Despite everything that happened this year due to the COVID-19 pandemic, some companies have managed the challenge quite well. This is the case of Binance, which has just presented an extensive report on what has been the management of Binance Futures on its first anniversary. Here we bring you the summary.
Binance Futures First Year Report Review
According to the official statement, Binance Futures has defied everything pre-established in the cryptocurrency derivatives market. In addition, they highlighted that, thanks to the pandemic, investors have turned their attention to alternative assets such as cryptocurrencies. Therefore, they have made Bitcoin one of the best performing assets of the year.
In that sense, they took the opportunity to highlight the advances that Binance Futures has made in the derivatives market and the benefits obtained. Open interest and liquidity in the crypto derivatives markets have vastly improved, suggesting investor confidence in the sector.
Official statements about their performance
Within the official statement, we can find some interesting words from Aaron Gong, Vice President of Binance Futures. “In less than 12 months, TokenInsight has ranked us one of the top three comprehensive exchanges, with quarterly volumes of over US $ 200 billion. Today we lead the market with the widest range of products”Gong stressed.
Also, Gong explained that his goal at Binance Futures is “provide users with a comprehensive business experience and a first-rate customer experience”. Then he commented that they have always sought to improve the status quo in the industry.
Regarding the strategy for the growth of Binance Futures throughout its first year, he stressed that the secret is to dedicate 100% to one thing at a time.
In other words, they have grown by dedicating themselves to a single product at a time, but doing it quickly and efficiently. “We now have 85 products in four categories, to help our users diversify. In particular, users recognized our ability to balance the volume of Bitcoin and Altcoins”, Sentenced Gong.
How has Binance Futures shaped the crypto derivatives market?
Before the launch of Binance Futures, the derivatives market was still in its infancy with only a small selection of derivative products available and mainly concentrated on large-cap cryptocurrencies.
In the second half of 2019, this project entered the market. Since then, Binance Futures has continuously expanded the existing landscape. As such, the derivatives market today has evolved as competition intensified and volumes increased substantially with strong demand from retail and institutional participants.
It is undeniable that Binance Futures has had a significant impact on the crypto derivatives industry since it was born a year ago. Today, the entire crypto derivatives landscape is more competitive than ever. It is in this context that exchanges compete to offer the latest products and functionalities to attract users.
However, Binance Futures has grown tremendously and has consistently achieved numerous milestones along the way. The rise of Binance Futures has propelled it beyond some of the major players in the market. Today, Binance Futures is one of the leading derivatives exchanges in the industry, with more than $ 900 billion in volume to date.
Finally, with the introduction of Binance Futures, users now have a complete ecosystem to fully utilize their cryptocurrencies. Regarding the figures, the statement highlights that the daily volumes on Binance Futures have grown exponentially since a year ago.
For example, in August Binance Futures ended the month with $ 195 billion in volume, the highest since its debut. The accelerated growth in volumes was attributed to the rise of decentralized finance (DeFi), which also caused a significant rally in large-cap cryptocurrencies like Ethereum.