Yiz54m

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.
$BTC
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.
$ETH
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.
$SOL
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.