In the third quarter of 2020, Binance posted its highest volume of spot trading, which excludes derivatives.
A recent analysis by The Block Research reveals that the quarter ended with more than $ 300 billion in total transaction volume.
The previous quarterly record was set in the first quarter of 2018, amid the speculative bubble, when the exchange was only six months old.
At the time, the total volume was just over $ 200 billion in three months.
In other words, the record for the third quarter of 2020 was 50% higher than that of the first quarter of 2018.
Binance broke 2018 trading volume record
It is worth noting that after the previous record, the $ 200 billion per quarter had never been exceeded again, as the best quarterly performance after the first quarter of 2018 was in the first quarter of 2020, with just over 150 thousand millions.
The volumes for the quarter that just ended are more than double those of the first quarter of the year and 110% more than the previous quarter, not including the volume of derivatives trading.
Taking bitcoin as an example, in the last 24 hours the volume of derivatives traded on the BTC / USD pair on Binance has been around $ 1.1 billion, compared to $ 0.3 billion on the spot BTC / USDT pair.
Thus, Binance Derivatives Trading Volume Now Exceeds Spot Trading.
In fact, the report also reveals that Binance futures contract trading platform generated a total volume of $ 483 billion in the third quarter of 2020, an increase of 43.5% over the previous quarter.
According to analysts, the growth in spot trading volume was primarily attributed to retail investors and traders, given the huge and sudden increase compared to previous quarters, and the fact that the increase in futures trading volumes it was less.
This impressive growth also generated an increase in exchange income, which resulted in Binance burning a record volume of BNB tokens during the quarter. In fact, in the third quarter of 2020, up to $ 68 million was spent to buy from the market and burn BNB tokens forever, 12.4% more than in the previous quarter.