There is a very well-known saying made famous during the California gold rush: “During a gold rush, promote shovels.” This phrase indicated that there are more innovative methods to capitalize on a rising enterprise without immediately competing with the alternative gold miners.
Since the crypto bull market in 2017, many innovators in the crypto industry have recognized that not competing, but rather providing something different, is one of the maximum surefire methods to capitalize on the rising crypto asset class.
Fast forward to 2021, and many exchanges have failed; however, people who made it through the bear market have emerged as leaders in the crypto world, far surpassing their traditional finance competitors in both wealth and innovation.
The concept of exchange has evolved and those in DeFi now operate as entirely decentralized platforms with no centralized authority or governance, run by smart contracts and referred to as Decentralized Exchanges (DEX).
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