Markets Aurelius(@0xlarpist):Binance makes more money than Goldman Sachs. Binance is an 8 year old exchange. Goldman is a 156 year old bank/broker with an amazing RFQ system, it’s so good! But it is not an exchange. Brokers and dealers are inherently transitory businesses. NYSE existed ~300 years before Schwab and it will continue to exist after Schwab. Liquidity - where the matching happens - not only wins, but monetizes everything which happens downstream. Liquidity wins because it compounds. The only reason the traditional exchanges are not 10x larger and more profitable is because of regulation, conflicts of interest, and platform risk, all of which are uniquely solved in DeFi....

2026.05.20 19:54

Binance makes more money than Goldman Sachs. Binance is an 8 year old exchange. Goldman is a 156 year old bank/broker with an amazing RFQ system, it’s so good! But it is not an exchange. Brokers and dealers are inherently transitory businesses. NYSE existed ~300 years before Schwab and it will continue to exist after Schwab. Liquidity - where the matching happens - not only wins, but monetizes everything which happens downstream. Liquidity wins because it compounds. The only reason the traditional exchanges are not 10x larger and more profitable is because of regulation, conflicts of interest, and platform risk, all of which are uniquely solved in DeFi....

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