- There is as much volume on non-custodial exchanges in a month as Binance’s volume in the last two hours
- The volume coming from non-custodial exchanges only comes to about 0.3% of the total (legitimate) traded volume traded on centralized exchanges
- Non-custodial exchanges haven’t caught on because they are generally slow and impractical
- Binance is a frontrunner to popularize non-custodial exchanges but first, it needs to become more independent of Binance itself and it needs to figure out a way to enable trading of non-Binance Chain cryptocurrencies
Binance Chain has launched on mainnet last week and today, it has completed BNB mainnet swap from ERC20 to the native BEP2 tokens. The first trading pairs are expected to be listed on Binance’s ‘decentralized’ exchange in the next few days.
The non-custodial exchanges have, so far, failed to gain any meaningful traction though.