Binance Market Share Declines as Bybit & OKX Gain Ground

Binance's market share in the crypto exchange sector has declined for a second consecutive year, now holding 39.54%, down from 52.5% last year

As the crypto market landscape continues to evolve, several key shifts have emerged, impacting major exchanges, DeFi protocols, and trading platforms. Here are the latest updates on Binance’s market share decline, MakerDAO’s challenges following the Sky rebranding, and Plus Wallet’s enhancement of user accessibility with cross-chain functionality and a mobile-first approach.

Binance’s market share in the crypto exchange sector has seen a notable decline for a second consecutive year. According to data from CryptoCompare, Binance now holds 39.54% of the market, down from 52.5% last year, marking a 13% drop in twelve months. This decline comes as competitors like Bybit and OKX have capitalised on the shifting landscape, securing larger portions of both spot and derivatives trading.

Specifically, Bybit has surged from seventh to second place in spot trading, now holding 8.51% of the market. Meanwhile, OKX has also made significant gains, advancing to third place with a strong presence in both spot and derivatives trading.

Despite these changes, Binance’s native token, BNB, has remained the strongest-performing exchange token, largely driven by its increased utility on both the Binance exchange and BNB Chain. These shifts in market share highlight a highly competitive exchange sector as Binance adapts to the changing market dynamics.

Following MakerDAO’s recent rebranding to “Sky,” the team is now reconsidering its strategy after the move failed to deliver the anticipated results. In an effort to refresh Maker’s identity under founder Rune Christensen’s “Endgame” plan, the token was renamed from MKR to SKY in a move designed to attract new users by offering the token at a lower price point.

However, the price of SKY has dropped by 26.8% since its September launch, and the community has shown hesitancy to adopt the new brand. As a result, MakerDAO is now exploring whether to revert to its original MKR identity or find an alternative path forward.

In other developments, Plus Wallet has announced the launch of its cross-chain feature, enabling users to manage digital assets effortlessly. By empowering users to interact across multiple blockchains, Plus Wallet consolidates all crypto activities—buying, selling, and holding—within a single platform.

This eliminates the need to juggle multiple wallets or exchanges, offering a streamlined solution for building a diverse crypto portfolio seamlessly. Plus Wallet also provides a simple and user-friendly interface, making it easy for both beginners and experienced traders to navigate the market.

Designed exclusively for iOS and Android, Plus Wallet is a crypto trading app built for today’s mobile-driven world. Unlike traditional platforms that require a desktop, Plus Wallet provides an intuitive, on-the-go experience, allowing users to trade and manage their assets directly from their phones.

This mobile-first approach ensures fast, accessible trading anytime, anywhere, all from a convenient app designed to prioritize ease of use and flexibility. Both cross-chain capability and a mobile-first design open up a world of trading opportunities.

By combining broad blockchain accessibility with the convenience of mobile access, Plus Wallet delivers a simpler, faster, and more efficient way to manage digital assets, whether at home or on the move.

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