{"title":"加密货币市场中的中心化交易所与去中心化交易所：系统性文献综述","authors":"Sascha Hägele","doi":"10.1007/s12525-024-00714-2","DOIUrl":null,"url":null,"abstract":"<p>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.</p>","PeriodicalId":47719,"journal":{"name":"Electronic Markets","volume":"51 1","pages":""},"PeriodicalIF":7.1000,"publicationDate":"2024-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Centralized exchanges vs. decentralized exchanges in cryptocurrency markets: A systematic literature review\",\"authors\":\"Sascha Hägele\",\"doi\":\"10.1007/s12525-024-00714-2\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>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.</p>\",\"PeriodicalId\":47719,\"journal\":{\"name\":\"Electronic Markets\",\"volume\":\"51 1\",\"pages\":\"\"},\"PeriodicalIF\":7.1000,\"publicationDate\":\"2024-05-18\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Electronic Markets\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1007/s12525-024-00714-2\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Electronic Markets","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1007/s12525-024-00714-2","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
Centralized exchanges vs. decentralized exchanges in cryptocurrency markets: A systematic literature review
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.
期刊介绍：
Electronic Markets (EM) stands as a premier academic journal providing a dynamic platform for research into various forms of networked business. Recognizing the pivotal role of information and communication technology (ICT), EM delves into how ICT transforms the interactions between organizations and customers across diverse domains such as social networks, electronic commerce, supply chain management, and customer relationship management.
Electronic markets, in essence, encompass the realms of networked business where multiple suppliers and customers engage in economic transactions within single or multiple tiers of economic value chains. This broad concept encompasses various forms, including allocation platforms with dynamic price discovery mechanisms, fostering atomistic relationships. Notable examples originate from financial markets (e.g., CBOT, XETRA) and energy markets (e.g., EEX, ICE). Join us in exploring the multifaceted landscape of electronic markets and their transformative impact on business interactions and dynamics.
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