Market structure

Centralized exchange (CEX)

A platform that holds accounts and runs exchange infrastructure.

What it means

CEXs can provide order books, fiat rails, custody, tax exports, and support.

Why it matters

Users depend on platform controls, solvency, account access, withdrawal rules, and compliance decisions.

Same category

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Market structure

Liquidity

How easily an asset can be bought or sold without moving price heavily.

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Market structure

Slippage

The difference between expected price and executed price.

Glossary read
Market structure

Holder concentration

How much supply is controlled by the largest wallets.

Glossary read
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