Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/315785 
Authors: 
Year of Publication: 
2024
Citation: 
[Journal:] Electronic Markets [ISSN:] 1422-8890 [Volume:] 34 [Issue:] 1 [Article No.:] 33 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2024
Publisher: 
Springer, Berlin, Heidelberg
Abstract: 
Research on cryptocurrency exchanges, consisting of both centralized exchanges (CEXs) and decentralized exchanges (DEXs), has seen a significant increase in contributions in recent years, driven by growing interest in the conceptual design of cryptocurrency markets. Through a comprehensive review of literature published between January 2019 and September 2023, I identify and analyze different dimensions of the ongoing CEX vs. DEX debate. While DEXs emphasize decentralization, user control, and resistance to censorship, CEXs offer higher liquidity, advanced trading features, and a more established track record. Regulatory challenges, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance, also feature prominently in the literature and influence the choice of exchange for both traders and policymakers. In addition, I observe a growing interest in the design of pricing functions for CEXs and DEXs, particularly in the area of automated market makers (AMMs). Finally, based on my findings, I outline future research opportunities in this context and derive research gaps as well as recommended actions for practitioners.
Subjects: 
Automated market maker
Cryptocurrency
Decentralized exchanges
Systematic literature review
JEL: 
G15
L10
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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