Changpeng Zhao (CZ), the CEO and founder of Binance, the world’s largest crypto exchange, has reported a record of $80 billion in 24-hour trade activity on January 4.
It has been reported on Twitter that CZ compared the recent activity to the volume posted during the last record-breaking bull cycle by noting that the past day of trade equates to four-time the volume processed on the exchange from November 15, 2017 to December 15, 2017.
However, in the 24 hours before CZ’s tweet, Binance’s spot volume exceeded $23.6 billion, while its derivatives represented nearly $57 billion in trade.
The report said that despite the milestone, CZ acknowledged that the platform had experienced disruptions amid the record volume.
He added:
“We saw some scaling issues today. We probably will see more issues as we continue to grow. We aren’t perfect, but we will fix them as quickly as we can.”
Likewise, in addition to the unprecedented trade activity, January 4 also saw Binance process a record $190 million in liquidations over 10 minutes as BTC quickly crashed below $30,000. Binance’s record volume comes as Bitcoin consolidates above $30,000 after gaining more than 50% over its previous all-time high, and Ethereum has reclaimed four-figure prices for the first time since January 2018.
Interest in crypto is building at a breakneck pace. Exchanges like @binance and @FTX_Official are posting record volume as retail begins to grow. In 24 hours, Binance recorded 4x the number of trades it did over a month in 2017. https://t.co/Se2bBMKp4p — Cointelegraph (@Cointelegraph) January 6, 2021
Thus, the spoils of the rally appear to be flowing into the DeFi sector, with the USD total value locked (TVL) on decentralized finance protocols smashing records, from $12.5 billion at the start of December to sit at nearly $18 billion.
Source: Cointelegraph | Image: Yahoo