CEX equity trading products have evolved into three models: traditional API, Tokenized, and perpetual contracts. The Tokenized model relies heavily on Alpaca, which holds a 94% clearing monopoly, exposing users to risks from the gap between on-chain real-time and off-chain T+1 settlement. The Tokenized equity market, still in its blue ocean phase, has seen asset scale expand 15x, with emerging DeFi collateral potential. In contrast, the traditional API model offers legal safeguards, and users retain dividend and voting rights. Exchanges are adopting multi-model parallel strategies to cater to diverse customer segments.
CEX equity trading products have bifurcated into three distinct models: the traditional API model, the Tokenized model, and the perpetual contract model. The Tokenized model relies almost entirely on Alpaca for clearing, commanding a 94% monopoly of the settlement market. However, this model exposes a critical risk: a mismatch between on-chain real-time recording and off-chain T+1 settlement, potentially leading to equity evaporation for users.
The Tokenized equity market is still in its blue ocean phase, with asset size surging 15 times and early signs of DeFi collateral potential emerging. By contrast, the traditional API model provides legal protections, granting users dividend rights and voting power. Exchanges are increasingly adopting a multi-model parallel approach to serve diverse customer needs, balancing convenience, compliance, and risk management.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
