Crypto is eating traditional finance's (TradFi) lunch, according to Real Vision crypto market analyst Jamie Coutts. "Coinbase recently became the fifth-largest exchange globally by trading volume, ahead of Nasdaq, with an 11% share," Coutts told X. "Decentralized exchanges (DEXs) have also taken a 5% share, ahead of the likes of Hong Kong Exchanges and CBOE." Total volumes on centralized exchanges (CEXs) are now on a par with their TradFi peers, and CEXs and DEXs are growing 2.5-4x faster than TradFi exchanges, Coutts said. "Next year, we should start to see TradFi start to catch up, with TradFi exchanges acquiring CEXs and integrating more crypto," he added. "We could also see multiple CEXs go public." CEXs can build their own layer 2s or DEX platforms, creating a multi-chain environment, Coutts said. The tokenization of financial assets could also see huge growth in [real-world assets] RWAs, he added. "We could also see 4-5x growth in some of the protocols in DeFi," Coutts said.