Bybit, the world’s second-largest cryptocurrency exchange by trading volume, believes the future of crypto lies in a merging of centralized and decentralized finance. At Blockchain Life 2025, Emily Bao, Head of Spot at Bybit and founder of Byreal, addressed the audience, outlining Bybit’s vision for this transformative shift within the industry. Her talk, titled ‘DEX vs CEX: Evolution of Exchange and New Competition,’ focused on how the industry can evolve to best serve both centralized and decentralized needs. According to Bao, while CEX platforms remain crucial for crypto users seeking liquidity, DEXs are favored by those looking for transparency and open-source principles, offering a more direct interface with DeFi projects.