2025 Exchange Landscape Major Shuffle: Besides Binance, Who is the Biggest Winner?
1️⃣ Overall Market: Liquidity is King
The total cryptocurrency trading volume for 2025 reaches $58.3 trillion, a significant increase of 18.2% year-on-year. Although Q4 saw a decrease in market value, the trading desire of this batch of retail investors is extremely strong, with an astonishing turnover rate.
2️⃣ The Throne Remains Steady: Binance 🦁
Data doesn't lie. Binance still holds approximately ~38% of the global derivatives market share. Despite facing regulatory crackdowns, its depth remains first by a wide margin (Top1 >>> Top2).
3️⃣ Q4's Biggest Dark Horse: MEXC (Mochi) 🍵
This is the most shocking data in the report. From November to December, MEXC's contract volume saw explosive growth, nearing the industry second place (surpassing OKX/Bybit).
The reason is very real: long-tail coins + aggressive rates. The meme frenzy in the second half of the year has retail funds flocking here.
4️⃣ On-chain Counterattack: DEX Market Share Hits Historical High (14.2%) 🦄
Solana is really going crazy.
Spot: The daily trading volume of Raydium and Jupiter repeatedly surpasses Kraken/KuCoin in Q4.
Contracts: Hyperliquid is siphoning off professional traders restricted by regulations.
The market has turned into "On-chain Nasdaq" vs "Centralized Banks".
5️⃣ Annual Script Review
H1 (First Half): Institutional Bull. ETFs enter the market, Coinbase gets fat.
H2 (Second Half): Shitcoin Frenzy. Memes flying everywhere, Gate/MEXC/on-chain have made a fortune.
Summary:
The exchange sector is experiencing severe polarization — either becoming an extremely compliant fiat entry like Coinbase or an extremely Degen casino like MEXC/DEX. The mediocre caught in between will find it increasingly difficult.