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Let’s talk about centralized fairs, or as I like to call them: Wall Street Cosplay their way to Web3. These are not crypto-native platforms-it are TradeFi settings in hoodies, play dressed dressed while they have the same old playbook.
Perfected CEXS for years perfected the Art of Fee collection – get into billions of trade income, while he does not give anything back to the users who feed their business. No tokens. No dividends. Not even a thank you.
Binance, by far the top Exchange with 24 hours of volume, currently sees around $ 14.2 billion in normalized (!) Trade volumes every day. The Exchange’s standard The reimbursement for users who act less than $ 1 million per month are 0.1%. So, what quickly do mathematics, that is a daily income for Binance of around $ 14 million.
Their business model is deceptively elegant in its simplicity: you exchange, they win. You lose (often), they still win. It is as if you walk into a casino that you charge a quay amount, keep your chips when you lose and then ask you to tip the dealer for good vibes. The house never loses and the players? They never get room at the table.
Enter Dex 2.0 – the rebellious younger brother or sister with a cause. This next generation of decentralized exchanges are not satisfied with decentralization at surface level or flashy multichain integrations. They do something much more radical: the economy of the exchange itself reprogrammed. Instead of building platforms where the house always wins, they build ecosystems where everyone wins. By distributing the income of the protocol directly to users and liquidity providers, DEX 2.0 protocols are changing, which was once a rental-resistant model in a community property, value-sharing engine. This is not just an interface -upgrade – It is a philosophical shift to user empowerment.
Looking at examples
Two of the top-10 Derivaten Dexs, GMX and Dydx, are currently giving a strong example for the category.
Take GMX. Thanks to the model, strikers and LPS can earn part of the trading costs of the protocol, making passive users effective turnover partners. This shift in stimuli has contributed to promoting a deep loyal community, not only traders who chase token pumps, but have invested stakeholders in the success of the protocol.
Another example of DEX 2.0 would be Dydx that a similar metamorphosis undergoes, which switches from a model led by the foundation to a fully decentralized DAO where costs are redistributed and the board is really led by the community.
Meanwhile, emerging players such as couples are even further, experimenting with streamlined stimulation architectures that are designed to maximize the coordination between builders, users and liquidity providers (and that is all I can say here!).
What these experiments unite is not the technical stack or tokenomics. It is a simple, powerful idea: start incentives and view the flywheel. Protocols that share value are becoming stronger. Builders get users in the long term, not just return hunters. Traders earn a real revenue, not the type of speculative APRs that evaporate in a week, but sustainable, reimbursement derived from reimbursement.
And liquidity providers can stop supporting them as mercenaries jumping from farm to farm. Instead, they become co-owners and stay around for the advantage that they have helped create. That level of dedication cannot be purchased with bribes – it must be built with confidence and shared value.
The considerations
Of course this is not without considerations. Process exchange at the protocol level is not as easy as turning a switch. Regulatory clarity is still a distant dream female can agree whether these tokens with income exchange effects, loyalty points or are just really ambitious memes.
Designs against Sybil attacks is an endless cat-and-mouse game. KYC and compliance needs grow, not shrinking. And every stimulation system, no matter how well designed, is vulnerable to gaming, manipulation or outright exploitation. Moreover, building sustainable aircraft takes time. It is not enough to just distribute tokens and hope that people are stuck. Governance must be earned, tested stimuli and mechanisms that are constantly refined.
But despite all this, the Dex 2.0 model feels fairer. More aligned. More human. It not only gives users access, but also through freedom of choice – a real sense of property about the tools they use every day.
Because this shift is not only about flashy frontends or tighter spread, it is a reinvestment of what an exchange can be. This is the Defi version of a dividend payment stock, apart from here, the dividend is on-chain and the shareholders are also the governors.
It is a world where being a user means being a stakeholder. Where your loyalty is not rewarded with SWAG or commonplaces, but with a tangible share of the benefit. Ownership no longer requires an insider – just participation.
And let’s be honest: in a financial world where Tradefi racet to token each activa class, apart from their own profit margins, and CEXS, one exploit or mismanagement crisis is away from becoming the next FTX, DEX 2.0 protocols ask the only question: what if the people use the product actually owns?
Revolutionary, I know.
But maybe – maybe – maybe – the original promise of Crypto was not just farmers, lever betting or memecoins. Perhaps it was this: replaced extraction with participation. Returning strength of intermediaries and to the people who actually create value. And in that world – in that model – everyone eats.
