Beyond Trading Fees: How Crypto Exchanges Can Survive a Prolonged Market Slump
Photo: Crypto Economy
The contraction of spot trading volume on centralized exchanges , with a decline near 60% from 2025 highs and a two-year low reached in July 2026, should not be interpreted as a temporary revenue disruption. The contraction exposes a design flaw in the revenue architecture of most platforms. My argument is straightforward: the sector continues to read the correction as a drought of retail demand that patience will resolve, while a competitive selection mechanism operates among business models with very different levels of maturity. Dependence on trading fees was rational during the expansion phase.
Source: Crypto Economy
