According to JPMorgan, centralised exchanges will continue to control the majority of global digital-asset trading volumes, contradicting some crypto-native experts who predict a shift toward decentralised platforms in the aftermath of FTX’s demise. Slower transaction speeds, asset pooling, and order-traceability features of decentralised exchanges (DEX) are likely to limit institutional participation, according to a note to clients written by the bank’s strategists led by Nikolaos Panigirtzoglou on Thursday. The lack of a limit order/stop loss feature on DEXs, their reliance on price oracles that source data from centralised exchanges, vulnerability to hacks and exploits, the need for over-collateralization, and systemic risks from the cascade of automated liquidations were also cited as barriers to widespread adoption by analysts.