Yes, I believe when it's about the concept, Lykke follows a very effective combination. There are quite many projects that aim to build a fully decentralized exchange platform (Bitsquare, Waves, Heat, Antshares/NEO, etc.) . But one problem all Blockchains have is how to scale them? Another one is user-experience because doing everything onchain is very slow compared with centralized exchanges.
Lykke tries to find a "as perfect as possible way" in the middle. Being secure over the distribution of funds (direct ownership/decentralized settlement), at the same time being fast and to make things possible that are usually only possible on centralized platforms (through offchain-settlement and centralized matching engine) and being userfriendly - that it doesn't need years of experience to use the service. But it's really not easy to level that all out in a way that everything is perfect. High security always comes with disadvantages when it's about "easy-to-use" and the other way around.