Crypto exchanges 2023 annual report by TokenInsight

[Wakanda]

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? 

[XTRAVAGANZA]

Good to see Binance ending the year on a strong note irrespective of the regulatory challenges they've had and the issues CZ had with SEC. Another exchange worthy of commending is Bitget, aside from been compliant to regulations globally, there user base has significantly increased and there native tokens reached a new all time high too.

[Imam]

On 19/01/2024 at 17:44, XTRAVAGANZA said:

Good to see Binance ending the year on a strong note irrespective of the regulatory challenges they've had and the issues CZ had with SEC. Another exchange worthy of commending is Bitget, aside from been compliant to regulations globally, there user base has significantly increased and there native tokens reached a new all time high too.

Meanwhile Bitget's pertnership with Messi is going great. So, can keep this exchange among the category1 for the sake of legitimacy.

 

[Wakanda]

On 25/01/2024 at 05:55, Imam said:

Meanwhile Bitget's pertnership with Messi is going great. So, can keep this exchange among the category1 for the sake of legitimacy.

Yeah....trust and transparency is very essential in the cryptocurrency space since the issue of FTX. I think this partnership of Bitget and Messi is a right call towards the right direction coz it's important for people of integrity and good track record to support a particular brand. Nice one from the exchange 👍😁

[Imam]

On 27/01/2024 at 11:05, Wakanda said:

Yeah....trust and transparency is very essential in the cryptocurrency space since the issue of FTX. I think this partnership of Bitget and Messi is a right call towards the right direction coz it's important for people of integrity and good track record to support a particular brand. Nice one from the exchange 👍😁

Exactly, they're on the right track. For mass adoption, the industry needs more clarity & GOAT like Messi can do that easily.

[gamred]

I read the report by TokenInsight and I think it provides a comprehensive overview of the crypto exchange industry in 2023. It shows how Binance remains the dominant player despite regulatory challenges, and how other exchanges like OKX, Bybit, and Bitget are competing for market share. It also reveals the decline of DEXs, which I find surprising given the popularity of DeFi in 2022. I wonder what factors led to this outcome and whether DEXs can bounce back in 2024. Overall, I think the report is informative and insightful, and I recommend it to anyone interested in crypto exchanges.
 

[Samui22]

I read the report and I think it provides a comprehensive overview of the crypto exchange industry in 2023. It shows how the market has been affected by the regulatory uncertainty, the Bitcoin price fluctuations, and the innovation of new products and services. Some of the key takeaways for me are: - Binance and cryptex  are  still the dominant player, but its market share has declined slightly due to some legal issues. OKX, Bybit, and Bitget are catching up with their competitive offerings and marketing strategies. - Gate has the most number of listed tokens, surpassing other centralized exchanges. This shows that Gate is very responsive to the market demand and the emerging trends of new projects. - DEXs have not performed as well as expected, despite the hype and the potential of decentralized finance. GMX and dYdX, which were the stars of 2022, have seen their volumes and users drop significantly in 2023. Overall, I think the report is very informative and insightful, and I recommend it to anyone who is interested in the crypto exchange industry.

 

[gamred]

I agree with you that the report is very comprehensive and insightful. It gives a clear picture of the crypto exchange industry in 2023, which has been a turbulent year for the market. I think the report highlights some of the key challenges and opportunities for the industry, such as the regulatory environment, the innovation of new products and services, and the competition among different players. I also found it interesting to see how the market share of different exchanges has changed over time, and how some of the new entrants have gained popularity and traction. I think the report is a valuable resource for anyone who wants to learn more about the crypto exchange industry and its future prospects.

[Imam]

4 hours ago, gamred said:

I agree with you that the report is very comprehensive and insightful. It gives a clear picture of the crypto exchange industry in 2023, which has been a turbulent year for the market. I think the report highlights some of the key challenges and opportunities for the industry, such as the regulatory environment, the innovation of new products and services, and the competition among different players. I also found it interesting to see how the market share of different exchanges has changed over time, and how some of the new entrants have gained popularity and traction. I think the report is a valuable resource for anyone who wants to learn more about the crypto exchange industry and its future prospects.

& Yeah newbies will get a clear picture of what's happening on the industry. It's easy to show fake volumes by wash trading but the story is different on tokeninsight!