TechFlow news, on September 29, Animoca Brands' research division recently released a research report on the evolution of cryptocurrency exchanges, systematically analyzing their development from early stages to mass-market adoption and future prospects. Using leading exchanges such as Binance, OKX, Coinbase, and Bitget as examples, the report details their distinct paths and advantages in advancing toward ecosystem prosperity.
The report notes that in 2025, multiple exchanges successively launched on-chain trading capabilities. For instance, Binance Alpha and Bitget Onchain allow users to trade on-chain assets directly within CEX platforms. Among them, Binance and OKX adopt models where listing teams curate assets; Coinbase supports all on-chain assets on the Base mainnet; while Bitget leverages AI for asset screening and was the first to enable full-asset access across the four major public chains—ETH, SOL, BSC, and Base.
As centralized exchanges aim to serve both native crypto users and mainstream audiences, their role is expanding from a single trading platform to a comprehensive ecosystem. In line with this trend, Bitget has introduced the concept of a Unified Exchange (UEX). Meanwhile, AI technology is increasingly integrated into trading processes, driving user growth. For example, Bitget's GetAgent allows users to analyze tokens, obtain trading signals, and build strategies through direct AI conversations within the app, delivering an all-in-one intelligent trading experience.
Furthermore, the report highlights that as traditional brokers accelerate their entry into crypto trading and crypto exchanges expand into traditional financial assets, the boundary between the two is gradually blurring. A Unified Exchange (UEX) capable of trading high-quality global assets will become a future trend, though associated regulatory risks must not be overlooked.
