Binance, FTX and Poloniex are most active crypto exchanges for listing DeFi tokens
August 10, 2020, 8:10AM EDT
1 min read
Crypto exchanges Binance, FTX and Poloniex are most active when it comes to listing decentralized finance (DeFi) governance tokens, according to The Block Research.
Binance has already listed nine out of 13 DeFi tokens, including Maker and Compound. FTX follows next in Tier-1 category of exchanges with six listings, and Poloniex is at the top in Tier-2 category with 11 listings.
Coinbase, on the other hand, has listed four DeFi tokens thus far — Maker, Compound, Kyber, and 0x. Gemini and Bitstamp are yet to move — this reflects with their broader strategy of listing large coins that attract volume, according to The Block's Larry Cermak.
There are also many Tier-3 crypto exchanges that have listed nearly all DeFi tokens. However, these exchanges don't have reliable volume and tend to be illiquid, per Cermak.
Source: The Block Research
DeFi tokens have been seen to jump in price after their listing on Binance or Coinbase. For instance, Binance recently listed Balancer's BAL token and Yearn. Finance's YFI token and both have increased by at least 50% since their listing.
The Block Research was commissioned by Forte to create “Blockchain-Based Gaming: A Primer” which provides a comprehensive introduction to how blockchain technology is being employed in video gaming experiences.