OKX and Bybit Gain Market Share as Binance Declines
According to on-chain analytics firm CCData’s Exchange Review, Upbit, Bybit, and OKX have experienced the largest increase in spot market share this year. Their dominance has risen by 6.39%, 4.89%, and 3.86% respectively. On the other hand, Binance, BeQuant, and Crypto.com have seen the biggest decline in market share by spot trading volume.
In terms of derivatives volumes, OKX and Bybit have also gained market share, while Binance’s market share has decreased.
Safe Launches Safe{RecoveryHub} with Sygnum Bank and Coincover
The asset custody protocol Safe has partnered with Sygnum Bank and Coincover to launch Safe{RecoveryHub}. This platform offers recovery solutions for digital asset holders through a process called “social recovery.” Users can designate recoverers such as personal backup devices or third-party service providers like Sygnum and CoinCover to regain access to their accounts.
BNB Chain Launches DAU Incentive Program
BNB Chain has announced its DAU Incentive Program, which supports star projects building on BNB Smart Chain (BSC). Eligible projects will be ranked based on their average daily active users (DAU) and can win up to $200,000 in BNB tokens per month.
Blockaid Introduces Transaction Safety Feature on Rainbow Wallet
Blockaid has unveiled a new Transaction Safety feature on the Rainbow wallet. This upgrade provides real-time protection against malicious sites and apps for wallet users, ensuring transparency in Web3 transactions before confirmation.
Fabrica and NFTfi Collaborate for Real Estate Lending
Fabrica and NFTfi have partnered to offer lending for real estate on the blockchain. This collaboration allows users to borrow against their properties or provide loans to landowners on either Fabrica or NFTfi platforms.
BitMEX Forms Strategic Partnership with PowerTrade
Crypto exchange BitMEX has announced a strategic partnership with PowerTrade, a crypto options platform. The partnership aims to explore the integration of new products into BitMEX’s portfolio, combining PowerTrade’s advanced financial products with BitMEX’s user base and liquidity.
Hot Take: OKX and Bybit Rise as Binance Falls
As Binance’s market share declines, exchanges like OKX and Bybit are capitalizing on the opportunity to gain dominance. This shift in market share highlights the competitive nature of the crypto trading industry. Meanwhile, Safe’s partnership with Sygnum Bank and Coincover introduces a comprehensive recovery solution for digital asset holders. BNB Chain’s DAU Incentive Program incentivizes projects building on BNB Smart Chain, driving growth and engagement. Blockaid’s new Transaction Safety feature enhances user confidence in Web3 transactions. Fabrica and NFTfi’s collaboration opens up lending opportunities for real estate on the blockchain. Finally, BitMEX’s partnership with PowerTrade aims to meet the demands of professional traders through innovative product integration.
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