Bybit data indicates that centralized exchanges (CEXs) growth has not surpassed decentralized exchanges (DEXs), with Uniswap v3’s volumes rising by 320%.
Since late last year, trading volumes on global centralized cryptocurrency exchanges (CEXs) such as Binance have increased substantially, according to a new report.
From October 2023 to March 2024, numerous CEXs at least tripled their monthly trading volumes, according to the Bybit Institutional Report 2024.
According to a report by Bybit on April 18, 30-day volumes of OKX have increased by as much as 278% since October of last year, with Binance following suit with a 239% increase. Bybit Exchange was also one of the platforms with the most rapid volume growth, increasing by 264%.
At least one of the three exchanges has outpaced the average growth rate of 255% for the industry, according to a Bybit spokesperson who spoke with Cointelegraph.
Volumes on the U.S.-based exchange Coinbase increased by 193%, which lagged behind the average growth rate by a small margin.
The notable increases in CEX volumes, as reported by Bybit, were predominantly propelled by the price surges of Bitcoin and Ether after the U.S. regulatory sanction of spot Bitcoin BTC exchange-traded funds (ETFs).
“For the volume sections, we compare 30-day volumes to eliminate volatilities in volume figures on a daily basis,” a Bybit representative said. Bybit analysts compared October 2023 trading data to March 2024 to show volume growth and see market share changes between CEXs, the spokesperson added.
Despite OKX surpassing Binance in terms of growth rate during the period under analysis, Bybit’s data indicates that Binance continues to hold the largest market share among cryptocurrency exchanges, contributing to a minimum of 58% of the overall spot trading volume.
As of March 2023, the report classifies Bybit as the second-largest exchange in terms of market share, with a commanding 9.6% of the market. Comparative OKX exchange volumes comprised approximately 9 percent of all crypto trading.
Based on data from Bybit, the volume growth rate for prominent decentralized exchanges (DEXs), including CEX Uniswap v3, has surpassed the growth trajectory of CEXs by 320 percent.
Additionally, 30-day trading volumes on derivatives CEXs have increased marginally, with the most prominent derivatives participant, Binance, adding approximately 66% during the period.
“The derivatives market for CEXs is almost entirely dominated by Binance, OKX and Bybit,” the report highlighted
