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?
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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.
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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.
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Broke: Coinbase Woke: Database
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False. There are P2P and direct-to-wallet exchanges.
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Cool — examples? What kind of volume do they do compared to eg Binance or FTX?
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I think serum settles trades on chain on SOL.
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Yup every trade is on chain with a 1 second transaction time. They are trying to get to 400ms then 100ms
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