Please use this identifier to cite or link to this item: doi:10.22028/D291-43270
Title: Centralized exchanges vs. decentralized exchanges in cryptocurrency markets: A systematic literature review
Author(s): Hägele, Sascha
Language: English
Title: Electronic Markets
Volume: 34
Issue: 1
Publisher/Platform: Springer Nature
Year of Publication: 2024
Free key words: Automated market maker
Cryptocurrency
Decentralized exchanges
Systematic literature review
DDC notations: 330 Economics
Publikation type: Journal Article
Abstract: Research on cryptocurrency exchanges, consisting of both centralized exchanges (CEXs) and decentralized exchanges (DEXs), has seen a signifcant 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 diferent dimensions of the ongoing CEX vs. DEX debate. While DEXs emphasize decentralization, user control, and resistance to censorship, CEXs ofer 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 infuence 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 fndings, I outline future research opportunities in this context and derive research gaps as well as recommended actions for practitioners.
DOI of the first publication: 10.1007/s12525-024-00714-2
URL of the first publication: https://link.springer.com/article/10.1007/s12525-024-00714-2
Link to this record: urn:nbn:de:bsz:291--ds-432709
hdl:20.500.11880/38803
http://dx.doi.org/10.22028/D291-43270
ISSN: 1422-8890
1019-6781
Date of registration: 25-Oct-2024
Description of the related object: Supplementary Information
Related object: https://static-content.springer.com/esm/art%3A10.1007%2Fs12525-024-00714-2/MediaObjects/12525_2024_714_MOESM1_ESM.docx
https://static-content.springer.com/esm/art%3A10.1007%2Fs12525-024-00714-2/MediaObjects/12525_2024_714_MOESM2_ESM.xlsx
Faculty: HW - Fakultät für Empirische Humanwissenschaften und Wirtschaftswissenschaft
Department: HW - Wirtschaftswissenschaft
Professorship: HW - Prof. Dr. Alexander Baumeister
Collections:SciDok - Der Wissenschaftsserver der Universität des Saarlandes

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