Cryptocurrencies are traded on two types of exchanges – centralized and decentralized. Although trading in the largest cryptocurrencies primarily occurs on centralized exchanges, most newly issued tokens can only be exchanged using decentralized platforms. Volumes in these decentralized exchanges (including automated market makers) has recently increased exponentially. We examine the role of this new and unmonitored market, utilizing an extensive sample of tokens exclusively traded on decentralized platforms. We show significant differences in the listing and trading characteristics of these tokens relative to their centralized equivalents. A small selection of these tokens obtain listing on a centralized exchange during the sample period, which is accompanied by a significant increase in trading activity, consistent with market segmentation. A centralized listing results in a migration of volume away from decentralized platforms, revealing a strong preference by tokenholders for deeper and more liquid markets over the increased security and anonymity offered by decentralized exchanges.

加密货币在两种类型的交易所进行交易——中心化和去中心化。尽管最大的加密货币交易主要发生在中心化交易所，但大多数新发行的代币只能使用去中心化平台进行交易。这些去中心化交易所（包括自动化做市商）的交易量最近呈指数级增长。我们利用专门在去中心化平台上交易的大量代币样本来研究这个新的不受监控的市场的作用。我们展示了这些代币与其中心化等价物相比在上市和交易特征上的显着差异。这些代币中的一小部分在样本期间在中心化交易所上市，伴随着交易活动的显着增加，与市场细分相一致。