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@_permaryBinance leads with a total monthly inflow of 7.0107M and 2.482M monthly users, followed by Coinbase with 5.136M in inflows and users.
MEXC has monthly inflows of 2.03M and 735K users, while Bybit recorded 2.662M in inflows and 1.332M users.
OKX shows consistent inflows and users up until July 2024, with 1.997M in inflows and 1.072M users. However, from August to present, OKX experienced a sharp decline in both inflows and user activity, likely due to the company exiting a key demographic (Nigeria) following cryptocurrency restrictions imposed by the government.
This analysis is based on CEX protocols with over 190K inflow transactions monthly, highlighting the impact of regulatory changes on user engagement and inflows across different exchanges.
Binance recorded the highest monthly inflows at 7.266M, with a total of 1.248M users.
Coinbase followed with 1.435M in monthly inflows and 934K users.
MEXC saw 2.137M inflows and 369K users.
Bybit registered 1.898M in inflows with 545K users.
OKX had 2.173M in inflows and 595K users.
All CEXs maintained relatively stable inflows and users, except for OKX, which saw a noticeable decline in outflow users starting in July 2024. This drop was primarily due to OKX's exit from the Nigerian market after a cryptocurrency ban imposed by the government.
This analysis was conducted on CEX protocols that handle more than 190K inflow transactions monthly, offering insights into the most active and popular exchanges in the market.
A Centralized Exchange (CEX) is a cryptocurrency trading platform that acts as an intermediary between buyers and sellers, facilitating trades and providing custodial services for users' assets. Unlike decentralized exchanges (DEXs), CEXs are operated by centralized organizations, which manage users' funds and personal information. Examples of popular CEXs include Binance, Coinbase, and Bybit. They often offer higher liquidity, a wide variety of trading pairs, and customer support but require users to trust the platform with their assets.
Ethereum is a decentralized, open-source blockchain that allows developers to build and deploy smart contracts and decentralized applications (dApps). It was launched in 2015 by Vitalik Buterin and is used for more than just simple financial transactions. Ethereum's native cryptocurrency, Ether (ETH), powers the network and is used to pay for transactions and services.
A major feature of Ethereum is its support for smart contracts, which are self-executing agreements that automatically process when specific conditions are met, eliminating the need for intermediaries. Ethereum is widely used in sectors like DeFi (Decentralized Finance) and NFTs (Non-Fungible Tokens).
ERC-20 TOKENS
ERC-20 tokens are a standard type of token built on the Ethereum blockchain. These tokens follow a specific set of rules, allowing them to interact seamlessly with smart contracts and other decentralized applications. ERC-20 tokens are commonly used in projects ranging from cryptocurrencies to utility tokens in various dApps.
In this dashboard, we examine the inflow and outflow of ERC-20 tokens to and from the top 5 centralized exchanges (CEXs) on Ethereum. The goal is to identify which CEXs are the most popular and have the most active users. The analysis covers data starting from January 1, 2024, tracking both token movements and user activity to provide insights into the flow of ERC-20 tokens across major platforms.