币界网报道：Major centralized exchanges (CEX) are accelerating their layout in the DeFi field and forming a differentiated strategic pattern. Binance launched the retail-oriented Binance Alpha platform, providing early token access by simplifying the Web3 operation threshold; Bybit launched an independent DEX platform ByReal, using a hybrid liquidity mechanism to replicate the CEX-level trading experience; Coinbase implemented a dual-track strategy, integrating DEX functions in the main application and setting up an institutional-exclusive verification pool. This transformation stems from three major motivations: avoiding the loss of token opportunities caused by traditional listing audits, preventing users from turning to pure on-chain platforms, and building a complete fund life cycle management system. As the functions of exchange tokens expand from fee discounts to core assets of the ecosystem, the industry is moving towards a new stage of CeDeFi integration, and the semi-decentralized network led by exchanges may reshape the future market landscape.