Are “no account” DEXs the next step for DeFi, or too risky?

I’ve been a Coinbase user for years, but lately I’ve been impressed by some of the newer platforms in the DeFi space. One example is Panther Exchange, which lets users trade without even creating an account.

On the surface, this feels like a really innovative step, leaning into privacy, accessibility, and the decentralized ethos of crypto. It’s a refreshing contrast to the heavily centralized models we’ve all gotten used to.

That said, it does raise questions:

• Without accounts, what happens if something goes wrong?
• How do regulators respond to a model like this?
• Can liquidity and adoption really scale without the structure CEXs provide?

Personally, I think it’s exciting to see platforms like Panther Exchange pushing boundaries, but I’d love to hear what others in the community think. Could this model be the next evolution of DeFi, or will it stay niche because of the risks?