VICTORIA, Seychelles, April 28, 2025 /PRNewswire/ -- The landscape for discovering and trading new crypto assets is undergoing a fundamental transformation. A new research from KuCoin Ventures reveals that on-chain trading platforms have rapidly evolved beyond specialized tools, becoming the core battleground for capturing early "alpha" opportunities. This shift has ignited a fierce battle for user "gateways," posing a direct challenge to the long-held supremacy of centralized exchanges as the primary entry point for users and value capture.
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The study captures several critical market dynamics currently unfolding:
-- A "Great Shuffle" is Underway: Following a brief, Memecoin-fueled
frenzy, the market experienced a rapid cooling and subsequent shakeout.
Notably, on chains like Solana, agile platforms such as Axiom leveraged
strategic rewards, refined user experiences, and astute community
strategies to surge ahead, capturing significant market share from
incumbents like Photon and GMGN within months. This demonstrates the
disruptive power of rapid iteration and targeted positioning.
-- User Behavior Holds Deeper Insights: While overall trading volumes
contracted significantly, core user retention displayed remarkable
resilience. This indicates that on-chain platforms achieving genuine
product-market fit can retain high-value users even through market
downturns or without continuous token incentives - a vital signal for
crypto projects seeking sustainable growth.
-- Differentiation Becomes a Key Determinant: The research highlights that
success is not monolithic. Whether it's GMGN's specialization in
advanced data analytics, Axiom's laser focus on optimizing the trading
experience, or Moonshot's simplified fiat onboarding, platforms must
carve out unique value propositions to attract specific user segments.
The report even delves into nuanced analysis of peak trading hours,
suggesting potential regional user preferences.
Beyond documenting the present, the report signals emerging trends:
Despite challenges from new entrants, market volatility, and the evolving regulatory landscape, CEXs are actively exploring pathways to integrate centralized trading with on-chain ecosystems. A two-way street of influence and adoption is forming between CEX and on-chain environments, suggesting product-level boundaries are likely to blur further.
The report further emphasizes that as technologies like Account Abstraction and AI-powered trading assistants mature, the on-chain experience is set to become more seamless and intelligent, potentially onboarding a significant wave of new users directly into the ecosystem. Concurrently, numerous CEXs are responding and adapting by launching Web3 wallets and pursuing integrations, foreshadowing an era where the lines between centralized and decentralized trading environments become increasingly indistinct.
This timely and data-rich analysis provides essential intelligence for investors, traders, and builders navigating the evolving crypto infrastructure landscape. It sheds light on the strategic approaches and technological innovations most likely to define market leadership in the next cycle.
For Full Report please click https://www.kucoin.com/blog/onchaintrading [https://www.kucoin.com/blog/onchaintrading]
About KuCoin Ventures:
KuCoin Ventures, is the leading investment arm of KuCoin Exchange, a top crypto exchange globally. Aiming to invest in the most disruptive crypto and blockchain projects of the Web 3.0 era, KuCoin Ventures supports crypto and Web 3.0 builders both financially and strategically with deep insights and global resources.As a community-friendly and research-driven investor, KuCoin Ventures works closely with portfolio projects throughout the entire life cycle, with a focus on Web3.0 infrastructures, AI, Consumer App, Defi and PayFi.
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