Binance’s Market Dominance Challenged as OKX and Upbit Gain Ground

The 2023 CEX Market Report by 0xScope, published on November 6, 2023, provides a comprehensive overview of the changing landscapes within the centralized exchanges (CEXs) over the past year. It highlights the shifting dynamics and the rise of second-tier exchanges like OKX and Upbit challenging Binance’s previously uncontested dominance.

Binance’s grip on the market has loosened, with its trading volume and other indicators shrinking by approximately 10%. Despite holding more than half of the market’s share at 51.2%, there’s been a noticeable decrease from its 54.6% share in October 2022.

Spot trading competition has intensified, with Binance’s share dropping from 62% to 52.5% over the year. Upbit’s ascent in the market has been significant, leaping from a 5% to a 15.3% share, largely propelled by the vibrant South Korean market.

While Binance still leads in derivatives with a share of around 45%, down from 50.9%, it is facing rising competition. OKX, in particular, has marked its territory, climbing from a 10% to a 15% share in derivatives, signifying a broader shift in the CEX ecosystem.

An examination of on-chain data and asset values shows that established exchanges like Binance, Coinbase, and Bitfinex collectively hold over 80% of market exchange funds. However, a mere 5% decline in Binance’s asset value share indicates a redistribution of market trust towards competitors like OKX and Coinbase.

Binance and Coinbase collectively account for over 60% of the CEX market’s deposit addresses, but the monthly increase in new deposit addresses has been waning, showcasing a challenge in new customer acquisition.

Analyzing web and social media data, Binance has seen a dip in website traffic and Twitter follower share, despite a net increase in followers. In contrast, OKX has witnessed its Twitter followers nearly triple, suggesting an aggressive and successful growth in market visibility.

Notably, the report emphasizes the lack of a direct correlation between web presence and exchange performance. It also acknowledges potential discrepancies due to the opaqueness in exchanges’ on-chain addresses.

This report serves as a critical barometer for understanding CEX dynamics, highlighting that while Binance remains at the forefront, it is facing a significant challenge from emerging players reshaping the market share equation.

Image source: Shutterstock


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Crypto Exchange Bitget’s Native Token BGB to Be Listed on MEXC

Bitget, a leading crypto derivatives and copy trading platform, has announced the listing of its native token BGB on the renowned cryptocurrency exchange MEXC. The listing is scheduled for July 31, 2023, and is expected to enhance the liquidity, accessibility, and overall value of the BGB token.

BGB, with a circulating supply of 1.4 billion and a total supply of 2 billion, plays a crucial role in Bitget’s ecosystem. The token offers users a variety of rights on the Bitget exchange, including fee discounts, access to high-quality tokens through Launchpad and Launchpool participation, and the ability to Super Airdrop, among other benefits.

The decision to list BGB on MEXC comes in response to the growing market demand for the token. Since the beginning of the year, BGB has amassed over 300,000 holders and achieved a total trading volume of more than two billion USD. The token reached an all-time high of over 0.51 USDT in February and was the best-performing exchange token in H1 2023, outpacing BTC.

Bitget’s steady growth and increasing share in both the spot and derivatives trading markets have contributed to the surge in BGB’s value. The platform listed over 180 coins in 2023 and boasted the best Launchpad performance, with an ATH average ROI of 41.9x. These factors have strengthened the use cases and attractiveness of BGB.

The updated BGB whitepaper, released in April, revealed new features in development, including the BGB lottery, trial fund for futures trading, and exclusive earning services. The Bitget team is also considering a BGB buyback and burn mechanism to reduce the token’s circulating supply and enhance its value.

According to TokenInsight’s Crypto Exchange Report Q2 2023, Bitget ranks fourth in trading volume among all CEXs, and its market share increased by 1.81% to 8.7%, the second-highest increase among the Top5 CEXs.

Gracy Chen, Managing Director of Bitget, stated, “The listing of BGB on MEXC is a testament to the recognition and achievements of Bitget in the dynamic crypto space. We are excited to unlock new possibilities and reach a broader audience through this strategic collaboration with MEXC.”

BGB is now available for public exchange and trade on MEXC, Bitfinex, and Bitget, with a total daily trading volume of $10 million. The Bitget team is exploring future listing opportunities for BGB in the coming months.

Image source: Shutterstock


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Metacade’s Highly Anticipated MEXC Listing Confirmed For 4th May

London, United Kingdom, May 3rd, 2023, Chainwire

Metacade, the exciting new play-to-earn GameFi platform, continues its ascent as one of the most promising prospects in the space after announcing their listing date for MEXC Exchange at 09:00 UTC on the 4th May.

MEXC is one of the go-to platforms for new traders and experienced investors, with the latest listing coming as welcome news to Metacade backers. The platform currently ranks at 15th largest in the world for trading volume, with the last 24 hours having seen over $1.1 billion volume in trades. With over 6 million users in 200 countries, the decision to list on MEXC seems well calculated. This bodes well for the 9,000+ holders currently invested in MCADE.

Russell Bennett, CEO of Metacade, said, “I’m delighted that we’re listing on such an established and well-renowned platform like MEXC. The confidence that we’re getting from the industry is hugely motivating and fuels our desire to create something like never before. This is our largest listing yet by some miles, and there will be more big things coming soon!”

The MEXC listing follows other big listings on both Uniswap and BitMart in April. At the time of issuing this statement, Metacade is $0.04139 according to CMC, which is 195% above the average presale purchase price.

The confidence in Metacade has strong foundations; Metacade received a perfect 99/99 score on the decentralized cryptocurrency market analysis platform, DEX Tools, making it one of the more trustworthy and secure cryptos available.

Sentiment was further enforced with Metacade’s news that it is on track to deliver Metacade Lite in May, which will offer users the first experience of the app UX, with a selection of both Web2 and Web3 games. 

With Metacade being listed on MEXC, Bennett is optimistic about the future. “This is another step in the right direction and I’m sure this will have a positive impact on Metacade as it solidifies our position in the market and our reputation as one of the most exciting and promising projects in the space.”

About Metacade

Metacade is the premier destination for gaming in the metaverse. As Web3’s first community arcade that allows gamers to hang out, share gaming knowledge and play exclusive P2E games. The platform offers users multiple ways to generate income, build careers in Web3 and connect with the broader gaming community.

Metacade will be the one-stop destination for users to play, earn and network with other passionate gamers worldwide. Once the project reaches the end of its roadmap, Metacade will be handed over to the community as a full-fledged decentralized autonomous organization (DAO), evidencing its commitment to people-led gaming.

Website | Whitepaper | Socials


Russell Bennett


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