Crypto exchange Binance is still leading the pack in more than one way, according to digital asset analytics firm Kaiko.
In a new report, Kaiko ranks the top ten crypto exchanges in terms of liquidity, putting Binance at the top of the list, followed by Bybit and Coinbase.
“Liquid exchanges offer superior trading conditions, such as reduced slippage and lower execution risk. While liquidity can be calculated in various ways, we’ve opted to develop a liquidity score for this quarter’s exchange ranking, using five metrics, including volume and market depth.
Looking at the 43 exchanges’ liquidity rankings, Binance, the world’s largest exchange, unsurprisingly takes the lead. However, Binance places third after Coinbase and Bitstamp when considering additional factors like governance scores, where it falls short compared to its top competitors.”
The analytics firm gets its liquidity ranking from a mix of the exchanges’ trading volume, share of volume, market depth, coefficient of variation dispersion score and market quality score.
In Q1 of this year, Kaiko says that Binance had the most trading volume by a long shot.
In second place was Upbit. However, Kaiko says the Korean crypto exchange sits in last place on its overall ranking due to having less transparency than Binance.
“Looking now at the top 10 ranked exchanges for this quarter, Binance appears to be both the most liquid exchange and the one that registers the highest trading volume on average over the three months considered. Interestingly, Binance is followed by the South Korean exchange Upbit, which, despite its apparent high volume, ranks 10th overall in this ranking due to a low business score. The exchange has only one identified member of its executive team”
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