• The legitimate CEX spot volume declined by 56% to $958.3 billion.
• Changpeng Zao says that he would like to make Binance much smaller and decentralized.
• The Ontario Securities Commission issued a similar warning against them stating that they offered security trading with no authorization.
Recently, a research analyst at the block released June’s summary in a Twitter thread. Most metrics had severe drawdowns. However, ETH metrics had a considerable higher beta in June. While we are basing at high levels year-over-year, the parabola for most metrics is broken. Total adjusted on-chain volume declined by 46.6% to $572.7 billion. Adjusted on-chain volume of stablecoins decreased by 41.9% to $445 billion. With issued supply hitting a new all-time high of $105.4 billion with USDT sitting at 60.9% and USDC at 23% market share. No new USDT tokens were issued as of June.
Binance Will Focus More on DeFi, BSC and its Binance Coin
In his thread he also added that the legitimate CEX spot volume declined by 56% to $958.3 billion. This also marks the first time since January that the volume has dropped below the $1 trillion mark. He also added some of the notable market share: Binance at 69.7%, Coinbase at 8%, FTX advanced to 3rd spot with 4.2%, and Kraken at 4.1%. A crypto enthusiast replied that it was an instance of how massive Binance is. To this, the Binance CEO, Changpeng Zao replied that he agrees with it and would like to make Binance much smaller and decentralized. He added that he would like to make DeFi, Binance Smart Chain as well as Binance Coin bigger than they are now.
Independent Validators Would Make Binance Much More Decentralized
Many Binance supporters joined the chat to praise how far Binance has come till now. LaunchZone, a launching platform for DeFi projects commented Binance has evolved the crypto industry in a much better way. They also added that whether CEX or DEX, they are going to show their support equally to them. Konstantin Gladych, the founder and CEO of the Atomic Wallet suggested adding more independent validators for Binance chain to make it more decentralized. Another supporter advised launching layer 2 or side chains in a more decentralized way. According to him, sidechains used alone for DeFi purposes seem to be inevitable in the long run. He also added that the Binance smart chain ledger had been growing faster than expected.
However, Binance, one of the largest cryptocurrency exchanges, has been facing hard times because of the current regulatory crunch. Japan and the UK regulators issued a warning against them as they had no legitimate permit to operate in those countries. Again, the Ontario Securities Commission issued a similar warning against them stating that they offered security trading with no authorization from the regulators. Consequently, the exchange withdrew its operations from Ontario.