"Traditional centralized exchanges can't keep up with all of the new on-chain paradigms fast enough," Phantom CEO Brandon Millman said. This highlights the struggle established exchanges face in meeting the evolving needs of traders as interest grows in decentralized platforms that offer access to high-risk memecoins.
Phantom has leapfrogged the better-known centralized exchange, now ranking seventh among free applications in Apple's U.S. App Store, emphasizing a shift in user preferences towards decentralized wallets.
The rise of memecoins reflects a drastic change in retail trader behavior, with a preference for on-chain trading options that traditional centralized exchanges, like Coinbase, cannot provide.
During the recent bull market, the performance of traditional exchanges may not correlate as they once did with retail trader participation, signaling a new era in crypto trading strategies.
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