Decentralized exchanges are growing faster than centralized ones, but Binance continues to see 171 million visitors in a month

A new report from Chainalysis shows that the number of decentralized exchanges (DEX) is growing faster than any other type of cryptocurrency exchange. But data from Similar Web shows that centralized exchanges are far from unpopular, with Binance registering 171 million visitors in October.

Chainalysis released a report on cryptocurrency exchanges on November 11th and provided an analysis that breaks down the exchanges by their business models, including DEX, CEX, over-the-counter (OTC) brokers, derivatives platforms, and high-risk exchanges with minimum know-your requirements of the client ( KYC).

According to the data, the number of DEX between the first quarter of 2019 and the third quarter of 2021 rose by more than 100% to around 205 in June of this year. In comparison, the number of CEX temporarily rose from around 100 to 120, before falling back into the 100 region within that period.

Decentralized exchanges are growing faster than centralized ones, but Binance continues to see 171 million visitors in a month
Decentralized exchanges are growing faster than centralized ones, but Binance continues to see 171 million visitors in a month

The number of OTC brokers also increased significantly and reached the 150 mark by around 50% in the third quarter of 2021. The number of futures exchanges increased slightly to around 125 in 2019, and since then it has essentially remained in that region while lHigh-risk exchanges broke out to around 150 in mid-2020 before falling well below 100 in the third quarter of 2021.

Growth of active cryptocurrency exchanges. Source: chain analysis

“Of course, the number of active exchanges in each category is not the only way to gauge the health of those categories. Ultimately, cryptocurrency companies not only survive, they need to increase their user base and the volume of transactions to thrive, ” refers to the report.

Chainalysis noted that the growing popularity of DEXs over the past two years coincided with the “explosive growth of the DeFi category in general”. The company highlighted that the total value of around $ 10 billion received from DEXs

Binance is still king

Despite the fact that it has come under intense scrutiny and pressure from regulators around the world in recent months, The data shows that the centralized exchange Binance is still ahead of its competitors.

Based on similar web data collected by Finbold, Binance had the highest web traffic of all exchanges in October with a total of 171 million visitors. Compared to the previous month, this means an increase of 12%. Coinbase ranks second with 91 million visitors last month, and recorded a 31% increase in traffic compared to the previous month.

In particular, it is the third most popular exchange PancakeSwap, a DEX operating on the Binance Smart Chain, with 25 million visitors and an increase of 14% over the previous month. While Bybit is in fourth place with 24 million (8% less than in September).

Coingecko data shows that Binance is way ahead of its competitors in terms of volume, with the platform moving more than $ 33.3 billion in the past 24 hours. This value is more than five times higher than the total value of Coinbase, which ranks second and generated a volume of 6.6 billion US dollars over the same period.

On Thursday the Wall Street Journal reported that Former Binance executives estimated the company could be worth up to $ 300 billion if it went public. It’s unclear when or how Binance will go public, considering it doesn’t have an official headquarters. But the CEO, Changpeng Zhao said in September that Binance’s US subsidiary was considering an initial public offering (IPO) in 2024.

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