An analyst at crypto insights firm Arcane Research says one titan of the industry is the “clear winner” of last year, standing tall among a sea of bankruptcies and collapses.
Senior Arcane Research analyst Vetle Lunde says Binance is the winner of crypto exchanges in 2022 regardless of how you measure it.
“No matter how you look at it in terms of trading activity, Binance dominates the crypto market.
92% of spot volume
66% of global perpetual volume
49% of global perpetual open interest (OI)
61% of BTC perpetual/futures volume
30% of BTC perpetual/futures open interest
Binance is the clear winner of 2022.”
Lunde says that ever since Binance lifted trading fees for Bitcoin, the crypto exchange has completely dominated BTC trading volume, currently at 92%.
“We have to go all the way back to Mt. Gox’s heydays to find a period where a single exchange dominated in a similar fashion.”
The analyst also lists Binance’s other key achievements in 2022.
“Additional Binance wins of the year:
1. Taken market share in the stablecoin market
2. BNB vastly outperforms BTC and ETH
3. Been a clear outlier in employment, doubling its employee stack in a year when several competitors have laid off half its workforce or gone bankrupt.”
In contrast to Binance, the crypto industry has seen a historic wave of bankruptcies and failed companies, including the collapse of FTX and job cuts from Coinbase and ByBit.
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Featured Image: Shutterstock/Tithi Luadthong
