It's terrible, but data gives us some hope. Blockchain analysis firm Chainalysis has compared the fall of Mt. Gox to FTX to determine how FTX’s bankruptcy will impact the ecosystem.
Exchange inflows of CEXes compared to DEXes between 2013 to 2022. Source: Chainalysis
Jardine mentions, however, that FTX was slowly gaining in market share while Mt. Gox was seeing theirs steadily decline, and that business trajectories are worth considering, adding: “Mt. Gox was becoming one exchange among many during a period of growth for the category, taking a smaller share of a bigger pie. FTX on the other hand was taking a bigger share of a shrinking pie, beating out other exchanges even as its raw tx volume declined.”
Despite this, Jardine concluded that Mt. Gox was a “linchpin of the CEX category at a time when CEXes dominated,” making it aJardine then goes on to examine the recovery of the crypto industry after the fall of Mt. Gox and found that while on-chain transaction volume was stagnant for a year or so, activity soon picked back up.
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