Binance $64.3B
Cryptocom $2.36B
OKX $5.84B
KuCoin $2.65B
Derbit $1.46B
Bitfinex $8.23B
Huobi $3.31B
Bybit $1.89B
Transparency is great, don’t trust verify.
One beautiful thing about crypto is having both CeFi and DeFi — name any other industry where the users have the privilege of self custody. In the past 7 days after the FTX collapse, Binance, OKX, FTX, Kraken, KuCoin, Coinbase, Huobi, Gate.io, Gemini, Paxos, FTX US and Crypto.com have experienced a combined net outflow of $6.33 billion. Meanwhile, DEXs hit $32 billion over the last seven days and experienced double-digit percentage growth in users and transactions. DeFi has had a difficult year and onboarding non-crypto natives is still hard, but as the user experience and safety of dapps is getting better, we’ll continue to see more adoption. [post]
Changpeng Zhao just compared Binance with Google which is running DNS and other important free infrastructure for Internet users. Binance is also focusing on just running infrastructure for cryptousers. [post]
2,300% growth of stablecoins market cap
DeFi has been a big winner in the collapse of the №2 centralized exchange FTX, with DEXs and decentralized lenders seeing big user and transaction volume spikes. Uniswap, the largest DEX, saw users up 19% and transactions up 21%. And Uniswap Labs noted on Twitter that its daily new transacting wallets are up 55%, a 2022 high. Meanwhile, hardware wallets used for self-custody have seen a spike in sales, with Trezor up 300% and Ledger claiming it’s best sales week ever. [link]
“proof of solvency and beyond” by vitalik.ca
Any such a “proof” isn’t 100% guarantee, only DEXes can do that.
CoinMarketCap released a new exchange reserve dashboard feature.
PoR is yet another attack surface, web3 shouldn’t be build as a custodian/centralized services around blockchain networks. Web3 should be build on top of decentralized protocols where all proofs are already inside blockchain.
