanges (CEXs) due to their greater efficiency in execution, custody, and economics. DEXs allow users to retain control of their funds via smart contracts, reducing custodial risks and operating costs. This efficiency, combined with features like composability and permissionless innovation, has driven DEXs to capture about 25% of global spot trading volume by May 2025, maintaining around 23.5% in Q2 2026. The rise of memecoins and easier wallet use also fuel this shift. Ethena’s USDe synthetic dollar product relies on both DEX and CEX liquidity to maintain its value through hedging strategies.
Regarding Ethena founder Guy Young's views on DEX efficiency, here is Pluang's market snapshot as of Oct 20, 2026 20:51 WIB: Out of 50 major cryptocurrencies, 23 rose and 25 fell today. Notable movers include CRV at Rp6.611 with a 4.75% increase and a typical hold time of 62 days, ZIL at Rp38 down 4.60% with a hold time of 133 days, and XTZ at Rp5.526 up 2.37% with a hold time of 100 days. The most notable figure is CRV's 99% sell order activity on Pluang.
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