Looking ahead to 2026: Redesigning the exchange's business model and revenue sources on the blockchain

Chainfeeds Analysis: Diversified income-generating products that rely on real cash flow are beginning to become a medium- and long-term growth vector. Source: Chainfeeds Author: Four Pillars

Key points:

As stablecoins, tokenized financial instruments, and new types of crypto financial institutions gradually replace the traditional financial system, centralized exchanges (CEX) are playing a strategic role in restructuring the entire crypto financial ecosystem.

Exchanges today are evolving from simple trading platforms to complex financial service centers. This transformation involves several key aspects: custody services, payment systems, income-generating product portfolios, and integration of on-chain DeFi tools.

CEX as a Financial Infrastructure

In the future, the revenue of exchanges will mainly come not from trading commissions but from subscription models, asset custody, payment processing, income-generating products, and on-chain revenue sharing. This shift is natural: spot and derivatives trading have completed their rapid growth phase, are highly dependent on market volatility, and are prone to cyclical fluctuations.

Over time, CEX platforms are becoming regulated with licenses, institutional custody capabilities, adaptable infrastructure, legal deposit systems, and user trust—strengthening their position. This has begun to make them the most significant crypto financial infrastructure providers.

Changes in Revenue Structure

According to institutional analysts, over the next five years, subscription and ancillary service revenues could account for more than 50% of total income. These figures include on-chain revenue, staking fees, institutional custody, and balanced lending strategies.

In practice, this trend has been confirmed: over the past five years, the share of non-trading income for major exchange platforms increased from 3% in 2021 to 39% by the third quarter of 2025. This clearly indicates a shift from a highly volatile, trade-dependent exchange activity model to a stable, predictable, and complex financial services model.

Income-Generating Assets and Risks

Currently, medium-risk, medium-yield assets are in high demand, primarily based on interest rate differentials, returns from tokenized securities, and delta-neutral strategies. However, these models are more dependent on high trading volumes or specific market conditions, and their long-term stability is questionable.

Development of In-App DeFi and On-Chain Banking

In the coming year, in-app DeFi (in-app DeFi) and stable income products will become new focal points of competition. With the expansion of stablecoin debit cards, on-chain digital accounts, and real-time payment systems, users will be able to earn on-chain income through simple wallets or payment apps without needing to understand complex DeFi mechanisms.

At the same time, institutional DeFi models are encouraging exchanges and new financial platforms to manage income-generating assets and create real cash flows—meaning, when security and full liquidity are ensured, users can enjoy more attractive returns compared to traditional banks.

Summary and Conclusion

The center of competition is beginning to shift: instead of simplifying the trading chain, the focus is now on asset custody, management, and creating real cash flows. Identifying, designing, and expanding medium-risk income-generating assets will become the most important product innovation and growth driver in the future.