In the period from October 2023 to October 2024, emerging forces are seizing market share through innovative strategies, with vertical exchanges represented by LBank demonstrating significant strength.

Author: mm

In recent years, the global cryptocurrency market has experienced dramatic fluctuations, accompanied by fierce competition among major trading platforms. As a primary trading platform for crypto assets, centralized exchanges (CEX) are competing in terms of user growth, trading volume, and market share. According to the recent 2024 CEX market report released by 0xScope, during the period from October 2023 to October 2024, emerging forces are seizing market share through innovative strategies, with vertical exchanges represented by LBank demonstrating significant strength.

Market Restructuring: Major Market Shuffle, Old and New Alternating

According to the 2024 CEX market report released by 0xScope, in the past year, among the top 5 centralized exchanges—Binance, Bybit, OKX, Upbit, and Coinbase—only Bybit has recovered to the forefront, while the other four continue to maintain relative market share advantages:

• MEXC, originally ranked 5th, has fallen from a 5.30% spot market share to the 11th position with 3.65%;
• Gate.io, Huobi, and Bitget have all seen simultaneous increases in their market shares;
• Well-known exchanges such as KuCoin, WhiteBIT, and Kraken have all dropped out of the top 12, replaced by LBank, Crypto.com, and Bitrue.

Derivatives Market Transformation: "One Dominant, Many Strong" is Evolving into "Diverse Competition"

In the past year, in the crypto derivatives market, Binance's market share has dropped from 50.9% to 35%, showing a significant decline. Meanwhile, the market shares of OKX, Bybit, and Bitget have significantly increased, with OKX rising from 15.5% to 19.83%, Bybit from 6% to 15%, and Bitget from 8.2% to 12.73%. The rise of these three indicates that the market is gradually shifting towards a diversified competitive landscape.

In the coming years, as the crypto market continues to develop, the landscape of the spot and derivatives markets may continue to evolve. LBank, with its meme coin listing strategy, has achieved significant growth in the spot market, and its layout in the derivatives market is also highly anticipated. The derivatives market, due to its high leverage characteristics, has become an attractive sector in the crypto field, with many platforms increasing their investment in derivative products.

Intensifying Competition, Meme Becomes a New Hotspot

Today, meme coins have become the most noteworthy emerging investment targets for 2024. In particular, meme coins like NEIRO and GOAT have quickly attracted attention in the crypto market due to their new narratives and strong wealth effects.

Exchanges, as the perpetual motion machines of wealth in the crypto market, hold an unshakable position. Emerging exchanges will naturally not miss the opportunity to capture these hot meme trends, especially LBank. According to the 0xScope data report, LBank's spot market share has increased to 3.04%, ranking 12th globally.

The successful launch of meme projects like GOAT, NEIRO, and MOODENG has further solidified LBank's leadership position in the meme coin market. These meme coins not only exhibit high market activity but also drive an overall increase in platform trading volume. With the popularity of meme coin projects, LBank has effectively narrowed the gap with leading exchanges, showcasing strong development potential.

Looking Ahead

As meme coins enter a new super cycle, market attention towards this sector will further increase. If LBank can maintain its lead in the meme coin space and expand its successful model to the derivatives market, its overall market share is expected to grow further. The high volatility of meme coins combined with the leverage effect of derivatives will bring more growth opportunities for LBank.

Overall, the global crypto market is entering a new stage of diversified and differentiated competition. As major platforms continuously adjust their strategies and launch innovative products, the landscape of the spot and derivatives markets is gradually maturing. Particularly with the explosion of niche areas like meme coins, market demand is strong, providing new development opportunities for exchanges. In the future, we may see the emergence of "Top" projects in different tracks, such as a "King of Meme" in the meme sector, becoming a new market barometer.

As an emerging force in the crypto industry, LBank has established a foothold in the spot market through continuous innovation and strategic adjustments. In the future, as the demand for meme coins and other emerging crypto assets rises, LBank is expected to build a differentiated advantage across diverse tracks, further consolidating its position among global crypto exchanges.

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