Binance Captures 94% Airdrop Market Share Driving User Engagement, Dominance

Key Points

1. Binance was the only major platform that did not delist any tokens added between January 1, 2023, and December 31, 2024, reflecting a rigorous listing strategy.

2. The exchange captured over 94% market share in the rewards segment in 2024 and continued this trajectory as of June 2025.

3. Binance led in Bitcoin liquidity within a +/- $100 range, accounting for around 32% of BTC liquidity, and was the only platform with over $1 million liquidity on each side in a tighter +/- $10 range.

4. In Ethereum liquidity, Binance regained dominance at wider depths after Bitget overtook it within a +/- $2 range, maintaining a 25% share compared to its 32% in BTC.

5. For XRP, Binance, Bitget, and Coinbase collectively controlled 67% of liquidity within a +/- $0.02 range, while Binance held around 20% in Solana markets and balanced liquidity with Bitget, OKX, and Coinbase in Dogecoin.

6. Binance emerged as the leader in proof-of-reserves (PoR) transparency among major exchanges, publishing monthly reports, while OKX closely followed with regular monthly updates.