> I think the speed and low-fees required in (some types of) financial trading just can't happen fully on chain. So that's another reason for centralization in

> I think the speed and low-fees required in (some types of) financial trading just can't happen fully on chain. So that's another reason for centralization in exchanges You could have an exchange whose users have 2nd-layer channels open to it for all the currencies they trade. Trading can then happen near-instantly with 0 fees. While still centralized, it doesn't need to take custody of any user's funds.