Crypto exchanges 2023 annual report by TokenInsight

[Palazodeen]

After going through the article released by TokenInsight on the analysis and performances of crypto exchanges in 2023, it's exciting to see that despite the challenges faced in the course of the year, the year was crowned with success as the Q4 of the year brought restoration and confidence to traders and investors.

Highlighting the growth and market share of various cryptocurrency exchanges both CEX and DEX, while Binance remained top for  cex, ORCA lead the race for Dex with an unbelievable surge towards the end of the year due to the gains in Solana ecosystem. Although, Binance market share  dropped by 5 5% due to factors related to regulatory compliance and lawsuit against the CEO in November but overall, the exchange was able to maintain its lead unlike what happened in the DEX where GMT and dydx lost the position as top market share holders

Some exchanges like OKX, Bitget and Bybit also did remarkably well increasing in market share and trading volume making them ranked among the top 6 exchanges.

FTT token was another surprise of the year, with a remarkable growth of 270% in the Q4, FTT lead the exchange token growth followed by Bitget BGB and MEXC MX while CET and HT fell significantly with HT falling by almost 50%.

What are your assessment about the performance of this exchanges, do you see any exchange making any stride to compete with Binance by the end of 2024? Do you think ORCA can also maintain its position in the DEX world?

[GreatArkansas]

(....)

What are your assessment about the performance of this exchanges, do you see any exchange making any stride to compete with Binance by the end of 2024? Do you think ORCA can also maintain its position in the DEX world?

For me, Binance will stay in top 1 especially if they maintain their company to stay away from any regulation issue especially the SEC USA, which recently Changpeng Zhao (CZ) stepped down as CEO of Binance.

About the DEX, I am surprised with ORCA despite these layer-2 Decentralized Exchanges (DEX) deployed in multiple networks. As long as Solana is on top, ORCA will for sure be useful and able to continue maintain the trading volume.

[JariKriting]

what is orca.
or youre mean about dex echanger solana platform.
The majority of Dex Exchange's largest users operate on the BNB Smart Chain platform. It's possible that PancakeSwap is still better than ORCA, which runs on the Solana platform. Alternatively, it could be because I am not closely following the development of Dex Exchangers or because I am not a frequent user of the Solana platform, which would explain why I am less aware of the advancements in Dex Exchangers.

[MFahad]

ORCA lead the race for Dex with an unbelievable surge towards the end of the year due to the gains in Solana ecosystem.

first time hearing about ORCA. I didn't know an exchange like that existed. maybe because I am not into SOLANA tokens. I should really look into them. I think there are good earning opportunities in SOLANA Tokens.
I thought panecakeswap or uniswap would be in the top because these are the excahgnes most people use.

Although, Binance market share  dropped by 5 5% due to factors related to regulatory compliance and lawsuit against the CEO in November but overall, the exchange was able to maintain its lead unlike what happened in the DEX where GMT and dydx lost the position as top market share holders

I don't think binance will loose top position just because of CEO change or any problem with old CEO. but if new CEO don't do a good job and maintain the quality of services then it is possible that binance would drop this year. they've been listing tokens too fast now.

[Potato Chips]

Article: https://tokeninsight.com/en/research/reports/crypto-exchanges-2023-annual-report

Afaik upbit is only available on select few countries so im surprised they're second in spot market share, pretty much surpassing the global exchanges. I'm honestly just taking the 'exact' volume figures with a grain of salt considering how it's not uncommon for exchanges to manipulate it... or maybe SK just has this much hold lol

On another topic, I knew gate.io has many listed coins but I didn't know they had this much??? lmao unholy numbers

In 2023, Gate listed 362 new tokens, bringing the total number of listed tokens to 1,871, surpassing the rest centralized exchanges

Never heard of orca as well, then again, I'm not exactly an altcoin guy.

[Iamcrypticguy]

Article: https://tokeninsight.com/en/research/reports/crypto-exchanges-2023-annual-report

Afaik upbit is only available on select few countries so im surprised they're second in spot market share, pretty much surpassing the global exchanges. I'm honestly just taking the 'exact' volume figures with a grain of salt considering how it's not uncommon for exchanges to manipulate it... or maybe SK just has this much hold lol

On another topic, I knew gate.io has many listed coins but I didn't know they had this much??? lmao unholy numbers

In 2023, Gate listed 362 new tokens, bringing the total number of listed tokens to 1,871, surpassing the rest centralized exchanges

Never heard of orca as well, then again, I'm not exactly an altcoin guy.

Orca is like a dex on solana chain and I'm kinda surprised seeing the list of top derivate cex, No 4 caught my attention, glad to see their growth and recognition.
.
jesus

[Chibaba]

ORCA lead the race for Dex with an unbelievable surge towards the end of the year due to the gains in Solana ecosystem.

first time hearing about ORCA. I didn't know an exchange like that existed. maybe because I am not into SOLANA tokens. I should really look into them. I think there are good earning opportunities in SOLANA Tokens.
I thought panecakeswap or uniswap would be in the top because these are the excahgnes most people use.

Although, Binance market share  dropped by 5 5% due to factors related to regulatory compliance and lawsuit against the CEO in November but overall, the exchange was able to maintain its lead unlike what happened in the DEX where GMT and dydx lost the position as top market share holders

I don't think binance will loose top position just because of CEO change or any problem with old CEO. but if new CEO don't do a good job and maintain the quality of services then it is possible that binance would drop this year. they've been listing tokens too fast now.

Binance reigns supreme due to its massive user base, but competitors like Bybit and particularly Bitget are gaining ground, especially in derivatives and for their listing speed. The new Binance CEO's rapid token listing strategy signals their response to the challenge from other top CEXes.

[justdimin]

what is orca.
or youre mean about dex echanger solana platform.
The majority of Dex Exchange's largest users operate on the BNB Smart Chain platform. It's possible that PancakeSwap is still better than ORCA, which runs on the Solana platform. Alternatively, it could be because I am not closely following the development of Dex Exchangers or because I am not a frequent user of the Solana platform, which would explain why I am less aware of the advancements in Dex Exchangers.

I guess that's what he mean to. But really, it was BSC who take the lead now? Because I thought it was still ETH. If only the gas fees of ETH didn't get bloated, they will still be on top. But ETH was still bigger than in BSC and BNB in terms of crypto rankings. and I heard tokens on ETH are still more safer and has a better quality than the other. So if we are an altcoin/token investor, I will still recommend to prioritized them over the BSC and others.

In between PCS and ORCA, I do agree too that PCS still takes the lead despite SOL tokens are gaining a traction lately. It was still early for them. They need to show their worth first a little longer for them to get a better position.

[Palazodeen]

(....)

What are your assessment about the performance of this exchanges, do you see any exchange making any stride to compete with Binance by the end of 2024? Do you think ORCA can also maintain its position in the DEX world?

For me, Binance will stay in top 1 especially if they maintain their company to stay away from any regulation issue especially the SEC USA, which recently Changpeng Zhao (CZ) stepped down as CEO of Binance.

About the DEX, I am surprised with ORCA despite these layer-2 Decentralized Exchanges (DEX) deployed in multiple networks. As long as Solana is on top, ORCA will for sure be useful and able to continue maintain the trading volume.

Binance new CEO needs to work out modalities for the exchange to get back on track in many countries where their services is no longer available otherwise more regulatory compliant cex like Bitget will continue to get a larger share of the market share coming from those region.
As for ORCA,. As long as the exchange continue to offer minimum transaction fee and lower latency compared to ETH, they should be able to maintain that top spot.

[Palazodeen]

ORCA lead the race for Dex with an unbelievable surge towards the end of the year due to the gains in Solana ecosystem.

first time hearing about ORCA. I didn't know an exchange like that existed. maybe because I am not into SOLANA tokens. I should really look into them. I think there are good earning opportunities in SOLANA Tokens.
I thought panecakeswap or uniswap would be in the top because these are the excahgnes most people use.

Although, Binance market share  dropped by 5 5% due to factors related to regulatory compliance and lawsuit against the CEO in November but overall, the exchange was able to maintain its lead unlike what happened in the DEX where GMT and dydx lost the position as top market share holders

I don't think binance will loose top position just because of CEO change or any problem with old CEO. but if new CEO don't do a good job and maintain the quality of services then it is possible that binance would drop this year. they've been listing tokens too fast now.

I also had the same thought until my encounter with the article...looking through the exchange, I discovered that aside the fact that solana gained massively towards the end of last year which increases the exchange market share because it is built on Solana, users can also exchange tokens with minimal transaction fee and lower latency than any other dex on Ethereum which accounts for why it has been many users destination of late.

[the rise]

in my opinion binance will remain the top 1 exchange this year, if orca dex is top for now I'm a bit doubtful because I see many other dexes emerging from the popularity of each L1 or L2, we'll look at zksync this year and The top dex is Syncswap could beat orca, but let's see together because every progress in crypto is our mutual pleasure

[cryptoaddictchie]

What are your assessment about the performance of this exchanges, do you see any exchange making any stride to compete with Binance by the end of 2024? Do you think ORCA can also maintain its position in the DEX world?

Well compared to Binance thats not a match at all. Probably the closest is OKX and Kucoin. But I doubt they can overtake Binance on top. But its good that we still have other alternative since Binance rven though is a big project can still face some issue to make it customers to leave. Its always good to have back up exchange on CEX. Plus dexes are still there for us to use.

[Yamane_Keto]

The article did not mention Coinbase (only A), and perhaps the reason is that in 2023 ETFs were not approved, but inevitably Coinbase will grow significantly this year and then it may surpass Binance, especially with the number of countries that refused to give licenses to Binance in exchange for increased competition from alternative platforms in the international exchanges market. All of this The reasons why you will click on Binance remained top for cex. As for the DEXs market, I believe that it is mostly a private market, and this year may bring more regulatory measures that may push some to impose KYC.

[Kelward]

What are your assessment about the performance of this exchanges, do you see any exchange making any stride to compete with Binance by the end of 2024? Do you think ORCA can also maintain its position in the DEX world?

Binance remains the top centralized exchange, just like it has been over the years, it's the most popular among the known exchanges, whether it's CEX or DEX. Despite the issues that it's owner and former CEO CZ, is facing with the US authorities that prompted the appointment of a new CEO, people speculated that it might affect the reputation of the exchange, but clearly that is not the case now, and so far the new CEO mr. Teng, is working hard to maintain the trust that people have about the exchange, I don't see them shifting ground from the number one position. As for decentralized exchanges, I don't use them, so it's no wonder that I've not heard about ORCA, before, congratulations to them for hitting the number one in DEX.

[Mpamaegbu]

Do you think ORCA can also maintain its position in the DEX world?

It's my first time reading about ORCA. I looked it up upon stumbling on it here. However, I don't think I will be interested using it though it's marked a Dex. I'm skeptical using any exchange that doesn't display a Trust Score. ORCA isn't rated and there's no trust score for it on the site. That's a turn off for me already.

Well compared to Binance thats not a match at all. Probably the closest is OKX and Kucoin.

OKX seems to be the new kid (sensation) on the block. Some of those mine-to-earn app projects are listing there. Avive listed there in December. A few days ago, Ice also did. Though there's an ongoing issue between Ice and OKX on the ground of how Ice trading was conducted there first day. Kucoin is a copy of Binance. Apart from the difference in font colour and all that, one would think both are the same platform.

[cryptoaddictchie]

OKX seems to be the new kid (sensation) on the block. Some of those mine-to-earn app projects are listing there. Avive listed there in December. A few days ago, Ice also did. Though there's an ongoing issue between Ice and OKX on the ground of how Ice trading was conducted there first day. Kucoin is a copy of Binance. Apart from the difference in font colour and all that, one would think both are the same platform.

Well not using OKX that much but needed to familiarize on some exchanges too. Yeah I noticed that OKX listing some mining to earn projects probably notcoin would be listed there as well when they launch. Kucoin on the other hand is same as Binance but they list frequently new projects. In terms of usage I like these three and bybit. But no one else matches Binance volume as always.

[kentrolla]

When it comes to CEX I would always prefer Binance though they were patronized by regulators a bit this time and their controversy related to CZ and how they managed to overcome the challenges without causing much negative impact I would say Binance has earned this top spot. But, when it comes to DEX I don't think OCRA will be able to retain the top spot once the SOLANA frenzy is calmed down. Again, I might be about DEX since I have not been using them much but when it comes to CEX I don't think there are any exchanges which is competing with it. Huobi needs to buckle up as it's kind of sidelined.