Battle of the Titans Binance with its profound internal strength vs OKX with its accumulated power and sudden burst, who will laugh proudly in the crypto world?

Titans Clash Binance's Unbeatable Internal Strength vs OKX's Explosive Power - Who Will Reign Supreme in the Crypto World?

Author: 0xGaoBit

Recently, due to the positive impact of the expected Bitcoin ETF in the spot market, the cryptocurrency market has generally shown an upward trend. Many sectors have seen an increase. As the most sensitive and widely held platform coin in the industry, it has also experienced a certain degree of growth. However, among these platform coins, the increase in Binance’s platform coin BNB is relatively average, which may reflect Binance’s performance in 2023 to a certain extent.

As the cryptocurrency trading platform with the highest market share, Binance has always faced fierce competition from other trading platforms such as Coinbase and OKX. These platforms are rapidly expanding their business and striving to expand their market share. In the intense competition of the cryptocurrency market, can Binance maintain its position as the “number one exchange”? Today, we will mainly compare and analyze the market performance of Binance and OKX in 2023 from three dimensions.

1. Product Layout

On November 8th, Richard Teng, the Regional Market Head of Binance, announced the launch of the self-custody Binance Web3 Wallet during Binance’s flagship event, Istanbul Blockchain Week, aiming to provide users with a simple, secure, and all-in-one Web3 experience.

• Crypto Taxes: A Never-Ending Maze of Madness
• Welcome to the World of Crypto Taxes: Where the IRS is Cracking Down and Investors are Seeing Black and White Rules!
• IRS + DeFi A Match Made in Crypto Heaven – Why the IRS Should Offer a Free Tax Reporting Tool

The wallet is built into the Binance App, allowing users to explore the Web3 world without the need for complex registration or concerns about losing mnemonic phrases.

With the Binance Web3 Wallet, users can easily perform various token exchanges on the network, access various DApps, transfer funds quickly, and earn profits with cryptocurrencies.

Binance founder CZ stated that the Binance Web3 Wallet reduces the threshold for users to achieve complete asset self-custody and access, it is an important and convenient bridge to DeFi empowerment. It can be seen that Binance is ready to make a move in the Web3 wallet track.

Web3 wallet is one of the popular tracks nowadays, and many trading platforms are launching their own Web3 wallets. In addition to Binance, Bitget, gate.io, and Bybit also have their own Web3 wallets.

When it comes to exchange platform wallets, we have to mention OKX’s Web3 wallet. In fact, OKX started laying out Web3 wallets as early as 2021, and in August this year, it took the lead in launching the AA smart contract wallet.

According to the latest ecosystem overview released by OKX Web3 wallet on September 20th, its Web3 wallet has connected to 70+ public chains, supported over 120+ DeFi protocols, and all the Top100 DeFi protocols displayed on the defillama platform have been integrated into OKX’s Web3 wallet. The NFT market aggregation platform supports 30+, and supports multiple ecosystems such as Game, Social, MEME, Tool, etc., with a total support platform and protocol of more than 300.

In the realm of Web3 wallets, OKX has clearly taken the lead. In fact, Binance had already started positioning itself in the digital wallet market as early as 2018 when it acquired Trust Wallet. However, Binance has yet to release a groundbreaking product, and Trust Wallet seems to serve more as a necessity for enhancing the facade of the leading exchange rather than being widely used among friends.

In contrast, OKX has secured a leading position in the Web3 wallet field through its ecological layout.

Now, with the current popularity of Bitcoin NFTs, it remains to be seen whether Binance’s launch of a Web3 wallet will further tap into the potential of the NFT market. Additionally, Binance has recently launched trading for ORDI tokens.

However, in terms of positioning in the Bitcoin NFT market, OKX once again surpasses Binance and other trading platforms. As early as May 20th of this year, when the Ordinals ecosystem first exploded, OKX chose to list ORDI tokens for trading, five months ahead of Binance.

Moreover, OKX’s Web3 wallet has also achieved a great success in recent BRC-20 token trading.

According to data from the Dune platform as of November 12th, Bitcoin Ordinals trading on OKX’s Web3 wallet accounted for a staggering 84.3%, while the second-place Unisat wallet had a mere 14.7%, leaving a nearly 6-fold difference between the two.

In BRC-20 ecosystem discussions within the community, many trading screenshots indicate the use of OKX’s Web3 interface, which has become the star product of their wallet. Therefore, some KOLs commented that Binance’s integration of Web3 in their app is an attempt to catch up with OKX.

2. Regulation

For cryptocurrency trading platforms, regulatory issues have had a profound impact. Although every platform claims to embrace global regulation and seek development within compliance frameworks,

both Binance and Coinbase have faced heavy scrutiny from the U.S. Securities and Exchange Commission (SEC).

Binance has faced lawsuits from the SEC and the U.S. Commodity Futures Trading Commission (CFTC) and has been investigated and targeted by regulatory bodies worldwide, including the Financial Services Agency of Japan, the Financial Conduct Authority (FCA) of the United Kingdom, the Securities and Exchange Commission of Thailand, and the Monetary Authority of Singapore.

However, why do regulatory agencies in so many countries hold such an unfriendly attitude towards Binance?

This may be related to Binance’s disregard and challenges to regulatory provisions during its development. With the rapid rise of the cryptocurrency market, as one of the market leaders, Binance is inevitably the focus of regulatory agencies. At the same time, some of Binance’s actions have also triggered resentment and investigations by regulatory agencies.

Binance founder Zhao Changpeng once stated that due to Binance’s large scale, regulatory agencies are scrutinizing it to a greater extent, and as a market leader, Binance has a greater potential for “grease.”

Regardless, Binance is being “treated differently” in terms of regulatory issues, which not only has a negative impact on its business development but also shakes users’ confidence in the platform.

However, for OKX, which is also one of the world’s top cryptocurrency exchanges, it rarely encounters regulatory issues. Apart from OKX, platforms like Huobi, Gate.io, Bitget, etc. have rarely heard of being “treated differently” by regulatory agencies.

In the long road to cryptocurrency trading compliance, whether it is Binance, Coinbase, or OKX, they will all face more regulatory challenges. However, as one of the most influential cryptocurrency trading platforms, Binance has become the focus of special attention from regulatory agencies and faces greater regulatory pressure.

III. Performance of Platform Tokens

The development value of cryptocurrency trading platforms is captured by their respective platform tokens. Therefore, the price performance of platform tokens can to some extent reflect the development of the trading platform.

Below, let’s compare the performance of BNB, OKB, and other exchange platform tokens.

As of November 12, BNB’s price is $248, while on January 1st this year, BNB’s price was $246. Holding BNB from the beginning of the year until now has resulted in almost no change in profits.

In 2023, Binance will face many regulatory issues, which will undoubtedly affect the confidence of BNB holders. In addition, Binance has not shown particularly outstanding performance this year, and the IEO return rate continues to decline, all of which have had a negative impact on the price of BNB tokens.

As for OKB, the platform token of OKX, its performance in 2023 has been quite impressive. Starting from a price of $26 on January 1st, it has skyrocketed to $61 today, boasting a 135% increase.

OKB’s increase in 2023 is not only higher than BNB, but also surpasses BTC’s increase this year (123%). This is obviously related to OKX’s strategic layout this year, for example, OKX has made significant progress in the Hong Kong market and the Ordinals ecosystem.

We can also see the exchange rate change between OKB and BNB through Coinmarketcap. The exchange rate at the beginning of the year was 0.1, and now it is 0.24. The exchange rate of OKB/BNB has increased by 127%.

Let’s take a look at the performance of other platform coins on cryptocurrency exchange platforms. Bitget’s platform coin BGB has increased by 166% this year, while Huobi HT has dropped by 39% compared to the beginning of the year. Gate.io’s platform coin GT has increased by 40% this year, and MX has increased by 250%.

Although Coinbase has not issued a platform coin, as a company listed on Nasdaq in the United States, its stock price can also reflect the value brought by platform development.

Coinbase’s stock (NASDAQ: COIN) has risen by 176% in 2023, surpassing Bitcoin’s increase during the same period. This performance is closely related to Coinbase’s strategic layout, such as the launch of the Ethereum Layer2 Base network and becoming the custodian company for multiple spot Bitcoin ETF funds in the future.

In comparison, BNB as the platform coin of a top exchange has performed relatively flat in 2023, and its increase has a certain gap compared to the overall market.

In summary, in the current cryptocurrency exchange market, Binance still occupies the largest market share, far surpassing Coinbase and OKX. However, compared to other cryptocurrency exchange platforms, Binance’s performance in 2023 is not outstanding. In addition, Binance faces a series of regulatory issues, which have had a certain impact on the confidence of its users, reflected in the lower price increase of BNB tokens. BNB holders’ returns have been relatively poor this year.

At the same time, although Coinbase also faces a series of regulatory issues, the platform is constantly expanding its business and its stock price is performing well. OKX, on the other hand, with its ecological layout, its platform coin OKB has surpassed Bitcoin’s increase this year. As for whether Binance’s leadership position as a cryptocurrency exchange platform will be shaken, it still needs to be verified over time.

P.S This article does not constitute any investment advice

We will continue to update Blocking; if you have any questions or suggestions, please contact us!