Crypto is the ultimate casino.

And in this world, the exchanges are the house.

When retail comes back, and risk appetite returns (which it inevitably will) - these are the biggest beneficiaries.

Last cycle, CEXs were the only viable options for trading.

But with an entire bear market of building under their belt, we're going to see top quality DEXs with CEX-like execution.

Considering the current regulatory environment, the current shift from CEXs > DEXs, and the rapidly improving UX of these products, I expect that next cycle there will be a whole lot of new users trading on chain.

And for that reason, it's wise to keep an eye out for the best DEXs that are innovating and building top notch infrastructure.

By "top notch", I mean protocols with:

• A clean and intuitive UI, "stickiness" comes from UX

• A diverse range of trading pairs, and prompt listings of the hottest new coins

• Competitive fees

• A strong referral program

This is where I'm placing some of my chips.