Binance Leads in Both Spot and Derivatives By a Mile

Despite the shocking drops to crypto this Spring, Binance crushed the month of May.

Binance Remains the CEX of Choice

If 2021 is shaping up to be the Summer of DeFi, then May showed an incredible spring forward by Binance. May was uncharacteristically tumultuous even for crypto. However, Binance continues to carve out the largest chunk of the DeFi ecosystem and shows no sign of stopping. 


Monster May Despite Crypto Blips

In May, the rest of crypto appeared to be in flux due to the volatile swings of Bitcoin. The price fell nearly 35% during the month. This was the biggest drop in over two years. Huobi, the closest competitor to Binance, even had its total volume fall by 6% to $271 Billion. The world’s largest cryptocurrency exchange grew its gargantuan spot-trade volume by an impressive 63% from April to May, according to a report by CryptoCompare. The exchange did a whopping $1.5 trillion of spot trades in May. 

The volume does not surprise considering the weekly visits to the site as well. Binance sees a total of $38 million weekly visits. Only the crypto wallet eToroX comes remotely close. It is in second place with just under 20 million visits. No other exchange has more than 10million. Binance is clearly the favorite exchange for DeFi users.


On Binance Smart Chain, there were also a number of attacks across the ecosystem this past month. But it does not seem to have slowed the chain at all. It has pulled away from the Ethereum main net due to high gas fees or just the insane APRs found across BSC, a myriad of users have found a happy home on the chain’s apps and platforms. 

Power in Numbers

The control of Binance exchanges is beginning to come after the other major exchanges in DeFi. Platforms like PancakeSwap and AlpacaFarm are still behind Eth exchanges like UniSwap and Aave in terms of market cap, but the gaps are closing. The number of users and trading volume is increasing on Binance Smart Chain much faster than other chains.

PancakeSwap is still the powerhouse on BSC, and within the last 30 days, 15 of the top 20 DeFi apps for users are on Binance Smart Chain, according to dAppRadar. You read that right: 15 of the 20. Half the top spots by volume over the last month are on BSC, plus Pancakeswap and the charitable BeefyFinance are the top two spots in volume for the last 30 days. 

Top-10 Users on dAppRadar the last month | Source

Derivatives followed closely behind for Binance. Derivative returns were equally as impressive as the spot-trade volume. The chain saw monthly derivative volume increase 49% from April, up to $2.46 trillion. 

Final Thoughts

DeFi is still growing and it is a testament to Binance that they continue to maintain massive domination. We have still yet to see major corporate actors like retail enter into the BSC ecosystem, but it should not be ruled out. Centralized decentralized finance (CeFi), as Binance labels itself, is proving to be the most attractive chain in DeFi.

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