The history of exchanges resembles the development of the economy.
They develop through several stages: first, finding a market, then operating for many years while becoming increasingly efficient through specialized markets, and finally centralizing for convenience.
In crypto, this evolution happens very quickly, often in a span of months. A founder of an exchange who thinks of it as “just another product” will soon realize that they are actually creating an emergent system with liquidity, risk controls, compliance, and a user interface -all interrelated.
The global market for crypto exchanges is valued at $85.75 billion in 2026 and is expected to grow at a 20.3% CAGR until it reaches $314 billion by 2033.
Growth creates both an opportunity and a trap – as opportunity grows, so do the forces that are currently driving incumbents’ success.