With the fall of FTX and other exchanges including Celcius and BlockFi, people are losing trust in centralized exchanges and more of the crypto investors are moving to decentralized platforms. Decentralized exchanges are non-custodial, and users have total control of their private keys and their funds, unlike CEX which holds and manage users’ keys on their behalf. But although DEXs promise more transparency and accountability, they cannot compete with their counterparts in terms of UX, flexibility, liquidity, service, and speed. In spite of the numerous challenges, decentralized crypto exchanges have the potential to go mainstream once they become more user-friendly, flexible, and liquid. Then they can kill the CEX for good.