Crypto Exchange OKEx to List Tezos (XTZ)

Malta-based crypto exchange OKEx has announced that later this week it will be listing Tezos (XTZ).

The Tezos white paper says that Tezos is "a generic and self-amending crypto-ledger," and that "Tezos can instantiate any blockchain based ledger."

Tezos, which had its initial coin offering (ICO) in the summer of 2017, uses a Delegated Proof of Stake (dPoS) consensus algorithm.

According to its development team, Tezos offers three main benefits:

  • Its native smart contract programming language, Michelson, makes it easier to do formal verification, thereby allowing for more secure, institutional-grade smart contracts.
  • Its "formal upgrade mechanism" allows the network to stay relevant as better technology becomes available.
  • All stakeholders may "participate in network upgrades by evaluating, proposing, or approving amendments."

According to OKEx's press release, the exchange will start accepting XTZ deposits from 09:00 UTC on 6 November 2019, and the spot trading in the two supported pairs--XTZ/USDT and XTZ/BTC--is expected to begin at 09:00 UTC on 7 November 2019. As for withdrawals, they will be enabled at 09:00 UTC on 8 November 2019.

Andy Cheung, Head of Operations of OKEx, had this to say:

Tezos is a highly respected project with a robust community, and we're happy to be able to add the value of the XTZ network to the OKEx ecosystem, where we strive to deliver a one-stop-shop for professional and retail traders.

As for Corey Soreff, who sits on the Board of Directors of Tezos Commons Foundation, he stated:

We are looking forward to a thriving relationship with OKEx, a global leader in the blockchain space, in furthering the Tezos ecosystem together in Asia and throughout the world.

It seems that this announcement by OKEx may have already helped the XTZ price. According to CryptoCompare, at the time of writing, XTZ is trading at $0.8718, up 0.58% in the past 24-hour period:

XTZ-USD 24 Hour Chart - 4 Nov 2019.png


Featured Image Courtesy of OKEx

Top-Tier Crypto Exchanges' Volumes Climb Back to One-Third of Total Market Share

The aggregate trading volume of top-tier cryptocurrency exchanges has increased by 61.2% during the month of January, while the volume of lower-tier crypto exchanges increased 46.4%.

According to CryptoCompare’s January 2020 Exchange Review, the trading volume of top-tier crypto exchanges – those rated AA-B according to its Exchange Benchmark – climbed last month to represent 29.3% of the total trading volume in the space.

The rise is significant as in December, the cryptoasset data provider’s report showed top-tier cryptocurrency exchanges were seeing their trading volumes drop as they lost market share to lower-tier crypto exchanges, those rated C-F. At the time, they represented 26.4% of the cryptocurrency market’s total trading volume.

top tier trading volumesSource: CryptoCompare Exchange Review

The report further found that exchanges that charge taker fees represented 76% of the total volume last month, while those that implement the controversial trans-fee mining (TFM) model represented 22%.

It also found that regulated bitcoin derivatives are still dominated by the CME, whose total trading volumes went up 145.6% since December. Grayscale’s Bitcoin Trust product (GBTC) saw its total trading volume rise 131% since December.

As for derivatives trading on cryptocurrency exchanges, in January OKEx represented the majority of daily derivatives volumes, trading $4.96 billion per day and capturing 31.1% of the total market share. Huobi traded $4.29 billion a day for 26.9% of it, while BitMEX traded $3.13 billion for 19.6%.

Pure crypto-to-crypto exchanges notably represented 75.4% of the market’s trading volume, in a similar proportion to the last two months. The stablecoin space, per the report, is still dominated by Tether’s USDT, as it still represents 94% of the total Bitcoin trading volume into the top four stablecoins.

Decentralized Exchanges Lose Trading Volume

CryptoCompare’s report also addresses decentralized cryptocurrency exchanges, noting IDEX was the largest one in January. It traded a total of $10 million as its trading volume went up 25.4%, and it was followed by Switcheo and Bitsquare. While these platforms’ volumes went up, DEXs as a whole have been losing volume.

dex CHARTSource: CryptoCompare Exchange Review

According to the report they have diminished 88% since early 2019 to now represent a small fraction of the global spot exchange volume. In January, decentralized trading platform traded $17.8 million in total, representing 0.003% of the market. In January 2019, for comparison, they traded $148 million.

Featured image via Unsplash.