Centralized exchanges displayed their influence across key metrics in October. Binance remained in the top spot, but Gate was the leader in monthly growth.
October arrived with robust activity on centralized exchanges. Both the rise at the beginning of the month and the liquidations after October 11 led to growing demand for the more reliable liquidity of centralized markets.
Gate is the leader among smaller exchanges, with volume expansion compared to September’s results. Binance is still the leader in total centralized volumes, but had a lower activity in October.
The recent Cryptorank report shows crypto exchanges are no longer relying on just general market hype.
Instead, centralized exchanges try to expand their brand, positioning themselves not only as a trading venue. Even Binance has followed the trend of boosting its decentralized finance ecosystem and offering other integrated services.
Gate also boosted its position mostly through its launchpools, the native Gate Layer network and perpetual futures trading.
Spot activity on centralized exchanges expanded in October
Cryptorank’s research matched previous reports of expanding spot trading volumes in the past month. Spot activity reflected both retail and institutional inflows, following a relatively slow September.
Total spot volume rose from $1.82T in September to $2.42T in October, for a 33% month-on-month growth.
Gate retained its leadership with strongly rebounding spot volumes. The exchange achieved over $159M, with a 31% month-on-month growth. The market achieved a record 6.57% market share, inching closer to the top exchanges.
Binance’s October spot growth reached 29%, and KuCoin expanded by 218%. Spot volumes also returned to OKX, HTX, and Crypto.com.
Derivative trading was split between Binance, OKX, and Bybit. KuCoin also expanded its derivative volumes in October following a promotional campaign and the introduction of new products.
Centralized exchanges accelerate the competition between chains
The growth of CEX ecosystems also accelerated the competition between chains and the potential services and apps offered on them.
BNB Chain had the strongest performance, but other chains started to gain traction. Mantle, supported by Bybit, had another strong month of growth. Gate Layer, a L2 chain built on the OP Stack, also boosted its influence. The native chain of the Gate exchange had one of the fastest rates of adoption among CEX-affiliated blockchains.
Gate’s growth also hinged on its launchpad activity. Gate stood out as the leader in new token launches, with 35 new launchpools in September and October. Binance slowed down its activity with one launchpool event, while Bybit and Bitget had 6 and 8 events, respectively.
The inflows to launchpools indicate that crowdfunding and curated new token sales remain viable. The expanded activity also brought $3.3M in rewards, bringing further incentives to Gate users. As a result, Gate also established itself as the go-to platform for new launchpools.
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