recent Kaiko analysis detailing how Binance reached 300 million users is well worth reading. The report traces Binance’s 8+ year journey and highlights liquidity as a central engine of its growth. Deep order books, tight spreads, and consistent execution across different market cycles encouraged trading activity to naturally concentrate on the platform.
Kaiko’s data shows Binance consistently leading centralized exchanges in spot liquidity and market depth, holding roughly a 60% share of total CEX spot volume. On December 1, 2025 alone, Binance processed approximately $20B in spot volume across 61.9 million trades—underscoring both its scale and infrastructure capacity.
What truly stands out is resilience. Even during periods of market stress, Binance’s order books remained operational, spreads normalized quickly, and liquidity recovered without extended disruption. With 24/7 liquidity and virtually no “dead hours,” particularly on USDT pairs, execution quality remains reliable for both retail traders and institutions.
It’s a strong reminder that liquidity isn’t just a headline metric—it directly impacts execution quality and real trading outcomes. Kaiko’s independent report breaks this dynamic down clearly and effectively.
