Binance Market Share Takes a Hit Following End of Zero-Fee Program and CFTC Action
Binance, one of the world’s largest cryptocurrency exchanges, has experienced a significant decline in market share following the end of its zero-fee program and recent action by the Commodity Futures Trading Commission (CFTC). According to research, the exchange’s market share has dropped to 34.6% from its previous high of 52.7%. The termination of the zero-fee program is believed to have had a more significant impact on Binance’s market share than the CFTC’s enforcement action. Nonetheless, Binance remains a dominant player in the industry, with a total trading volume of $1.2 trillion in Q1 2023.
The Middleware Thesis: Overcoming Crypto Adoption Bottlenecks
The Middleware Thesis argues that the primary barrier to broader crypto adoption is not scaling but the complexity and user experience challenges associated with direct interaction with base protocol layers. Modular architecture offers a solution by enabling builders to innovate permissionless on top of the base layer, creating use-case-specific protocols and networks. Vertically integrated middleware solutions empower app developers to create compelling user experiences without being limited by the base layer’s technical and UX constraints. The author identifies opportunities in vertical-specific middleware, capability-specific middleware, one-click infra, developer/observability tools, and blockchain UI as a service.
An alternative view suggests that the complexity of layer 1 in popular blockchain systems is the root cause of these challenges. If layer 1 were simpler to work with, additional abstractions would not be needed to improve user experience and functionality. Read more here
Wrap Up
Building upon The Middleware Thesis, the Zucoins/SplitChain network offers an innovative approach to overcoming the barriers to broader crypto adoption. Designed with mainstream programming languages, Zucoins/SplitChain network removes obstacles for developers, allowing them to easily interface with the system’s capabilities without requiring extensive knowledge of complex protocols.
Moreover, the front-end Zucoin wallet has been specifically designed for mainstream use, catering to users with minimal experience in the crypto world. This user-friendly approach simplifies the process of managing digital assets and contributes to a more seamless and accessible experience for the everyday user. By addressing both developer and end-user challenges, Zucoins and the SplitChain network are well-positioned to help drive widespread crypto adoption.
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All the best,
Peter
MyZucoins