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Decentralized exchanges (DEX) are growing faster than other types of crypto exchanges



According to a new report, decentralized exchanges (DEX) are booming compared to regular crypto exchanges (CEX - Centralized Exchanges). But the same data also shows that some centralized exchanges are far from unpopular. Binance, for example, had 171 million visitors to its website in the last month alone.

The report on crypto exchanges produced on Chainalysis broken down crypto exchanges according to their business models. These include decentralized exchanges, centralized exchanges, over-the-counter (OTC) brokers, derivatives platforms, and high-risk exchanges that do not require identity verification.

According to the data in the report, the number of DEX crypto exchanges rose to at least 205 between 2019 and 2021 (that's more than 100%) as of June this year.

In contrast, CEX crypto exchanges temporarily jumped from around 100 to 120 before dropping to 100 over the same period.

Sharp increase in active CEX crypto exchanges

The OTC brokers are not lagging either and recorded a sharp increase to around 150 in the third quarter of 2021, i.e. by 50%.

The number of derivatives exchanges rose to around 125 in the last year alone and has not changed since then.

The number of risk exchanges rose significantly to around 150 in mid-2020, before falling to below 100 in the third quarter of 2021.

According to the report, the number of centralized crypto platforms in each category doesn't necessarily reflect the health of those categories:

After all, crypto companies aren't trying to survive - they need to grow their user base and transaction volume to thrive.

Chainalysis in the report highlighted that the massive popularity of decentralized exchanges over the past two years "coincided with the explosive growth of the decentralized finance category in general".

Binance is still at the top

Although Binance is under scrutiny by global regulators, the report's data shows that this centralized crypto exchange is still at the top of the food chain.

According to the latest data from Finbold , Binance recorded a total of 171 million visitors on its platform in October. This number represents a sharp increase of 12% compared to the other months before.

The second crypto exchange, Coinbase, recorded 91 million visitors to its platform in October, which is a sharp increase of 31% compared to the other months.

The third crypto exchange by popularity is PancakeSwap, a DEX exchange (that works on the Binance Smart Chain ). She had at least 25 million visitors to her platform - a 14% increase every month.

In fourth place is Bybit, with at least 25 million visitors, down 8% three months ago.

Further data (from Coingecko) shows that Binance is at the top of the table in terms of trading volume. The crypto exchange recorded more than $ 33.3 billion in bitcoin trading in the past 24 hours.

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