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There are decentralized exchanges, the question is whether they'll see large scale adoption, particularly from less technical astute users.

Also to be successful for the general public, they'll need fiat on and off ramps (at least in the short-->medium term). At the moment most of those go via the centralized exchanges...

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I'm hardly a crypto stan but it feels somewhat odd to see so many naysayers on decentralized exchanges right as they are picking up huge amounts of steam.

KYC will be dead as soon as there is a liquid decentralized atomic swap for monero

The Aztec L2 for Ethereum uses zkSNARKS for privacy and allows for execution which means a decentralized exchange can be made in a fully private environment. It just released but it's a very exciting protocol for those who like Monero.

Sure, but all it takes is centralized one on-ramp that will take you, then you can transfer out of it. That's a big difference from having your funds in a particular exchange, where it may be seized.

I agree with the UX problem. I think the decentralized exchanges will manage to scale, research is ongoing. And the UX of decentralized exchanges is not much worse than/different from using Coinbase or Kraken, for example. The big UX challenge is self-custody of keys.

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