The Secret Behind Coinbene’s Cryptocurrency Trading Volume Overtaken Binance

The Secret Behind Coinbene’s Cryptocurrency Trading Volume Overtaken Binance

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Answer The Secret Behind Coinbene’s Cryptocurrency Trading Volume Overtaken Binance

According to the site CoinMarketCapTwo of the platforms have topped the trading volume over the past 24 hours, after they added a new revenue model.

The data shows that the 24-hour trading volume of Singapore’s Coinbene exceeded $2 billion, while Bit-Z took second place with a trading volume of $1.5 billion, overtaking Binance and OKEx.

This comes due to a new business model that the two platforms follow, which is “fee mining,” which distributes fee mining to users, a way to motivate users to trade on the platform, which has changed the landscape of cryptocurrency trading platforms, and faced some criticism from workers in the sector.

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For example, Bit-Z mentioned in the working paper, that it plans to produce its own BZ coin and issue 300 million coins. Therefore, any user who makes a trade and pays the trading fee in Ethereum or Bitcoin, the platform will compensate the user with the same value of 100% of their currency.

Coinbene also announced its launch of this offer on June 18, and as for Bit-Z, it launched the new model on Monday, June 25, which led to the sudden rise in trading volumes we witnessed and made it the top of the cryptocurrency exchange scene.

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This model faced many criticisms, perhaps the most important of which is that the model motivates users to make a large number of fake transactions using the bot in an attempt to take advantage and obtain the currencies of the platforms, which is reflected in the manipulation of currency prices.

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