On today's episode of DeFi Decoded, Alex and Andrew discuss some of the steps centralized exchanges (CEXes) can take to restore user trust. These solutions split into the "fiat variety" such as better governance, stronger regulation and regular audits and "on-chain variety" such as proof-of-reserves and proof-of-solvency. They also discuss the ongoing fallout from FTX which has engulfed crypto lender Genesis and had a knock-on effect with the Grayscale Bitcoin Trust and discuss how asset management giants Apollo and Hamilton are embracing tokenized securities.