Assets Trading Stats In Binance DEX
Binance, the leading global cryptocurrency exchange launched this year Binance DEX, a decentralized exchange built on Binance Chain. The platform uses Delegated Byzantine Fault Tolerance (dBFT) as its consensus mechanism. It has 11 pre-selected validators who produce blocks and ensures the stability of the network.
Given the popularity of Binance exchange in the crypto industry and 30 Million+ estimated user base which could be a potential target base for DEX, many projects began to move to Binance Chain and started listing their projects in Binance DEX.
In addition, to ensure liquidity in its DEX platform, Binance added a marketing gig wherein each month, one top traded assets in Binance DEX will be listed for free in Binance CEX. This caused many projects to swarm Binance DEX with bots. At its peak, it had trading pairs with 24-hour trading volume over 5 Million, an unusual volume for a DEX.
Trading in Binance DEX:
Since its launch, a total of 265,411 addresses have been registered and a total of 17,567,992 transactions performed. Currently, more than 60 digital assets are traded in Binance DEX with a combined 24-hour trading volume of 2.8 Million$. It includes trading pairs in BNB, BTC, and USD.
Trading assets which had the most number of transactions and the highest number of holders are as follows-
Data as of 6th Sept 2019, Source: Binance DEX, Binance Chain explorer, CoinMarketCap.
Digital Assets with the highest holders
[wp_charts title="Digital Assets with highest holders" type="bar" align="aligncenter" margin="5px 15px" datasets="21287,17913,12669,12360,6532,5772,4471,4391,3630,3598,3026" labels="Newton,Raven Protocol,Pivot Token,Verasity,Contentos,Meet.One,Harmony,Chiliz,WaykiChain,BeeKan,Atomic Wallet Coin" scaleoverride="true" scalesteps="9" scalestepwidth="2500" scalestartvalue="0" scaleFontSize="22" width="100%" height="100%" colors="#000"]
Digital assets with the highest transaction in Binance DEX
[wp_charts title="Digital Assets with highest transactions" type="bar" align="alignright" margin="5px 15px" datasets="931355,761196,480753, 459313,417933,417650,401935,396834, 375965,325151,324758" labels="Contentos,Unification,Coti, UGAS,WaykiChain,Meet.One,Harmony,LTO Network,DOS Network,Cubiex,Defi" scaleoverride="true" scalesteps="4" scalestepwidth="250000" scalestartvalue="0" scaleFontSize="22" width="100%" height="100%" colors="#000"]
How many assets were studied? Total of 75+ assets listed in Binance DEX. The study was further filter to assets which has more than 1000$ 24-hour trading volume.
By studying these top 10 assets (by transactions and holders), most of the top assets in the list had Binance DEX as their first listing offer. These projects include – Raven, Pivot, Contentos, Chiliz etc and those who had the previous listing, traded in very few (1 or 2) small exchanges.
One particular asset, Harmony is a surprise entrant to the list given that it was a Binance launchpad project back in June 2019 and was listed in both Binance CEX and DEX together. Despite listing in CEX, the ranks suggest Harmony was popular among DEX users for a quite long time.
One reference point is not enough
By further examining the data, very few trading assets in Binance DEX had both holders as well as transaction count well over 75th percentile. What 75th percentile signifies? In simple terms, assets above this value signify that they performed better (in holders and transaction count) than 75% of the trading assets. These are –
- Contentos,
- Meet.One,
- Harmony, and
- WaykiChain.
Note that the top 75th percentile rank alone does not mean that these 4 assets are better performing than others. They only indicate a high level of interest among traders.
Opportunities:
Below graph indicates digital asset total holders count (black area chart) vs holders with more than minimum trading unit (light grey area chart)
[wp_charts title="Holder with more than min trading unit" type="line" align="aligncenter" datasets="6532, 5772, 4471, 3630 next 6006, 3945, 1521, 3583" labels="Contentos, Meet.One, Harmony, WaykiChain" scaleoverride="true" scalesteps="3" scalestepwidth="2500" scalestartvalue="0" scaleFontSize="22" width="100%" height="100%" colors="#000, #e8e8e8"]
In another stats, Harmony in Binace DEX currently has 1,300$ 24-hour trading volume. Of 4,471 holders, over 35% of holders have tokens equal or above the minimum trading limit in DEX.
Opportunity?
Yes, if the right marketing gig is initiated by the team, it could trigger interest once again and create upward momentum of Harmony in Binance DEX and may potentially create a dominos effect on other exchanges.
Speaking of trading volume, if combined together with transaction and holder stats, the study suggests a few more opportunities.
These projects are-
- Aergo
- Coti
- Defi
- Hyperion
- Fusion
Given the high transactions and trading volume with limited BNB accounts holding the asset (limited supply in Binance DEX), a trigger in traders interest could create a rush for these assets and may likely create a price appreciation.
For example,
If we look into Aergo current market listing, Binance DEX is among the top 5 exchanges with high trading volume. An upward movement in Binance DEX could trigger a likely dominos effect in other exchanges and push the prices up.
I beg you, please read this before making any decision. The assets highlighted in this report does not mean that the asset pair (at this moment) is an investment recommendation. It could be a potential buy only if the project team targets the right marketing strategy in the Binance DEX.
