In the exhilarating realm of digital asset technology, Crossover Markets has recently divulged a wealth of remarkable performance insights regarding its premier digital assets platform, CROSSx, for the first quarter of 2024.
Embarking on a journey through the dynamic landscape of Q1 2024, CROSSx navigated the markets with finesse, orchestrating a grand symphony of transactions. An astounding notional trading volume of $3,153,752,406 echoed through the corridors of CROSSx, facilitated by an impressive tally of 415,450 trades. These figures, unveiled in a press release on a Thursday, attest to the robust activity pulsating within CROSSx during this period.
Moreover, the platform exhibited its prowess by processing an astonishing tally of over 141 billion quotes. This staggering number of quotes serves as a testament to CROSSx’s resilience and efficacy in catering to the demands of a burgeoning digital asset landscape, reaffirming its stature as a vibrant and thriving digital asset exchange platform.
In essence, these voluminous statistics illuminate CROSSx’s remarkable performance and underscore its pivotal role in facilitating the exchange of digital assets, thereby solidifying its position as a cornerstone of the digital asset ecosystem.
CROSSx Sustains Swift Execution Speeds
In the dynamic landscape of Q1, CROSSx showcased a remarkable feat in maintaining exceptionally fast execution times, setting a new standard within the industry.
The platform’s performance soared to impressive heights, with a staggering 75% of orders acknowledged in less than 7 microseconds, while an astounding 99% were completed in under 10 microseconds. Similarly, when it came to orders being fed into the system, CROSSx excelled with 75% of them processed in less than 8 microseconds, and an impressive 99% executed within a mere 11 microseconds. Brandon Mulvihill, the Co-Founder and CEO of Crossover Markets, expressed his delight at these achievements, emphasizing CROSSx’s position as not just the fastest venue but also one of the fastest-growing institutional platforms in the digital realm.
Mulvihill further highlighted the rising prominence of “Order Crossing Order” (OXO) trades, constituting approximately 10% of all transactions on CROSSx. He underscored how this feature not only underscores the platform’s technological prowess but also accentuates its value proposition to both market makers and takers, thereby exemplifying its robust commercial model.
In essence, CROSSx’s ability to maintain lightning-fast execution times and its innovative features like OXO trades underscore its position as a frontrunner in the digital asset exchange arena, reaffirming its commitment to delivering unparalleled efficiency and value to its users.
Today, we are thrilled to announce several key performance indicators from Q1 trading on our flagship digital asset trading venue CROSSx. Read more on our Q1 2024 volumes and execution time highlights, and hear from our leadership team in the full release: https://t.co/1ZvcbHH1jY pic.twitter.com/P1n7sbUrMV
— Crossover Markets (@crossover_mkts) April 25, 2024
Anthony Mazzarese, the Co-Founder and Chief Commercial Officer of Crossover, highlighted an essential aspect of CROSSx: its hybrid ECN model. This innovative approach enables quote-driven OTC market makers to inject liquidity into the platform alongside traditional makers and takers, who submit passive and aggressive orders for OXO matching.
According to Mazzarese, this distinctive capability distinguishes CROSSx from its competitors, as it seamlessly accommodates both quote-driven and order-to-order matching within a single trading session. This flexibility empowers takers to engage with market makers’ quotes or execute trades directly with other takers while operating within makers’ spreads, ultimately ensuring the attainment of optimal prices.
Mazzarese emphasized that this pricing flexibility catalyzes increased trading activity on the platform. Notably, the top three participant types on CROSSx thus far include institutions leveraging electronic trading strategies, market makers seeking inventory hedging opportunities, and retail brokers. This underscores the broad appeal and utility of CROSSx across various segments of the trading community.
“Clients can choose whether they would like to interact with quote-driven or firm liquidity – or both – while makers have the ability to customize different price streams for different trading strategies.”
The trading volume on the CEX triples in the year 2024.
Between October 2023 and March 2024, centralized cryptocurrency exchanges (CEXs) experienced a remarkable surge in trading volumes, as outlined in Bybit’s comprehensive 2024 Institutional Industry Report, unveiled on April 18.
One of the standout performers during this period was OKX, which witnessed an astounding 278% increase in its 30-day trading volumes since October. Following closely behind, Binance showcased a formidable surge of 239%, demonstrating its enduring popularity among traders. Bybit exchange, not to be outdone, displayed impressive growth as well, boasting a remarkable 264% increase in trading volumes during the same timeframe.
These exchanges have not only exceeded expectations but have also outpaced the industry’s average growth rate, which stands at a commendable 255%. This data, confirmed by a spokesperson for Bybit, attests to the robust momentum driving CEXs forward in the cryptocurrency landscape.
Despite their impressive performance, the growth trajectory of CEXs has been overshadowed by the even more rapid expansion of decentralized exchanges (DEXs). For instance, the leading DEX Uniswap v3 witnessed a staggering 320% increase in trading volumes during the same period, as highlighted in Bybit’s insightful data analysis.
Moreover, the report underscores Uniswap’s remarkable milestone, surpassing $2 trillion in lifetime trading volume, further solidifying its position as a dominant force within the decentralized exchange arena.
In summary, while centralized exchanges have experienced significant growth, their progress pales in comparison to the meteoric rise of decentralized counterparts, exemplified by Uniswap’s monumental achievement and the broader trend outlined in Bybit’s comprehensive industry report.
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