David Edwards
Binance has firmly cemented its position as the dominant force among centralized cryptocurrency exchanges in 2025, capturing an overwhelming 94% share of the airdrop rewards market while leading in liquidity and listing reliability.
Binance was the only significant exchange that kept all of the tokens listed between January 1, 2023, and December 31, 2024, according to CryptoQuant, indicating a consistent and strict listing policy. Because of this, Binance is now the most reliable exchange for investors looking to gain long-term exposure to listed cryptocurrency assets.
Binance disbursed more than $2.6 billion in 2024 alone through its token incentives initiatives, Launchpool and Megadrop. By drawing in millions of users and greatly increasing platform engagement, these efforts solidified Binance’s position as the industry leader in token distribution.
Analysts predict that Binance will continue to lead in listing quality, incentive innovation, and user participation as of mid-2025, continuing its current trend of supremacy. Binance continues to be a dependable entry point to the cryptocurrency markets for both institutional and individual players.
In terms of providing liquidity for important cryptocurrency assets, Binance is also at the top. According to CoinGecko data, the exchange outperforms rivals Bitget and OKX, maintaining about $8 million in Bitcoin order book depth within a +/- $100 range. With more over $1 million in liquidity on both sides of the book, Binance is in a unique position inside a smaller +/- $10 range.
Binance maintains its greater dominance at wider depth levels, holding a 25% share of ETH liquidity compared to 32% for BTC, even though Bitget has momentarily surpassed Binance in Ethereum liquidity inside a small +/- $2 range. Together, Binance, Bitget, and Coinbase hold 67% of the liquidity for XRP, with a range of +/- $0.02. Additionally, Binance dominates or maintains a competitive position in the liquidity of the Dogecoin and Solana markets.
In addition to trading, Binance is a leader in financial transparency. Because Binance regularly maintains reserve coverage above 100% and makes thorough monthly disclosures, CryptoQuant acknowledges Binance as the industry leader in proof-of-reserves (PoR) reporting. Coinbase falls far behind, having not released any PoR reports despite having a large market presence, while OKX likewise maintains complete capital backing.
