This is the vision of Hive and all other Decentralized platforms anyways, to one day overtake the centralized ones.
At the moment, Binance and Crypto.com are slowly losing significance portions of their market share to smaller exchanges and decentralized exchanges (DEXs). Those DEX are growing and doing a good job in offering the same features but in a more secured and decentralized ecosystem. I hope that LeoDex will be part of this one day.
Binance as we already know, is the largest crypto exchange platform in the world currently. They saw their spot trading volume drop from 52.5% in 2023 all the way down to 39.5% in 2024. The derivatives market share also fell from 50.9% to 42.5%. Like I said, it's not just Binance, another big exchange platform, Crypto.com’s share also fell from 15% to below 4%. That's a drastic drop of value.
Some of the smaller exchanges like Bybit, OKX and Bitget are benefiting really well from this decline of the Giants. The growth of Bitget's is mainly from their by educational efforts and their new partnerships.
So while these smaller exchanges are taking a piece of the market value, the DEXs are becoming more popular, with their trading volumes having exceeded $250 billion in March and June of this year.
But it's very clear that the centralized exchanges still dominate the exchange industry and in total they handled over $54 trillion in trades in the past year. But Binance alone handled $22.5 trillion of that money. Eventually the DEX will take over and that's when Hive and LeoDEX can take advantage of it.
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