🧐CoinGlass Q1 Report: The Real Competition is Not Between CEXs | Why Has Binance Become Stronger After Every Crash?
I just finished reading CoinGlass's 2026 Q1 exchange report, and there are a few interesting points:
Many people think the competition among exchanges is about who has the highest trading volume,
but the landscape has already changed:
The real competition involves four things:
Trading volume / Open interest / Depth / User asset retention.
1️⃣ Overwhelming Advantage!
Interestingly, despite being subjected to FUD for so long,
Binance still ranks first in all four metrics. Damn, this is not just a temporary advantage, but a structural one.
As you can see, after every cycle of market fluctuations, liquidity tends to concentrate more towards the top players, because big funds care less about activity and rebates, and only care about the safety of their damn funds.
2️⃣ The Year of On-Chain Derivatives.
The second interesting point: On-chain derivatives like Hyperliquid have already started to enter the top ten, indicating one thing: DEXs are genuinely starting to capture market share.
Originally, everyone was just looking ahead, but now they can really sit at the table. So I think the most interesting part of this report is not observing the competition among CEXs, but seeing the competition for trading habits between CEXs and on-chain.
3️⃣ Summary!
After experiencing so many cycles, what strikes me the most is that the competition among exchanges in this cycle is really different; it has upgraded from who markets better to who resembles financial infrastructure more.
And Binance is the one that resembles infrastructure the most, while OKX has a more complete on-chain ecosystem.
But the real variable is not currently who ranks first or second, but whether people will still be trading in CEXs five years from now. Will we see the top three in the rankings being DEXs? That’s the interesting question.
What do you all think?
Can DEXs flip CEXs?
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
