“Binance is the crypto market” – Platform hegemony confirmed in 2022

2022 was particularly important for the ecosystem, especially with the fall of FTX. And it only strengthened an already great platform: Binance. Focus on the Changpeng Zhao empire.

Binance replaces FTX

The trading volumes shown by Binance were already much higher than their direct competitors, however The fall of FTX made the situation worse. December was the first month since the collapse of Sam Bankman-Fried’s platform, and we can see that it greatly benefited his biggest rival at the time.

Binance was really arrogant 77.8% of the cryptocurrency’s spot trading volume Over the past month, according to information shared by The Block. This is an all-time high for the platform. By comparison, Coinbase collected “only” 9.8% of its trading volume during the same period. It should be recalled that Binance has been one of the most vocal platforms regarding the need to provide better security to users, especially by creating or supplying several emergency funds.

The result is that users seems to have migrated to known platformsrather than lesser-known players within the ecosystem:

Binance was already the dominant player in this space, and the exchange quickly tried to restore trust and help the industry. »

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The biggest winner of 2022?

The opinion, confirmed by Arcane Research analysts, claims that Binance has become a cryptocurrency market in its own right:

There is no other “winner” of 2022 […] when it comes to the structure and dominance of the cryptocurrency market. Regardless of how trading activities are viewed, Binance is a cryptocurrency market.»

With a number that makes your head spin: Binance in the year just ended Bitcoin (BTC) managed to capture 92% of the spot trade. These performances should continue, according to analysts, who estimate that transaction fees on the platform are expected to return.

But it will have to face some obstacles. Already, his back-up evidence has been criticized and the company that audited him eventually backed down. Platform in France was accused of taking advantage of certain laxity of the government and the AIFit would allow him to identify himself when he had no right to.

Still, Binance is moving forward and its hegemony seems little threatened today. The Changpeng Zhao platform should therefore continue to capture very large market shares in 2023.

? On the same topic – Emmanuel Macron and the “Comfort” of the French government? 15 investors have filed a lawsuit against Binance

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Source: Block Data and Insights – Image: Web Summit via Flickr(CC BY 2.0)

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