Episode 17: Two Kinds of Exchange
Published September 18, 2026
Companion to Exchanges, Swaps, and ChartsCentralized and Decentralized Exchanges
Season three opens with the places people trade: who holds your keys on a centralized exchange, what happened at FTX, and why anyone can list a token on a decentralized one. Companion to the chapter "Centralized and Decentralized Exchanges".