Cryptocurrency exchanges in the decentralized finance system

• Autorzy: Dorota Ciesielska-Maciągowska , Łukasz Spyra

Warianty tytułu

Giełdy kryptowalutowe w systemie finansów zdecentralizowanych

• Języki publikacji: EN

Abstrakty

EN

The purpose of this article is to explore the key aspects of cryptocurrency exchange systems, including their role in storage, exchange, and token staking. By examining the characteristics and features of these exchanges, cryptocurrency users can make informed decisions about how to allocate and store their funds effectively. There are two main types of cryptocurrency exchanges: centralized exchanges (CEX) and decentralized exchanges (DEX). Centralized exchanges are governed by a central authority that manages user funds, providing a more streamlined and user-friendly experience. However, this centralization creates security risks, as users must trust the exchange with their assets. If the platform is compromised or experiences technical failures, users may suffer significant losses. Moreover, centralized exchanges often require identity verification and other regulatory procedures, which can be a barrier for those who prioritize privacy or anonymity in their transactions. On the other hand, decentralized exchanges (DEXs) operate without a central governing body, allowing users to retain control over their funds and trade directly with each other using smart contracts on a blockchain. This decentralization reduces reliance on intermediaries and enhances privacy, but it also presents challenges. DEXs tend to be more complex to use and may require greater technical expertise.Future research should examine how various groups - ranging from individual investors to large financial institutions - are incorporating cryptocurrency exchanges into their financial strategies.(original abstract)

Celem artykułu jest przedstawienie kluczowych aspektów związanych z systemem giełd kryptowalutowych. Wyróżnia się dwa główne typy giełd kryptowalutowych: giełdy scentralizowane (CEX) oraz giełdy zdecentralizowane (DEX). Giełdy scentralizowane są zarządzane przez centralny organ, który kontroluje środki użytkowników, oferując bardziej uproszczone i przyjazne dla użytkownika doświadczenie. Jednak ta centralizacja wiąże się z ryzykiem, zwłaszcza związanym z bezpieczeństwem, ponieważ użytkownicy muszą powierzyć swoje aktywa giełdzie. Z kolei giełdy zdecentralizowane (DEX) działają bez centralnego organu, pozwalając użytkownikom na zachowanie pełnej kontroli nad swoimi środkami oraz bezpośrednią wymianę kryptowalut za pomocą smart kontraktów na blockchainie. Ta decentralizacja redukuje zależność od pośredników i zwiększa prywatność, ale wiąże się również z wyzwaniami. Giełdy DEX są zazwyczaj bardziej skomplikowane w obsłudze i mogą wymagać większej wiedzy technicznej. Przyszłe badania w obszarze zdecentralizowanych finansów powinny się skupić na analizie tego, w jaki sposób różne grupy inwestorów - od indywidualnych po duże instytucje finansowe - zaczynają wykorzystywać giełdy kryptowalutowe w swoich strategiach finansowych.(abstrakt oryginalny)

Słowa kluczowe

EN

Blockchain technology; Cryptocurrencies; Stock exchange

PL

Technologia blockchain; Kryptowaluty; Giełda

• Czasopismo: Kwartalnik Nauk o Przedsiębiorstwie
• Rocznik: 2025
• Numer: nr 1
• Strony: 23--33

Twórcy

autor

Dorota Ciesielska-Maciągowska

• SGH Warsaw School of Economics, Poland

autor

Łukasz Spyra

• SGH Warsaw School of Economics, Poland

Bibliografia

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Identyfikatory

DOI

https://doi.org/10.33119/KNOP.2025.75.1.2