OKX and Bybit Surge While Binance Market Share Takes a Hit: Latest Updates

Spot Market Share Trends

Year-to-date, crypto exchanges Upbit, Bybit, and OKX have made significant gains in spot market share, according to on-chain analytics firm CCData’s Exchange Review.

  • Upbit increased market share by 6.39% to 9.20%.
  • Bybit increased market share by 4.89% to 5.80%.
  • OKX increased market share by 3.86% to 7.41%.

On the flip side, Binance, BeQuant, and Crypto.com have witnessed a decline in spot trading volume market share:

  • Binance fell by 19.5% to 31.8%.
  • BeQuant fell by 3.28% to 0.45%.
  • Crypto.com fell by 2.96% to 2.03%.

Derivatives Market Share Trends

When examining derivatives volumes, OKX and Bybit experienced the highest increase in market share:

  • OKX rose by 2.75% to 24.9%.
  • Bybit rose by 0.61% to 14.2%.

Contrastingly, Binance saw the highest decline in derivatives market share last month, falling by 2.30% to 47.6%. This marks Binance’s lowest derivatives market share since October 2020.

Despite the decline, Binance remained the largest derivatives exchange in November by monthly volume, trading $1.26tn (up 30.5% compared to October), followed by OKX ($660bn, up 53.8%) and Bybit ($375bn, up 42.9%).

Safe Partners with Sygnum Bank and Coincover

Onchain asset custody protocol Safe, in collaboration with Sygnum Bank and Coincover, has launched Safe{RecoveryHub}. This comprehensive recovery solution for digital asset holders supports “social recovery,” allowing users to designate recoverers and third-party service providers.

Safe{RecoveryHub} is now available to all Safe{Wallet} users, with partner solutions expected to launch in the first half of 2024.

BNB Chain’s DAU Incentive Program

BNB Chain has introduced its DAU (Daily Active Users) Incentive Program to support star projects building on BNB Smart Chain (BSC). Eligible projects can win rewards of up to $200,000 in BNB tokens per month, with prizes distributed based on their average DAU during the month of program participation.

Blockaid’s Transaction Safety Feature on Rainbow Wallet

Web3 security company Blockaid has launched a new Transaction Safety feature on the Rainbow wallet. This upgrade provides real-time protection against malicious sites and apps, offering users full transparency into the path of each Web3 transaction before confirmation.

Fabrica and NFTfi Partnership for Real Estate Lending

Fabrica and NFTfi have partnered to launch lending for real estate on the blockchain. This collaboration enables users to borrow against their properties or offer loans to landowners on either Fabrica or NFTfi, providing quick access to on-chain capital.

BitMEX Partners with PowerTrade

Crypto exchange BitMEX has announced a strategic partnership with crypto options platform PowerTrade. The collaboration aims to explore the integration of new products into BitMEX’s portfolio, combining PowerTrade’s advanced financial products with BitMEX’s established user base and liquidity.

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