- A Kaiko report found that the market share of the US dollar on the central exchange fell by 31 per cent in a year.
- Most of the trading volume in password exchanges is denominated in stable currencies..
Trading volume on the centralized Cipher Exchange (CEX) has soared in the past few weeks. Turnover on the largest 18 exchanges reached a four-month high of $51 billion, the highest since the collapse of the Bahamian cryptographic exchange FTX.
Most CEX transactions denominated in stable currencies
According to a report by Kaiko, a provider of digital money sales market data, liquidity is limited in stark contrast to the soaring trading volume of CEX. It is reported that the market depth of BTC/ dollars is only 2%, while BTC/USDT hit the end of 10 months after the collapse of Bank of China.
In addition, the report says it has fallen deeper than it was after the collapse of FTX. The key ramp shutdown of password switching has been identified as the reason.
Limited resources Fiat car slopes have also caused a sharp decline in the market share of the dollar on CEX. Fiat's trading volume on the exchange fell 31% from 69% to 47%.
Up to now, 78% of the transactions on the exchange are denominated in stable currencies, and the market share of the currency in circulation is 19%. Exchange tokens such as BTC [BTC], Ethernet Fang [ETH] or exchange tokens like Binance Coin [BNB] fill the rest of the trading volume.
Kaiko predicts that the market share of stable currencies will increase further, especially on overseas platforms such as Binance.
Among the relatively stable loan currencies, Terra [USDT] is the hottest choice for traders. Slightly inferior is Binance stocks. [BU.S.], which accounted for 19% of turnover as of press time.
The results show that
For USDC and DAI, these stationary passwords are rarely used in centralized swapping, mainly in the DEFI ecosystem.
As for the correlation between Bitcoin and Ethernet Square, Kaiko found that their price ratio has reached its highest level since July 2022.