A new Chainalysis report shows that the number of decentralized exchanges (DEX) is growing faster than all other types of cryptocurrency exchanges. But similar online data shows that centralized exchanges are far from unpopular, with 171 million visitors to Binance in October.
Chainalysis released a report on cryptocurrency exchanges on November 11 and provided analyzes by segmenting exchanges according to their business models, including DEX, CEX, over-the-counter (OTC) brokers, derivative platforms and high-risk exchanges with minimum knowledge. Customer requirements (know your customer).
According to the data, in the period from the first quarter of 2019 to the third quarter of 2021, the number of DEXs increased by more than 100% to around 205 from June this year. In comparison, CEX’s list temporarily increased from about 100 to 120 before returning to region 100 during that time period.
The number of OTC brokers also increased significantly, increasing by about 50% and reaching 150 in the third quarter of 2021. The number of derivative exchanges rose slightly to 125 in 2019 and has largely remained in the region since then. despite the high risk, the stock markets rose in mid-2020 to around 150 pips and then plunged below 100 in the third quarter of 2021.
Active growth of a cryptocurrency exchange: sequence analysis
“Of course, the number of active exchanges in each category is not the only way to judge the credibility of these categories. After all, crypto companies are not just trying to survive – they need to increase their user base and transaction volume to thrive.”
Chainalysis claims that the increase in popularity of DEX over the past two years has coincided with “an explosive growth in the DeFi class in general.” The company explained that the total value received by DEX rose from approximately $ 10 billion in July 2020 to a peak of $ 368 million in May 2021, representing an increase of approximately 3579%.
Binance is still the number one dog
Despite intense scrutiny and opposition from regulators around the world in recent months, the data show that the central exchange Binance continues to outperform its competitors.
Binance had the most online traffic of all cryptocurrency exchanges in October, with 171 million visitors, according to data from a similar website compiled by Finbold. This figure is 12% higher than last month. Coinbase came in second with 91 million visitors last month and traffic increased by 31% from last month.
In particular, the third most popular exchange is PancakeSwap, a DEX run by Binance’s smart chain, with 25 million visitors and a 14% increase from last month. Bybit is ranked fourth with 24 million (down 8% from September).
Coingecko data shows that Binance is far ahead of its competitors in terms of volume, with the platform generating over $ 33.3 billion in the last 24 hours. That’s five times more than the second largest Coinbase, which raised $ 6.6 billion in 24 volumes.
About the topic: Binance spends $ 115 million in France to develop a European cryptosystem
The Wall Street Journal reported Thursday that former Binance executives estimated the company could be worth up to $ 300 billion as a public company. It is unclear when and how Binance will be announced, given that it does not have an official headquarters. However, CEO Changpeng Zhao said in September that Binance’s US subsidiary was considering an IPO in 2024.