2020年度数字资产现货交易所行业研究报告.pdf

2020 年度 数字资产 现货交易 业研究报告 Jan 2021Find,Create,and Spread Value in Blockchain.RESEARCH业声Henry Wu 副总裁?割?功?展?可?展?功?2020?割?2021?功?欧码 CEO何 联合创始兼CMO2020?展?展?功?功?参对?10?参?及?展?名?Alicia 级合伙?名?展?展?展?杨海坡 CoinEx 创始?3?12?Thor Chan CEO?2022?动?展?终?曹晶 创始RESEARCH3前?2019?2020?参?参?2020?50%?21?动?及?展?尤?展?DeFi?2020?导?DeFi?DEX?参?DeFi?0.01%?1%?参?及?2021?DeFi?2020?2020?割?Binance?Huobi?OKEx?2020?参?外?咨?粉?及?参?2021?及?2021?2021?2020?横?对?Please?Enjoy?the?Report.?Wayne,TokenInsight COO 2021.1.24?CRESEARCH?5?6?7?8?18?20?RESEARCH53最?3?12?3?2020?3?$2,489B?95%DeFi?2020?割?2020?95%?21万亿2020?21?2019?53%?0.78?关键词?BitMax?Binance?参?Binance?Huobi?OKEx?要点总结1.71X2020?1.71?严格2020?展?SEC?展?2,500亿2020?2,500?1.19%?Binance?2020?割?1?位?2020?44%?31%?减弱RESEARCH?OKEx?Andy?Cheung?OKEx?BitWork?Binance?C2C?担?参?ZK?Rollup?BCH?盗?BSV?Bitfinex?2.8?担?Fulgur?Alpha?Binance?滑参$4?CoinMarketCap?BitMEX?Deribit?Bitfinex?8.5?Huobi?Global?滑HT?BitMEX?COO?Angelina?Kwan?Deribit?bitFlyer?19?矿700?KuCoin?$281m?展?1.4?ZB?9?48?Coinbase?滑?a16z展?Marc?Andreessen?Door?Dash?Gokul?Rajaram?Coinbase?Coinbit?参对?OKCoin?Japan8?20?BTC?4功?500?担?对?Binance?CEO?Coinbase?Facebook?Binance?功?Huobi?Heco?OSL?BTC?ETH?6Q1Q2Q3Q4RESEARCH?博?衍 品交 易 所现货交 易 所RESEARCH1.?2020?TokenInsight?300?参?295?279?16?参?2020?博?21?2019?52.69%?2 0 2 0?$2 1,0 8 3 B?2 0 1 9?$13,807B?52.69%?0.02?2019?0.78?割?0.76?2020?BTC?TokenInsight博?8Q4Q3Q2Q1$3,500B$7,000B$1,641B$4,351B$4,550B$3,265B$6,647B$5,441B$3,998B$4,998B202020192020?博?TokenInsight$10,500$17,000$23,500$30,000$28B?$56B?$84B?$112B?$140B?2020/1/12020/2/162020/4/22020/5/182020/7/32020/8/182020/10/32020/11/182020/12/31?BTC?2020年2019年$11,000B$22,000B$13,807B$21,083B2019-2020?博?TokenInsight?3?12?割?$6,647B?$3,398B?DeFi?$4,998B?25%?2019?53%?3?12?-0.17?0.61?0.78?RESEARCH?博?展?IXIC?0.83?2 0 2 0?3?$2,489B?2?5?12?$2,000B?功?$2,000B?12?3?$3,125B?$1,375B?6?$1 9 2 B?$1,040B?功?割?2020?对?2020?2020?展?0.83?0.52?2020?2020?-0.007?2020?2020?BTC?TokenInsight博?92020年32020年22020年52020年122020年42020年12020年112020年82020年92020年102020年62020年7$650B$1,300B$1,950B$2,600B$1,037.8B$1,040.1B$1,201.0B$1,450.2B$1,509.6B$1,700.2B$1,706.0B$2,017.8B$2,096.9B$2,382.9B$2,451.0B$2,489.0B?展?BTC?0.83?BTC?0.52?博?博?-0.007$50B$100B$150B$200B$6,000$12,000$18,000$24,000$30,0002020/1/22020/2/192020/4/32020/5/202020/7/72020/8/202020/10/62020/11/192020/12/30?BTC?IXIC?IXIC?2020?博?TokenIRESEARCH10DeFi?2020?博?博?博?DeFi?割?2020?DEX?2020?参?AMM?2020?割?7?1?0.2%?9?3%?12?1%?2020?0.01%?2020?DEX?TokenInsight博?0%1%2%2%3%$23B$47B$70B$93B$117B$140B1?1?2?9?3?20?4?28?6?6?7?15?8?23?10?2?11?11?12?20?$15B$30B$45B$60B$4.2B$4.5$7.2B$12.2B$18.6B$30.7$38.0$55.0BLiquidUniswap V2 PoloniexCurveGeminiSushiswapTokenlon Balancer2020?DEX?$90.6B,?$5.1B?17.6?参AMM?DEX?2020?割?Uniswap?V2?Uniswap?V2?2020?割?$38B?Liquid?Poloniex?;?Curve?$18.6B?Gemini?Debank?TokenInsight?5%割?95%2020?DEX博?TokenInsight 2020?DEX博?TokenInsight?99.48%DEX0.52%RESEARCH11?博?$9,335B?博?44.3%?2020?2020?$9,335B?$4,208B?$1,256B?咨?2020?BTC?博?TokenInsight博?2020?63.3%?33.3%?割?22.8%?9.1%?2020?博?博?TokenInsight63.3%Q140.5%Q231.4%Q3Q433.3%$1,250B$2,500B$3,750B$5,000BQ1Q2Q3Q4$1,665.2B$1,255.5B$2,206.0B$4,208.3B?DeFi?功DeFi?2020?割?尤?咨?展?展?RESEARCH2.?2.1?2020?博?博?20?$18?2020?$20,268B1?2019?$13,786B?47%?参?30%?$18.24?Binance?$965B?Huobi?$514B?1.88?1?2020?TokenInsight?*?TI?122020?博?博?TokenInsight$1,750B$3,500B$5,250B$7,000BQ1Q2Q3Q4?4,6213,7305,5136,4042020?博?博?TokenInsight置信区间30%置信区间50%置信区间70%报告成交量22,000$20,268B$14,188B$10,134B$6,080BBinanceHuobi?GlobalOKExBitZDigi?nexZBHitBTCCoinbase?ProKrakenBitMaxBit?nexBitstampLiquidPoloniexKucoinGate.ioGemini$240B$480B$720B$960B$1,200B$4$10$3$12$7$10$3$2$107$99$77$221$166$16$137$12.25B$22.80B$28.72B$30.68B$55.01B$65.87B$69.09B$77.21B$102.56B$199.16B$219.16B$285.37B$321.93B$338.67B$433.35B$513.69B$964.52BTI-?1?TI?TI?2020?Q4?博?20?TokenInsightBinanceHuobi?GlobalBitZOKExHitBTCCoinbase?ProDigi?nexZBKrakenBit?nexBitstampMXCLiquidBitMaxPoloniexGate.ioKucoinCoinExBittrex?GlobalGemini$200B$400B$4.73B$5.95B$7.19B$7.99B$8.12B$11.25B$17.42B$17.97B$26.93B$29.43B$32.48B$41.59B$75.27B$75.43B$89.06B$98.41B$139.76B$169.44B$205.65B$455.10BRESEARCH13?Q1?($B)Q2?($B)Q3?($B)Q4?($B)?($B)Binance141.58151.08270.73401.12964.52Huobi101.27100.41139.89172.11513.69OKEx92.0598.09129.77113.43433.35BitZ79.4560.1259.94139.16338.67Digifinex88.0688.6475.9569.28321.93ZB87.6092.1343.7161.92285.37HitBTC57.4446.8949.8564.97219.16Coinbase?Pro29.3227.3953.3989.06199.16Kraken19.3119.5022.1641.59102.56BitMax16.4527.8515.0217.8977.21展?712.54712.10860.411,170.563,455.61 2020?博?博?博?TokenInsight?博?博?TokenInsight2020?16%?Binance?Huobi?OKEx?Binance?Kraken?功?2020?Coinbase?Binance?Bitstamp?52%?45%?38%?2020?博?博?TokenInsightCoinbaseBinanceBitstamp30%60%38%45%52%2020?TokenInsight?84%?16%?2%3%5%BinanceHuobi?GlobalOKExBitZDigi?nexZBHitBTCCoinbase?ProKrakenBitMax0.38%0.51%0.98%1.08%1.41%1.59%1.67%2.14%2.53%4.76%RESEARCH142.2?2020?博?博?博?博?TokenInsight?Research?参割?1.?10?5?2.?TokenInsight?B参?3.TokenInsight?2020?功?功?80%?60%参?4.?API?6?Binance?Huobi?Global?OKEx?Coinbase?Pro?Kraken?Bitstamp?2020?割?2020?TokenInsight$2,333M$4,667M$7,000M$9,333M$11,667M$14,000M1/12/33/74/95/126/147/238/259/2810/3112/3 12/31BinanceHuobiOKExCoinbaseKrakenBRESEARCH15?参?2020?Binance?Huobi?OKEx?Huobi?功?Binance?功?Coinbase?Kraken?Bitstamp?Coinbase?5%?9%?割?功?OKEx?Huobi?Binance?割?Huobi?OKEx?Huobi?OKEx?2020?Binance?Huobi?OKEx?Binance?2020?名?Coinbase?Kraken?OKEx?Huobi?割?博?2020割?展?2020?展Coinbase?Binance?Bitstamp?2020?名?展?2020?TokenInsight 2020?博?博?TokenInsight2%3%5%19%30%42%BinanceHuobiOKExCoinbaseKrakenBitstampQ1Q23%4%7%32%20%35%Q32%3%7%22%23%42%Q43%4%9%15%22%48%$0B$35B$70B$105B$140B$8B$17B$25B$33B$42B$50B1/12/73/154/215/287/108/169/2310/3012/6 12/31?RESEARCH?博?博?博?2020?$12,412B?1.71?Binance?Huobi?OKEx?0.50?0.24?0.37?尤?Kraken?24%?2020?博?博?/?TokenInsight16现货衍品$11,000B$22,000B$12,314B$21,083B 2020?博?TokenInsight1.71x 2020?/?TokenInsight?0.50 x?0.24x?0.37xBinance?Binance?FuturesHuobi?Huobi?FuturesOKEx?OKEx?(Futures)?/?3.34?Binance?$1,170B?Huobi?$848B?142%?咨?/?2.57?Huobi?63%?对Binance?142%?OKEx?131%?/?割?2020?博?博?/?TokenInsight2?4?6?4.694.122.571.765.201.581.574.321.942.903.551.33Q1Q2Q3Q4BinanceHuobiOKERESEARCH4.?2020?咨?咨?DeFi?2019?2020?割?1?5000?可?2?8?160%?2020?2020?3/12?2020?DeFi?DeFi?2020?参AMM?DEX?0.01%?1%参?功DeFi?2020?DeFi?2020?对?咨?2021?割?担?割?2020?DeFi?RESEARCH?BNB?HBTC?2020?博?2020Q4?1.?2020?2500?1.19%?2020?TokenInsight?18Q1Q2Q3Q4$16B$32B$48B$64B$80BBNBHTOKBKCSZBZTHBC?Binance?BNB?2020?割?HBTC?2020Q1?312?BNB?Q1?Q2?Q3?BNB?Q4?BNB?64.8%?29.818?2020?TokenInsight?20Q120Q220Q320Q4BNBBinance17.32316.07021.72029.818OKBOKEx4.1495.0185.5875.435HTHuobi?Global3.6844.0234.5494.153HBCHBTCN/AN/A3.4033.067KCSKuCoin1.1340.9381.0380.826ZBZB0.2650.2310.2620.267ZTZBG0.0460.0520.0470.0511.19%2020?博?博?TokenIRESEARCH2.?312?2020?3?,?OKEx?OKB?1?150%?312?割?1?Q2?Q3?参BNB?OKB?HT?BNB?OKB?200%?HT?Q4?50%?KCS?ZB?312?监?咨?粉?参?2020?TokenInsight19-50%0%50%100%150%200%250%300%1?1?3?1?4?30?6?29?8?28?10?27?12?26?BNBHBCHTKCSOKBZBBTC?RESEARCH1.?滑对?横?TokenInsight参Google?Trends?10?12?对3?2020?滑?43.8%?/?/?/?Coinbase?Kraken?Bitstamp?BitZ?/?Bitfinex?Binance?Huobi?HitBTC?CoinEx?参?/?CoinEx?/?参?Coinbase?Binance?CoinEx?参?担?参?2020?Google?Trends;?TokenInsight?20Bit?nexBinanceCoinbase?ProHitBTCBitMaxHBTCHuobiKrakenOKExDigi?nexBitZCoinExZBGate.ioBitstamp1530456023374410471182828342364596121922526?/?/?56.3%43.8%?/?/?滑?滑?10?RESEARCH21?2020?参?10参?125?46%?12.1%对11.0%?2020?Google?Trends?TokenInsight?/?2020?2020?Google?Trends;?TokenInsight1.8%2.6%4.4%5.1%6.6%10.3%11.0%12.1%46.0%?RESEARCH22-4.5%0.0%4.5%9.0%13.5%18.0%40?80?120?160?BinanceKrakenBitstampKuCoinPoloniexOKExCoinbase?Pro Huobi?Global20Q1?20Q2?Q2?20Q3?Q3?20Q4?Q4?2.?2020?展?Binance?Twitter?140?9.8%?Binance?OKEx?Huobi?Global?Q4?Q1?30%?Huobi?Global?34%?Bitstamp?Poloniex?Bitstamp?1.6%?2020?Twitter?Twitter?TokenInsight017335067831002020/1/122020/3/222020/5/312020/8/92020/10/182020/12/27Binance?Bit?nex?Bitstamp?Coinbase?Pro?Coinex?Huobi?Kraken?OKEx?3?DeFi?对?2020?Google?Trends?TokenIRESEARCH233.?Binance?2020?博?博?对?TokenInsight?2020?对?割?滑?2020?博?Google?Trends?TokenInsight?BitMax?Binance?BitMax?HitBTC?参?参?Binance?Binance?US?Huobi?OKEx?RESEARCH?24?2020?3?CFTC?2020?7?24?2020?9?15?49功?参?展?2020?9?29?SEC?2020?10?BitMEX对?2020?10?9?滑?2020?7?31?参?2020?7?10?FATF?滑?对?2020?8?24?2020?10?7?功?2020?3?滑?咨?AML?CFT?2020?4?KYC?2020?1?完?本报告基于本公司认为可靠的已公开信息撰写，但本公司不对该等信息的准确性及完整性作出保证。在任何情形下，本报告所载的观点、结论和建议仅供参考，并不构成投资建议，并可作为买卖、认购通证或其它融具的邀请或保证。本报告所载的意、评估及所示险等级本报告出具之起下调 整 前 有 效。在 不 同 时 期，本 公 司 可 能 发 出 与 本 报 告 所 载 意 、评 估 及 预 测 不 致 的 研 究 报 告。TokenInsight Inc.将持续跟踪报告相关标的，定期或不定期根据跟踪情况决定是否调整相关观点，并及时对外公布。本 公 司 求 报 告 内 容 客 观、公 正，结 论 不 受 第 三 的 授 意 或 影 响。在 身 所 知 情 的 范 围 内，TokenInsight Inc.(包括 TokenInsight 项组成员以及内容审查委员会)与本报告所指标的不存在任何影响其本身客观、独、公正的关联关系。参与投资活动可能引发价值变动及流动性等险。投资者应当充分考虑身特定状况、理解投资险，不应视本报告为做出投资决策的唯因素。对依据或者使本报告所造成的直接或间接损失，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经书许可，任何机构或个不得以翻版、复制、引或再次分发他等形式侵犯本公司版权。TokenInsight Inc.Find,Create,and Spread Value in Blockchain.