Hack Seasons Interview Business Markets Technology
May 26, 2025

Gleb Gora on DeFi Challenges in Retail and E-commerce

In Brief

DeFi’s role in retail and e-commerce is being challenged by projects that are cutting corners to save costs. DeFi is growing and consolidating, but not fully replacing centralized platforms. CeFi and DeFi coexist long-term, with Vortex planning to open a venture capital branch.

When it comes to DeFi’s role in retail and e-commerce, Gleb points out a pretty common issue lately: projects cutting corners on market-making to save money.

“Lots of projects are getting delisted from exchanges because they try to save on market making costs — skipping certain exchanges or switching to cheaper providers. But that backfires. They lose the very listings they paid big money for.”

He notes that while many projects are launching on decentralized exchanges first, the reality is that once they hit a certain size, they almost always move back to centralized exchanges — whether by choice or by surprise.

“I wouldn’t call myself a DeFi maximalist. Centralized exchanges aren’t going anywhere, and a lot of volume still happens there. DeFi is growing and consolidating though, and the trading volume there is often cheaper since you don’t have listing fees.”

Gleb expects CeFi and DeFi to coexist long-term, with DeFi continuing to grow but not fully replacing centralized platforms.

Looking ahead, Vortex is planning to open a venture capital branch that will invest in equity — not just tokens — which is a bit unusual for market makers.

“We hope to launch that this year. It’s unconventional, but we think it’s a smart move to diversify and grow.”

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About The Author

Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.

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Victoria d'Este
Victoria d'Este

Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.

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