Author: 0xGaoBit

Recently, due to the positive impact of the expected spot Bitcoin ETF, the cryptocurrency market has generally shown an upward trend, with multiple sectors experiencing increases. As the most sensitive and widely held platform coin in the industry, the recent performance of Binance Coin (BNB) has also seen a certain degree of increase. However, among these platform coins, the increase in Binance Coin (BNB) is relatively average, which may also reflect Binance's performance in 2023 to a certain extent.

As the cryptocurrency exchange platform with the highest market share, Binance has always faced fierce competition from other trading platforms such as Coinbase and OKX. These trading platforms are rapidly expanding their businesses and striving to increase their market share. In the fierce competition of the cryptocurrency market, can Binance maintain its position as the "number one exchange"? Today, we will mainly compare and analyze the market performance of Binance and OKX in 2023 from three dimensions.

1. Product Layout

On November 8th, Richard Teng, the overall head of Binance's regional markets, announced the launch of the self-custody Binance Web3 wallet at Binance's flagship event, Istanbul Binance Blockchain Week, aiming to provide users with a simple, secure, one-stop Web3 experience.

The wallet is built into the Binance App, allowing users to explore the Web3 world without the need for complex registration or concerns about losing mnemonic phrases.

Through the Binance Web3 wallet, users can easily exchange various tokens on multiple networks, access various DApps, transfer funds quickly, and earn profits using cryptocurrencies.

Binance founder CZ stated that the Binance Web3 wallet reduces the threshold for users to achieve complete asset self-custody and access, serving as an important and convenient bridge to empower DeFi. It is evident that Binance is planning to make a strong push in the Web3 wallet race.

The Web3 wallet is one of the popular tracks at present, and many trading platforms are launching their own Web3 wallets. In addition to Binance, Bitget, gate.io, and Bybit also have their own Web3 wallets.

When it comes to exchange platform wallets, we have to mention OKX's Web3 wallet. In fact, OKX started laying out the Web3 wallet as early as 2021 and even took the lead in launching the AA Smart Contract Wallet in August this year.

According to the latest ecosystem overview released by OKX Web3 wallet on September 20, the Web3 wallet has connected to over 70 public chains, supported protocols in the DeFi sector have exceeded 120, and all Top100 DeFi protocols displayed on the defillama platform have been integrated into OKX's Web3 wallet. The NFT market aggregation platform supports over 30 ecosystems, including Game, Social, MEME, Tool, and more, with a total support for over 300 platforms and protocols.

In this specific field of Web3 wallets, OKX is clearly in the lead. In fact, Binance started laying out the digital wallet market as early as 2018 and acquired Trust Wallet, but it has not yet launched a groundbreaking product. The positioning of Trust Wallet is more like a necessity for top exchanges to decorate their facade, and among my friends, there are not many who use Binance Trust Wallet.

In comparison, OKX has achieved a leading position in the Web3 wallet field with its ecosystem layout.

In the current popular Bitcoin inscription market, Binance's launch of the Web3 wallet at this time may further explore the potential of the inscription market. In addition, Binance recently launched trading for the ORDI token.

However, in the layout of the Bitcoin inscription market, OKX once again leads other trading platforms. As early as the outbreak of the Ordinals ecosystem on May 20 this year, OKX chose to list the trading of the ORDI token, 5 months earlier than Binance.

Furthermore, OKX's Web3 wallet has also taken the lead in BRC-20 token trading in the recent resurgence.

According to data from the Dune platform, as of now (November 12th), OKX Web3 wallet's Bitcoin Ordinals trading accounts for as high as 84.3%, while the second-place Unisat wallet accounts for only 14.7%, resulting in nearly a 6-fold difference between the two.

Furthermore, in the BRC-20 ecosystem discussions within the community, many trading screenshots show the OKX Web3 interface, which has become the star product of the OKX wallet. Therefore, some KOL comments suggest that the integration of the Web3 wallet into the Binance APP is to catch up with OKX's pace.

2. Regulation

For cryptocurrency trading platforms, regulatory issues have far-reaching implications. Although each cryptocurrency trading platform claims to actively embrace global regulation and seek development within a compliant framework.

Both Binance and Coinbase have faced strong regulation from the U.S. Securities and Exchange Commission (SEC).

Binance has been sued by the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC), and has been subject to investigations and "encirclement" by regulatory agencies in many other countries globally, including the Financial Services Agency of Japan, the Financial Conduct Authority (FCA) of the United Kingdom, the Securities and Exchange Commission of Thailand, and the Monetary Authority of Singapore, among others.

However, why do regulatory agencies in so many countries hold such an unfriendly attitude towards Binance? This may be related to Binance's disregard and challenge of regulatory requirements during its development. With the rapid rise of the cryptocurrency market, Binance, as one of the market leaders, is bound to become the focus of regulatory agencies. At the same time, some of Binance's actions have also aroused the displeasure and investigation of regulatory agencies.

Binance founder Zhao Changpeng has stated that due to Binance's large scale, regulatory agencies are more likely to "put Binance under a microscope," and as a market leader, the potential "profits" for Binance are also greater.

Regardless, Binance has been "specially treated" in terms of regulation, which has not only had a negative impact on its business development but has also shaken users' confidence in the platform.

However, for OKX, as one of the world's top cryptocurrency exchanges, it rarely encounters regulatory issues. Apart from OKX, other trading platforms such as Huobi, gate.io, and Bitget have also rarely been heard of being "specially treated" by regulatory agencies.

In the long road to cryptocurrency trading compliance, whether it's Binance, Coinbase, or OKX, they will all face more regulatory challenges. However, as one of the most influential cryptocurrency trading platforms, Binance has become a special focus of regulatory agencies and is under greater regulatory pressure.

3. Platform Coin Performance

The development value of cryptocurrency trading platforms is captured by the corresponding platform coins, so the price performance of platform coins can to some extent reflect the development of the trading platform.

Below, we compare the returns of BNB and OKB, as well as other exchange platform coins.

As of November 12th, the price of BNB is $248, while on January 1st of this year, the price of BNB was $246. Holding BNB from the beginning of the year until now has resulted in almost no change in returns.

In 2023, Binance faces many regulatory issues, which undoubtedly affects the confidence of BNB holders. In addition, Binance has not shown particularly outstanding performance this year, and IEO returns have been continuously declining, all of which have had a negative impact on the price of BNB.

As the platform coin of OKX, OKB has performed remarkably well in 2023, starting at a price of $26 on January 1st and soaring to $61 today, with a staggering increase of 135%.

The increase in OKB's price in 2023 is not only higher than that of BNB but also exceeds the increase in BTC's price this year (123%), which is clearly related to OKX's strategic layout this year, such as the significant progress made by OKX in the Hong Kong market and the Ordinals ecosystem.

We can also see the exchange rate changes between OKB and BNB through Coinmarketcap. The exchange rate was 0.1 at the beginning of the year and is now 0.24, with an increase of 127% in the OKB/BNB exchange rate.

Let's take a look at the performance of other cryptocurrency exchange platform coins. The BGB platform coin of Bitget has seen an increase of 166% this year, while the HT of Huobi has dropped by 39% compared to the beginning of the year. The GT platform coin of gate.io has seen an increase of 40% this year, while MX has seen an increase of 250%.

Although Coinbase has not issued a platform coin, as a company listed on the Nasdaq in the United States, its stock price also reflects the value brought by the platform's development.

The stock of Coinbase (NASDAQ: COIN) rose by 176% in 2023, surpassing the increase of Bitcoin during the same period. This performance is closely related to Coinbase's strategic layout, such as the launch of the Ethereum Layer2 Base network and becoming the custodian for several future spot Bitcoin ETF funds.

In contrast, the platform coin BNB of the leading exchange has indeed shown a relatively flat performance in 2023, with a certain gap in its increase compared to the overall market.

Overall, in the current cryptocurrency trading platform market, Binance still holds the largest market share, far exceeding Coinbase and OKX. However, compared to other cryptocurrency trading platforms, Binance's performance in 2023 is not outstanding. Additionally, Binance is facing a series of regulatory issues, which has had a certain impact on the confidence of its users, reflected in the price increase of the BNB token. The returns for BNB holders this year are relatively poor.

Meanwhile, despite facing a series of regulatory issues, Coinbase is continuously expanding its business, and its stock price performance is excellent. OKX, on the other hand, with its ecological layout, has seen its platform coin OKB's increase surpass that of Bitcoin this year. Whether Binance's position as a leader in the cryptocurrency trading platform will be shaken remains to be verified over time.

P.S. This article does not constitute any investment advice

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