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Binance is no longer the biggest cryptocurrency exchange by trading volume in a 24-hour period, now sitting in fourth place. The number one spot is now held by CoinBene, a Singapore-based crypto exchange that conducts its operations using what it calls a “transaction fee mining" model, Cointelegraph reported.
Through this method, CoinBene managed to reach a $2.1 billion trading volume in 24 hours, more than three times the amount that Binance has, which is $629 million. Besides CoinBene, another exchange also skyrocketed to the top. Hong Kong-based Bit-Z has more than twice the number of Binance at $1.5 billion.
According to CoinBene’s website, it introduced the new mining transaction model on June 23. Through this system, users receive 100 percent of their trading fees back in the form of Coni, the platform’s own currency. The formula for the platform’s incentive system is Coni’s holdings volume per hour divided by its overall hourly volume multiplied by 100 percent.
Bit-Z offers a similar incentive, rewarding users 100 percent of their transaction fees in its native currency called BZ. The exchange’s white paper outlines that its model has a limit of 600 million BZ and would decrease the reward system by 3 percent every 10 million BZ refunded.
However, the proposed 600 million limit has now decreased to 562 million, diving down to 79 percent as the exchange has already rewarded 10 million BZ to its users seven times.
CoinBene and Bit-Z’s rise to the top was also aligned with Binance’s cessation of trading and withdrawal operation due to risk warnings. The company conducted an extended upgrade following their usual one, then added another after citing a warning following a pre-trade examination by its risk management system.
“Due to a warning from a pre-trade check in our risk management system, we will postpone the start of trading and withdrawals. Please stay tuned for more information regarding the reopening of trading and withdrawals. We apologize for any inconvenience and thank you for your patience,” the company announced.
