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Research on blockchain industry: digital currency exchange

Time : 25/01/2022 Author : gblahv Click : + -
        With the development of digital currency, digital currency exchanges have also ushered in explosive growth. At present, the 24-hour turnover of the digital money market is about 100billion yuan, while in the last bull market, it can reach up to 500billion yuan a day. On the other hand, three of the top 30 currencies in the total market value of digital currency are platform currencies of the exchange, which fully shows the broad market of digital currency trading. Digital currency exchange refers to a platform that provides transaction matching for digital currency. It is the main place for digital currency price determination, transaction and circulation, and plays a circulation role in the whole blockchain industry chain. At present, there are 316 trading platforms included by non trumpets, including 53 with daily turnover of more than 100million yuan and 14 with daily turnover of more than 1billion yuan.
        Since the regulation of September 4, currency trading has gradually become the mainstream trading method, and the handling fee of currency trading (usually 0.05% - 0.2%) has become the main source of income for the exchange. Due to the long-term existence of the real demand for the admission of legal currency, many exchanges still provide C2C or OTC over-the-counter trading methods. In this process, a part of the handling fee or exchange difference has also become the income of the exchange. The exchange usually needs to pay a certain handling fee to withdraw money, which is often higher than the transfer cost, and the price difference also constitutes one of the platform's revenues. After a bull market, the market gradually turned cold, and the current daily trading volume was about 1/6 of that at the beginning of the year. At the same time, the number of exchanges increased instead of decreased.
        However, despite the large number of exchanges, the trading volume is still concentrated on some head platforms. The top ten exchanges account for 56% of the total trading volume, while the top 20 exchanges account for 73% of the total trading volume. With the rise of digital currency, money laundering, illegal fund-raising, illegal capital transfer, pyramid schemes and other illegal acts are becoming more and more serious. Therefore, many countries are constantly adjusting the supervision of digital currency in order to maintain the stability of the financial market. Among them, Chinese Mainland is the representative of strict supervision. The central bank, together with seven ministries and commissions, issued the "announcement on preventing the risk of illegal financing of tokens" in 17 years, completely banning 1CO and digital currency transactions. At present, there is no trend of deregulation.
        The United States and South Korea implement differentiated regulatory policies. 1CO is defined as illegal, but digital currency transactions are allowed under supervision. Malta is a typical representative of this weak regulation. The country has passed a new bill to ensure that digital currency transactions are legal, so it is also known as the "digital currency paradise". In the context of policy differentiation, many exchanges have chosen to go to sea. The headquarters of coin and okex have been moved to Malta, while Huo coin and ZB have gone to sea to Seychelles and Samoa respectively. As more countries improve their regulatory policies, the trend of the exchange going to sea will further appear. Security has always been one of the major challenges in the field of digital currency transactions. Many transactions, including mt.gox, bithub, bitfinex, biter, and p-net, have encountered large-scale currency theft.
        In addition to stealing money, targeted position explosion, rat position, information leakage and so on also cause great damage to the interests of users. In this context, the concept of centralization is gradually rising, and some exchanges choose "decentralized governance" to gradually transfer power to users, a typical representative is dragonex. Another kind of decentralized exchange focuses on "technology decentralization", which advocates automatic matching through contracts, and the platform does not have direct access to funds to ensure safety, such as whaleex, Bancor, etc. (author: chain teahouse, the content comes from the "get number" of the content open platform of chain get; this article only represents the author's point of view, not the official position of chain get).
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