CoinGape Announces Winners of Crypto Impact — Source: CoinGape CoinGape, on January 29, announced the winners of the long-awaited Crypto Impact Awards 2025. The CoinGape Awards recognised projects, companies, founders and communities that delivered measurable impact across Web3 during one of the industry’s most consequential years. The ceremony, having Binance CEO Rachel Cohen, YAP Global CEO Samantha Yap, Bitget Wallet CEO Elikeh among other distinguished jury panelists, saw the industry’s key faces bei ...

Core Insights - Binance's spot trading dominance has significantly declined to 25% in December, marking its lowest level since January 2021, as competitors like Bybit, HTX, and Gate.io capture market share [1][2] - The decline in Binance's market share reflects a structural shift in the crypto trading landscape, with the overall market valued at $3.2 trillion [2][4] Spot Trading - Binance's share of spot crypto trades peaked at nearly 60% in 2023 after the FTX collapse but fell to 25% in December, down from 28.5% in November [2][10] - Spot trading typically constitutes about 25% of all crypto transactions, with the majority occurring in derivatives [3] Derivatives Trading - Binance's derivatives market share has decreased from a peak of around 70% to approximately 35% [4] - The shift in trading volume is not benefiting U.S. exchanges like Coinbase, which have seen only modest gains [5] Competitive Landscape - Offshore exchanges are gaining volume, while on-chain platforms like Hyperliquid are changing the competitive dynamics by allowing traders to access perpetual futures without centralized custody [6][9] - The migration of traders to platforms offering better token listings and higher leverage limits poses a threat to Binance's business model [7][10] Leadership and Regulatory Developments - Binance has appointed co-founder Yi He as co-CEO, marking a significant leadership change [11] - The company has secured licenses from Abu Dhabi's financial regulator, indicating a strategy to expand into regulated markets [11]

Core Insights - The article emphasizes the growing importance of convenience and predictability in stablecoin transfers, particularly as they become integral to everyday financial activities [1][4][7] Company Developments - Bybit is enhancing its platform by introducing USDC transfers on the XDC Network, waiving withdrawal fees on XDC for a limited time, and offering a reward pool for new users [2][8] - Other exchanges like BTSE, KuCoin, and Gate.io are also expanding support for XDC, indicating a trend towards more reliable settlement networks [10][11] Industry Trends - The volatility of transfer fees has become a significant concern, with costs for stablecoin transfers fluctuating based on network conditions, impacting users' ability to plan routine payments [5][6] - As stablecoins are increasingly used for payments and business transfers, the infrastructure supporting these transactions must be reliable and cost-effective [12][19] - The XDC Network is positioned as a practical solution for stablecoin transfers, offering quick and low-cost transactions, which is essential for businesses and institutions [14][17] User Behavior - Users are shifting their focus from access to the functionality of stablecoin transfers, prioritizing speed and cost-effectiveness [3][4] - The rising issuance of USDC on XDC, surpassing $200 million, reflects a transition from experimental use to regular activity among users [15] Regulatory Context - Legislative proposals like the GENIUS Act aim to establish clearer rules for stablecoin usage, which could further influence user expectations and behaviors regarding transfers [12][13]

Market Overview - Crypto markets experienced their steepest monthly decline since February, with exchange volumes dropping to $1.59 trillion and Bitcoin ETFs facing $3.48 billion in net outflows [1] - Bitcoin's price fell below $86,000, resulting in over $600 million in liquidated leveraged positions, following a decline from its all-time high of $126,251 [1] Exchange Performance - Binance retained its market leadership with a November volume of $599.34 billion, down from $810.44 billion in October [2] - Other exchanges like Bybit, Gate.io, and Coinbase recorded volumes of $105.8 billion, $96.75 billion, and $93.41 billion respectively [2] Decentralized Exchanges (DEXs) - DEX volumes fell to $397.78 billion from $568.43 billion in October, marking the lowest monthly total since June [3] - Uniswap led DEX platforms with $79.98 billion in November volume, down from $123.88 billion, while PancakeSwap processed $70.57 billion, down from $102.02 billion [3] Market Dynamics - The DEX-to-CEX volume ratio decreased to 15.73% in November from 17.56% in October, indicating a shift towards centralized exchanges amid worsening market conditions [4] - Bitcoin's price fluctuated significantly, starting around $110,000 and dropping to a low near $81,000 before a slight recovery [4] Liquidation Events - The selloff resulted in $564.3 million in long position liquidations, with Bitcoin accounting for $188.5 million and Ether for $139.6 million, pushing total market liquidations over $641 million [5] External Influences - Speculation regarding a potential December rate hike by the Bank of Japan was identified as a key factor contributing to the market crash [6] - Market participants are projecting a 52% chance of a 25-basis-point increase at the BOJ's upcoming meeting, with bond investors assigning a 76% probability [6]

Market Analysis of XDC - XDC is currently in a downtrend, testing a major low around 4 and a half cents, with potential for bullish structure formation if it holds support near 5 cents [2][4] - A potential inverse head and shoulders pattern is forming, suggesting a possible bullish reversal if support holds around the November 4th-5th low [3][4] - Bitcoin's momentum is crucial for XDC's price action, with the market hoping for Bitcoin to gain strength and carry the rest of the market [5] - Short-term price action for XDC appears bearish, but flipping 5.015 cents would be a significant bullish signal [7] Exchange Listings and Market Exposure - XDC has experienced a surge in exchange listings, including Kraken, Binance US, Pionex (ranked 32 with $2.05 billion in 24-hour trading volume and over 253,000 weekly visits), LA Token ($134 million in trading volume, 7,000 weekly visits), BitTap (87,426 weekly visits), Bit Baby ($176 million in trading volume, 738,000 weekly visits), MGBX ($521 million in trading volume, 80,000+ weekly visits), BTSE (ranked 70 with $229 million in trading volume, 1.5 million weekly visits), BTCC (ranked 48 with $683 million in trading volume, 2.2 million weekly visits), VUX ($782 million in trading volume, 2.1 million weekly visits), and WEX (top 30 with $1.5 billion in trading volume, 3.2 million weekly visits) [10][11][12][13][14][15][16] - These listings provide increased liquidity and exposure to a potential audience of over 10 million weekly visits across these exchanges [19][21] - XDC is already listed on top-tier exchanges like Bybit, BitGet, Gate.io, Coin, and MEXC [22][23] Ecosystem Growth and Integrations - USDC on the XDC network is expanding, with over 91% growth in the last 30 days and integration with Indoex [24][25] - XDC is recognized as one of the fastest-growing layer-one blockchains, with a 94+% increase in monthly active addresses, reaching 34,600 [26] - XDC is ranked number two in top RWA (Real World Asset) projects by market capitalization [27] - DeFi expansions and integrations are increasing, including Hermes enabling seamless bridging of XDC [29][30]

Core Insights - Standard Money has successfully raised $8 million in a strategic investment round led by Yzi Labs, with participation from notable crypto investment firms such as Gate.io, Crypto.com, and Animoca Brands [1][2] - The funds will be utilized for the mainnet rollout of USDsd, an algorithmic stablecoin, and to enhance liquidity partnerships and global operations [2] - The rise of algorithmic stablecoins has been met with caution due to past failures, notably the collapse of the Terra-Luna ecosystem in 2022, which raises questions about the sustainability of such tokens [3] Company Overview - Standard Money is the developer of USDsd, a yield-seeking algorithmic stablecoin based on Tether's USDT, the largest stablecoin by market capitalization [1] - The company aims to leverage the recent interest in stablecoins to establish itself in the market, supported by significant investment from established players in the crypto space [3] Industry Context - Algorithmic stablecoins are designed to maintain their peg to an asset through smart contracts and economic incentives, managing the circulating supply [2] - The recent influx of investment into the stablecoin sector indicates a renewed interest in algorithmic models, despite the historical risks associated with them [3]

Core Insights - Major exchanges Gate and Bybit report a significant shift in user holdings from volatile cryptocurrencies to stablecoins, indicating a deteriorating risk appetite among traders [1][2] - User holdings of Bitcoin and Ethereum on Bybit have decreased sharply, while USDT balances have surged nearly 28% as market volatility increases and expectations for a rate cut fade [1][2] User Holdings - Bybit's user BTC holdings fell to approximately 64,000 coins, a decrease of 3.13% or 2,068 BTC from September [2] - Ethereum holdings on Bybit declined by 5% to 542,200 ETH, losing 28,549 coins [2] - User USDT balances increased by 27.89% to approximately 6.389 billion, a rise of 1.393 billion [2] Market Conditions - The exodus from risk assets coincided with Bitcoin hovering near $108,000 and comments from Federal Reserve Chair Jerome Powell suggesting a slower path to policy relief [3] - Bitcoin slipped below $108,000, leading to a rebranding of October's narrative from "Uptober" to "Red October" as total crypto market capitalization fell by 3.1% to $3.69 trillion [7] Reserve Ratios - Both Bybit and Gate reported strong reserve ratios despite the shift in user holdings [4] - Bybit maintained a 103% reserve ratio for Bitcoin and 101% for Ethereum, while USDT reserves reached 110% [4] - Gate's total reserves were reported at $11.676 billion with an overall reserve ratio of 124%, and BTC reserves stood at 24,833 coins against user balances of 18,537 [5] - Gate's ETH reserves increased to 419,096 tokens, raising the excess ratio from 23.58% to 25.93% [5] - USDT reserves at Gate grew to approximately 1.58 billion, covering user holdings of around 1.33 billion with an 18.74% buffer [5] Asset Coverage - Gate's reserves now cover nearly 500 types of user assets, utilizing a Merkle Tree and zk-SNARKs algorithm for verification [6]

🚨 🚨 126,275,187 #DOGE (29,860,454 USD) transferred from #Gate to unknown wallethttps://t.co/SWBqTeCvhj ...

Market Share - Binance holds the top spot with a dominant 398% market share [1] - MEXC_Official trails behind with 86% market share [1] - Gate follows with 78% market share [1]

Top 10 Centralized Crypto Exchanges by Market Share1. @binance - 39.8%2. @MEXC_Official - 8.6%3. @Gate - 7.8%4. @bitgetglobal - 7.6%5. @Bybit_Official - 7.2%6. @Official_Upbit - 6.3%7. @okx - 6.0%8. @HTX_Global - 5.8%9. @coinbase - 5.8%10. @cryptocom - 5.1% ...