Despite the ongoing campaigns of FUD and panic calls against the Binance adjustment, information shows that the trading platform continues to lead in crypto spinoff deals. Data from the prestigious cryptocurrency spinoff knowledge evaluation tool CoinGlass shows that Binance’s 24-hour Futures trading volume is over $21 billion.
Particularly, Binance has $21.06 billion in futures contracts. According to this figure, the change owns 219.45% more crypto spinoff volume than its nearest rival at OKX. In the previous 24 hours, only $6.59 billion worth of futures were traded on the OKX exchange. Bybit also noted $4.34 billion.
Furthermore, Binance also dominated the groups of several crypto spinoff purchasing and selling sites when it came to Open Curiosity (OI). In particular, Binance recorded a 24-hour OI trading volume of $7.18 billion, outpacing Bybit, which was next in line, by approximately $4.28 billion. Additionally, within the same time period, participants in the cryptocurrency market sold roughly $14.5 million worth of assets on Binance.
Thor Hartvigsen, a renowned data-driven DeFi researcher, revealed the startling facts underlying Binance’s futures buying and selling in a recent tweet. According to Hartvigsen, Binance continues to rule the market, transacting between $15 billion and $45 billion per day.
Curiously, the researcher noted that the daily trading volume exceeds the total daily trading volume of all decentralised everlasting protocols combined by about 20 times. These protocols include Synthetix, GMX, dYdX, and others.
Hartvigsen stressed the enormous development potential of protocols aiming to provide centralised exchange-like buying and selling capabilities in the cryptocurrency market. According to him, this requires a number of essential components, such as easy onboarding, excellent UI/UX, affordable fees, and a variety of purchasing and selling pairs.
Notably, Binance has come under intense scrutiny from prominent members of the crypto community. Customers of Binance have been urged by several to remove their money from the system while it is still operational.
