As a Boston-based crypto analyst with 7 years in DeFi quant modeling, I’ve watched this shift unfold: CEXs aren’t just adapting to DeFi—they’re redefining it. Binance Alpha lowers entry barriers, Bybit’s ByReal blends CEX liquidity with on-chain execution, and Coinbase’s dual-track model locks in retail and institutional users. This isn’t disruption—it’s consolidation. The future isn’t decentralized or centralized—it’s CeDeFi.