MARKET

As of 2023, the cryptocurrency market, exchanges, and decentralized exchange (DEX) sectors have exhibited significant developments and trends.

(1)Cryptocurrency Market Overview:

- The market size for cryptocurrency and tokens had a daily turnover of approximately $1.2 trillion at the end of April 2023.

- The market is projected to reach $2.4 billion in 2023, with an estimated growth to $5.15 billion by 2026.

- Cryptocurrencies market’s overall revenue is expected to reach around $37.87 billion by the end of 2023.

- The global cryptocurrency market size was valued at $4.67 billion in 2022, and it is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030​​​​​​​​.

(2)Cryptocurrency Exchanges:

- There was a significant market downturn in mid-August 2023, leading to a drop in total cryptocurrency market capitalization from $1.2 trillion to $1.1 trillion.

- Trading volumes on centralized exchanges were declined by 20.2% during third quarter of 2023 compared to the second quarter.

- Spot trading volume on centralized exchanges fell 20.1%, with Binance’s market share dropping to 44%.

- Spot trading volume on decentralized exchanges fell 31.2%, indicating a shift in the trading landscape​​​​.

(3)Decentralized Exchange (DEX) Market:

- Uniswap, a leading DEX, recorded an all-time high trading volume of over $100 billion in October 2023.

- In the second quarter of 2023, Uniswap accounted for 66.1% of the total spot trading volume among DEXs, with a cumulative trading volume of $189 billion in the same quarter.

- The surge in DEX trading volumes is partly attributed to the tightening regulatory landscape for centralized exchanges (CEXs), driving users towards decentralized platforms perceived as less susceptible to regulatory actions​​​​​​.

These insights reflect a dynamic and evolving landscape in the cryptocurrency market, with significant movements between centralized and decentralized trading platforms, influenced by market conditions and regulatory environments.

Therefore, EML has prepared to Peer-to-Peer trading platform, addressing the current demand for focus towards decentralization.