[ The Secrets of CEXs and @Aptos's Decibel ] CEXs handle a lot of transactions. However, because they are centralized, there are things we do not know. 1. Opacity We can only see prices and order books on CEXs. Therefore, we cannot know how they are matched. Decibel executes all orders completely on-chain and is publicly available, so anyone can verify it. 2. Liquidity CEXs isolate liquidity, while DeFi distributes liquidity. Decibel aims for liquidity efficiency with a single engine, a single account, and a single liquidity pool. 3. Speed CEXs are fast but not on-chain. DeFi is slow but on-chain. Decibel, built on Aptos, offers CEX-level speed with a block time of under 125ms and fees below one cent, while also being on-chain. With these features, Decibel aims to eliminate noise. Moreover, Decibel is not just a fast trading engine. Aptos is sufficiently fast with Block-STM parallel processing, and it envisions future connections to TradFi, including ETF, PIPE, and RWA....
Secrets CEXs Won’t Tell You (and How Decibel Fixes It) 1. Your trades aren’t as transparent as you think. On a CEX, you see prices and order books. What you don’t see is how your order is actually executed. Matching happens offchain, in a black box. Is there a way to independently verify whether you got the best execution or not? NO. The Fix: Every order on Decibel is executed fully onchain. Matching, settlement, and routing are transparent and verifiable by anyone. Proof is 100% public, not hidden. 2. Liquidity looks deep, but it’s fragmented. CEXs compete by siloing liquidity. Even within DeFi, liquidity is split across dozens of venues, forcing traders to spread capital or settle for poor execution. The Fix: A unified execution engine. One account, one pool of liquidity, across markets. No fragmentation. No capital spread thin. 3. Speed comes at the cost of decentralization. CEXs deliver fast trades because they cut corners on-chain. In DeFi, most DEXs offer transparency,...
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