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...

1/ ETH’s Rally & Pectra UpgradeETH surged over the past two weeks, coinciding with the Pectra upgrade:(1) The upgrade likely contributed but wasn’t the main driver.(2) The rally reflects oversold FUD and ETF staking approval expectations.(3) ETH/BTC’s ratio had hit near-historic lows. The upgrade’s details are substantial (summarized in GitBook).2/ DeFi Giants Team Up: Aave × UniswapAave plans to launch a Uniswap V4 Hook, enabling Uni V4 LP positions as collateral for GHO loans. The proposal ...

1/ ETH’s Rally & Pectra UpgradeETH surged over the past two weeks, coinciding with the Pectra upgrade:(1) The upgrade likely contributed but wasn’t the main driver.(2) The rally reflects oversold FUD and ETF staking approval expectations.(3) ETH/BTC’s ratio had hit near-historic lows. The upgrade’s details are substantial (summarized in GitBook).2/ DeFi Giants Team Up: Aave × UniswapAave plans to launch a Uniswap V4 Hook, enabling Uni V4 LP positions as collateral for GHO loans. The proposal ...