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Potentially stupid market structure question of the day: are 100% of Coinbase crypto trades executed on-chain? Is it possible for trades to happen off-chain?
Thanks for the helpful responses. Potentially stupid question #2: if all CB is doing is updating database entries, how do CB trades impact the price of the underlying? When does CB interact with the blockchain to settle net buy/sell demand?
0% are executed on-chain. It's a database update.
Got it. So Coinbase users in theory own a crypto IOU until they transfer assets outside of its ecosystem?
What @jgreco said. No exchange does on-chain trades, it would be too slow and too expensive. Wallet transfers between exchanges are on chain, clob trades and transfers between wallets in the same exchange are db updates.
In general you don’t even have your own wallet at the exchange, you just have a db entry that says what the exchange owes you. The exchange has a private wallet (in fact several) to hold client crypto assets, and they generate unique public keys for users to deposit to it.
Not Coinbase. Outside of DeFi exchanges, very little trades relatively on-chain. There are P2P trades, and direct-to-wallet OTC/exchanges that would be considered on-chain (but still element of trust). Direct-to-wallet can be batched daily to be inexpensive.
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