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 |
Files for this record:
File | Description | Size | Format | |
---|---|---|---|---|
s12525-024-00714-2.pdf | 1,65 MB | Adobe PDF | View/Open |
This item is licensed under a Creative Commons License