It is amazing how much chaos a single collapse in the market can cause.
As we are diving deeper into the FTX situation, users of exchanges are shifting priorities and slowly moving their attention to decentralized platforms that look most promising and reliable compared to centralized entities operating in the crypto industry.
The recent growth of GMX (over 100% since its November dip) and a huge interest in Uniswap paint a picture where hardcore enthusiasts and even common crypto users are moving in droves to decentralized finance.
Bybit’s decision comes at the right time
The CEO of Bybit Ben Zhou explicitly stated that the decision to integrate Apex Pro into the Bybit infrastructure was not a result of the FTX collapse and preparations were conducted way before anything about the FTX situation was public.
Ben Zhou said that the company was looking into ways to expand its product line and add new features throughout the year and the partnership with Apex Pro is a logical conclusion of its searches.
Apex Pro is a non-custodial, fully decentralized exchange that uses perpetual contracts powered by StarkEx. The web 3.0 wallet from Apex Pro is another important addition to Bybit’s infrastructure.
The wallet works like MetaMask and does not store any sensitive information allowing for a safer experience.
Interestingly enough, the whole crypto community and many people in adjacent circles are now talking about the downsides of centralized CEX platforms where management can make mistakes and conduct shady practices hurting end users.
Decentralized platforms look like a good solution to the problem with hardcore enthusiasts pointing in the general direction of DEX projects like Uniswap and GMX.
The inclusion of Apex Pro into Bybit should pull this CEX platform into the discussion and bath it in a positive light.
Others may follow soon
Other CEX platforms are looking into ways to integrate decentralization features or add decentralized exchanges into their structures too.
For many exchanges, it is a question of survival and making it through the crypto winter that may very well last for another year.