According to @EmberCN, Animoca Brands Research finds that centralized exchanges are evolving into Universal Exchanges (UEX) to capture the early majority as growth moves beyond crypto-native users and degens. source: @EmberCN; source: Animoca Brands Research. The report maps the trajectory from OTC chat groups to on-chain gateways and places the market at a transition from early adopters (phase 2) to early majority (phase 3), framing product simplification as critical to the next leg of exchange growth. source: Animoca Brands Research. Key UEX features highlighted include one app and one account to trade on-chain assets across multiple networks with abstracted wallets, gas, chain selection, approvals, and contract interactions, enabling users to input a contract address or token name and execute directly. source: @EmberCN. Function scope now spans spot, derivatives such as perpetuals and options, plus finance products like earn, lending, and payments in a single super app to meet different user stages and retain order flow. source: @EmberCN. Chain abstraction is cited as a comparable approach that unifies balances and gas across chains, but UEX is characterized as a higher-level model that implements multi-chain execution within exchange rails. source: @EmberCN. The report identifies the early majority—users who adopt only when returns are clear—as the next growth engine, positioning UEX roadmaps as the exchange response to unlock mainstream volume. source: Animoca Brands Research; source: @EmberCN.