Delphi Digital: “DEXs evolving into a single infrastructure… set to threaten traditional finance”
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Summary
- Delphi Digital said decentralized exchanges (DEXs) will evolve into a single financial infrastructure integrating the roles of banks, exchanges, custody, and brokerage, and will begin encroaching on traditional finance.
- Delphi Digital said blockchains integrate trading, settlement, and asset custody into a single smart contract, giving them an edge over structurally fragmented traditional finance.
- Citing CoinGecko and Cantor Fitzgerald, it said DEX market share has surged and that Hyperliquid (HYPE) could surpass $200 within the next 10 years.
Decentralized exchanges (DEXs) such as Hyperliquid (HYPE) are expected to begin posing a serious threat to traditional finance (TradFi) starting this year.
Crypto market research firm Delphi Digital said in its 2026 outlook report released on the 14th (local time) that “over the long term, decentralized exchanges can evolve into a single financial infrastructure that simultaneously performs the roles of banks, exchanges, custody, and brokerage,” adding that “starting this year, DEXs will begin encroaching on areas dominated by traditional finance.”
Delphi Digital pointed out that “traditional finance is expensive because of structural fragmentation.” It said that “(in traditional finance) trading takes place on exchanges, settlement at clearinghouses, and asset custody at banks,” whereas “blockchains integrate all functions into a single smart contract.” It added, “Hyperliquid is currently building even its own lending function,” and noted that “rival platforms such as Aster (ASTER) and Lighter (LIT) are also rapidly closing the gap.”
Decentralized exchanges posted sharp growth last year. According to CoinGecko, DEX market share jumped more than fivefold over the past three years, rising from 2.1% in January 2023 to 11.7% in November last year.
U.S. investment bank (IB) Cantor Fitzgerald has also recently said that, buoyed by the growth in DEXs, Hyperliquid’s price could surpass $200 within the next 10 years. According to CoinMarketCap, Hyperliquid is trading around $25.8 as of today, up about 6% from the previous day.
