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October 20, 2026 2:22 pm
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Ethena founder Guy Young said decentralized exchanges are expanding their market share over centralized exchanges on the back of higher operating efficiency. Speaking on Delphi Digital’s Hivemind podcast, Young said DEXs have structural advantages in trade execution and asset custody, allowing them to offer services at lower operating costs than CEXs. Young added that interoperability with other protocols and an environment that allows services to be developed without separate permission are also key competitive strengths for DEXs.