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

Binance remains the undisputed leader among centralized cryptocurrency exchanges in 2025. It was the only major platform that did not delist any tokens added between January 1, 2023, and December 31, 2024.

This, according to CryptoQuant, reflected a “rigorous” listing strategy and operational stability.

Binance Leads in Listing Quality and Rewards

The latest stats reveal that Binance distributed over $2.6 billion in airdrops in 2024 alone. In doing so, the crypto exchange captured more than 94% market share in the rewards segment. Programs such as Launchpool and Megadrop have managed to attract millions of participants, thereby strengthening user engagement and solidifying their dominance in token rewards.

As of June 2025, the crypto exchange continues this trajectory, and projections indicate continued leadership in listing quality and reward distribution. For investors, these metrics position Binance as a stable and reliable exchange for participation in crypto markets.

This dominance extends to liquidity metrics across major crypto assets as well.

Binance Leads Bitcoin Liquidity

CoinGecko recently reported that Binance leads Bitcoin liquidity across all depth levels, and holds approximately $8 million in depth on both sides within a +/- $100 range, ahead of Bitget and OKX. It accounts for around 32% of BTC liquidity among top exchanges.

Interestingly, within a tighter +/- $10 range, Binance is the only platform with over $1 million liquidity on each side. In Ethereum liquidity, Bitget overtook Binance within a +/- $2 range, but Binance regained dominance at wider depths, and maintained a 25% liquidity share, compared to its 32% share in BTC. For XRP, Binance, Bitget, and Coinbase collectively control 67% of liquidity within a +/- $0.02 range.

In the case of Solana markets, the crypto exchange holds around a 20% liquidity share at a +/- $1 range, while for Dogecoin,  Binance’s liquidity remains balanced with Bitget, OKX, and Coinbase.

Meanwhile, CryptoQuant had previously reported Binance emerging as the leader in proof-of-reserves (PoR) transparency among major crypto exchanges as it maintains a reserve coverage consistently above 100% and publishes monthly, timely PoR reports.

OKX closely follows by maintaining full capital backing with regular monthly disclosures. On the other hand, Coinbase ranked last as it failed to publish any PoR reports despite its market size