As a place for the digital currency to provide liquidity, the exchange is already at the top of the “coin circle” food chain. Among the many exchanges, the currency security in the head of the industry in less than two years, became a counter-attack black horse, a production-free "printing machine." According to the latest analysis by The Block analyst Larry Germak, the transaction volume of the currency in June will exceed 60 billion US dollars in an unprecedented amount, and the net profit in the second quarter may exceed 100 million US dollars (about 700 million yuan).
The net profit of the currency quarter has exceeded that of some A-shares in some city commercial banks and securities companies, which is consistent with the single-quarter (first-quarter) net profit of Xi'an Bank, and even exceeds, for example, Qingdao Bank (507 million yuan) and Zijin Bank (292 million). ), Zhangjiagang (47 million), Northeast Securities (568 million), Wuxi Bank (303 million), Zheshang Securities (273 million), Great Wall Securities (292 million).
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However, the ambition of the currency security is far more than the top spot of the central exchange. In April of this year, the currency security was launched on the Binance Chain (hereinafter referred to as "coin security chain") and Binance DEX (hereinafter referred to as "DEX"), and BNB was switched from Ethereum to the currency security chain. He Yi, co-founder of the currency security company, publicly stated that DEX is a strategic level in the currency security ecology and the ultimate goal of the currency security strategy. The recent selection of the main station of the DEX project, which is in full swing, seems to indicate this development trend.
Is the currency just want to develop DEX? How is the ecological landscape of the currency security chain, DEX and BNB going to be woven? PAData's observations from the data are mixed.
Binance DEX project can be used for free on the main station
After restarting Launchpad at the beginning of the year, in mid-June, DEX launched a main station selection campaign. The event will be launched in three rounds from June 20th to September 20th. For each round of projects that meet the daily transaction amount of not less than 50,000 US dollars and the total size of each community is more than 10,000 people, the fee will be refunded. The preferential treatment, and the project that meets the requirements will be sent to the main station for review. After the project is approved, the main website will be available for free.
According to CoinMarketCap, as of July 5, there are 27 digital currencies on DEX, 11 projects that meet the daily transaction volume of not less than 50,000 US dollars and a total community size of more than 10,000 people, respectively ERD, SPNDB, AWC, UND, ANKR, RAVEN, LTO, CHZ, BOLT, COS, VRAB.
The ERD is the token of the Launchpad project Elrond, which has already landed at the main station and there is no need to participate in the selection. In addition, the date of CHZ, COS, and VRAB is later than June 20th. It may be the same as the new BZNT, PVT, and TOMOB, and cannot participate in the first round of selection. So in fact, there are currently only 7 projects that have the opportunity to be offered free of charge on the main station.
Being able to freely deposit coins at the main station is tempting for many projects, which means greater liquidity. As of July 5th, CoinMarketCap showed that the coin security main station had a total of 158 digital currencies, forming 512 trading pairs, with a liquidity of up to 3.24 (equivalent to 3 trading pairs per digital currency), each number The average daily trading volume of money is about 1 million US dollars, even if the latter 25% of digital currency daily trading volume can reach about 380,000 US dollars.
The DEX went online for less than three months, and the liquidity was far lower than the main station. 27 digital currencies can only be traded with BNB. The average daily trading volume (median) on the statistical day (July 5) is less than 20,000 US dollars. The ERD with the largest trading volume on the day has about 6 million US dollars, but the transaction The second-largest SPNDB has only about $600,000 in trading volume, which is lower than the average level of the currency security station.
If the project on DEX can successfully break through the main station of the coin security, it may be affected by the high liquidity radiation of the main station under the joint propaganda. However, it is not difficult to meet objective requirements. It is difficult to pass the review of the main station. The announcement did not state whether there will be a project that meets the requirements to log in to the main station, or it may be that only DEX itself is concerned.
Launchpad's drainage effect for DEX lasts approximately 7 days
Although DEX currently has only 27 digital currencies, there are not a few assets waiting to be queued for DEX. According to the data of the Chain browser, there are currently 90 kinds of assets on the chain. According to CoinMarketCap's statistics, from July 6th to July 10th, DEX has added 7 new digital currencies. At this rate, the tradable currency will be rapidly enriched.
However, the trading volume of DEX has not improved significantly. If you track the trading volume of DEX for many days, you can find out that the daily trading volume is obviously affected by the Launchpad project.
On July 5th, the total daily trading volume of DEX reached about 7.96 million US dollars. On July 8, the total transaction volume still had about 7.81 million US dollars, and the total transaction on July 10 has shrunk to about 3.91 million US dollars, a significant drop. In the time window of the above observation, the two items with the largest transaction volume are the ERD and SPNDB of the latest Launchpad. The transaction volume of ERD decreased rapidly with the delay of Launchpad. On the 5th day after Launchpad on July 5th, the transaction volume of ERD was about 6 million US dollars. On July 8th, after 6 days of Launchpad, the transaction volume was about 4.62 million US dollars. Eight days after Launchpad on July 10, its trading volume was only about $50,000. The daily trading volume of SPNDB in these three days was about 600,000 US dollars, 1.14 million US dollars and 1.16 million US dollars, respectively, and the change was significantly smaller than ERD.
Although the change in the total trading volume of DEX during the period from July 5th to July 8th cannot directly indicate that the decline in the ERD transaction volume of the latest Launchpad project has led to a decrease in the total trading volume, during this period, the trading volume of SPNDB has increased to some of the day. The decrease in total trading volume. Due to the existence of this variable factor, it is difficult to judge whether the volume of ERD decline is lost or to other digital currencies in DEX such as SPNDB.
However, the change in the total transaction volume of the DEX day from July 8 to July 10 can more clearly point to the guiding effect of the Launchpad project for no more than 7 days. During this period, the trading volume of SPNDB was basically stable at around 1.15 million US dollars, and the increase in only 2 days was only 1.74%. At the same time, however, the volume of ERD declines was basically the same as the total volume of DEX decline. In 2 days, the ERD transaction volume fell by about 4.57 million US dollars, and the total volume of DEX daily transactions fell by about 3.9 million US dollars. Most of the traffic brought by the Launchpad has been lost.
Although Launchpad has limited drainage effect on DEX, DEX, which has only been on the line for less than 3 months, has already achieved a good transaction volume compared with similar products. CoinMarketCap showed that on July 10, the daily transaction volume of the currency DEX was about $3.91 million, while the IDEX, the largest decentralized exchange on the Ethereum, was only about $3.8 million. It is also difficult for the wide user base of the currency security main station to break through the constraints of the decentralized exchange users.
Coin An CGO (Chief Growth Officer) Ted Lin said in an interview with PANews that “the big dealrs will not be the first group to turn to DEX. On the other hand, in terms of retail investors, if they have some understanding and ideas, they may choose Going to DEX to try to make a transaction. No matter what the direction is, as long as the user is willing to choose to go to the DEX transaction spontaneously, in some respects, it is the affirmation of DEX technology. In terms of the fluency of the experience, DEX is also very Complete, it just means that there is a different way of running between centralized and decentralized exchanges."
Binance DEX provides limited liquidity for BNB
He Yi, co-founder of the currency security, told the media that the future transactions, investment, media, charity and other businesses of the currency will fall on the currency security chain, and the biggest application in the public chain is DEX, the latter will be the currency security. The strategic level of ecology is the ultimate goal of the currency security strategy.
From this statement, it is not difficult to see that the three brands of the currency security chain, DEX and BNB have woven the strategic blueprint for the future of the currency security. In this blueprint, the currency security chain will become the foundation, DEX is the cornerstone of the business, bringing liquidity to the entire ecology and empowering BNB, and BNB will become the fulcrum of the whole ecology, and expand the payment to the business of the currency security. Provide conditions in areas such as lending.
However, from the current point of view, the liquidity created by DEX for the current volume of BNB is still very limited. Although the digital currency on DEX can only be traded with BNB, according to CoinMarketCap, the transaction volume of BNB in DEX only accounts for 2.81% of the total transaction volume of BNB, which is lower than BKEX, Bit-Z, LBank, BitMax and DrangonEX, BNB. Liquidity is still mainly created by the currency security main station, and 54.29% of BNBs come from the currency security main station.
Although Launchpad makes BNB a trading medium in addition to platform currency. However, from the transaction volume of each transaction, the market first considers that BNB is the platform currency and is the platform currency of the outstanding exchanges. Only the BNB/USDT transaction volume accounts for 53.62% of the BNB transaction volume, only 16%. The transaction amount comes from 131 currency pairs other than BTC.
In addition, it is well known that the main profit of the centralized exchange comes from transaction fees, but according to CoinGecko's statistics, there is no handling fee for the transaction of the currency security DEX, but the use of the currency security chain in the transaction process requires a certain fee, such as In the order book trading mode, when Order Expire occurs (the order submitted by Maker is not selected by the Laker to be destroyed), the user needs to pay 0.0001 BNB.
Many people believe that DEX is the future development of the exchange. So, for the currency, if DEX can't create enough liquidity for BNB, BNB can extend to other fields based on the currency security chain, and shake the whole chain ecology. If so, then the main income of the currency, even sustainable development, may be affected. In the process of this migration, the trading business of the Coin Ants will continue to provide energy for the ecological construction of its chain.