CEXs expanding into on-chain services isn’t just a defensive strategy—it reflects an active bet on the future of the crypto ecosystem. Authors: Chi Anh and Ryan Yoon, Tiger Research Compiled by: Deep Tide TechFlow SummaryStrategic Differentiation: Binance offers retail-focused on-chain services to lower barriers to Web3 entry. Bybit launched ByReal, an independent platform providing CEX-grade liquidity on-chain. Coinbase adopts a dual-track approach targeting both retail and institutional use...

CEXs expanding into on-chain services isn’t just a defensive strategy—it reflects an active bet on the future of the crypto ecosystem. Authors: Chi Anh and Ryan Yoon, Tiger Research Compiled by: Deep Tide TechFlow SummaryStrategic Differentiation: Binance offers retail-focused on-chain services to lower barriers to Web3 entry. Bybit launched ByReal, an independent platform providing CEX-grade liquidity on-chain. Coinbase adopts a dual-track approach targeting both retail and institutional use...