Beating all its competitors, Binance recorded the highest web traffic in the month of July. The largest cryptocurrency exchange recorded 25 million views.
Meanwhile, Coinbase was at the second spot with 22.5 million views in all and BitMEX registered 6.9 million views. The data was accumulated by The Block Research.
These three exchanges combined account for 49% of the total web traffic last month, per the data from SimilarWeb. Earlier this month, Binance emerged as the front runner among crypto exchanges which are most active when it comes to listing decentralized finance (DeFi) governance tokens.
FTX and Poloneix are among the other active crypto exchanges which are active. Among these Binance has listed nine out of 13 DeFi tokens, including Maker and Compound.
Meanwhile, FTX has named six listings and Poloniex is at the top in Tier-2 category with 11 listings. Coinbase has listed four DeFi tokens thus far — Maker, Compound, Kyber, and 0x.
Gemini and Bitstamp are yet to move — this reflects with their broader strategy of listing large coins that attract volume, according to The Block’s Larry Cermak.
There are also many Tier-3 crypto exchanges that have listed nearly all DeFi tokens. However, these exchanges don’t have reliable volume and tend to be illiquid, per Cermak.
DeFi tokens have been seen to jump in price after their listing on Binance or Coinbase. For instance, Binance recently listed Balancer’s BAL token and Yearn. Finance’s YFI token and both have increased by at least 50% since their listing.