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There might be characteristic features in user attributes for each Japanese domestic exchange, so I conducted on-chain analysis focusing on three exchanges: bitFlyer, Coincheck, and bitbank.
I'll explain the dashboard while highlighting several interesting points.
The following is the dashboard I have created.
https://dune.com/gussan_0214/japanesecentrlizedexchangesuserfeature
As a note at the outset, the first number of users in the dashboard does not indicate the number of CEX users. It represents the unique number of addresses sent externally from a particular CEX address.
Coincheck ：0x9C19B0497997Fe9E75862688a295168070456951
This time, I'm two aspects: the DEXs used by exchange users and the NFTs they have purchased.
Firstly, regarding DEXs, the left block is for bitFlyer, the middle block for Coincheck, and the right block for bitbank.
bitFlyer has a low proportion of users utilizing DEXs compared to the total number of external wallets. On the other hand, bitbank, which has a comparable absolute number, shows a higher proportion of DEX users relative to the total number of wallets.
BitFlyer users generally have fewer assets moved externally, with a small portion of users moving large amounts of cryptocurrencies. Coincheck users show a higher proportion than bitFlyer, but the DEX usage amount per user is not significant, suggesting they might be using withdrawn tokens directly for gas fees or payments. bitbank users potentially have a relatively higher number of users utilizing DeFi for asset management.
Regarding the DEXs used, PancakeSwap had the highest number of transactions across users from all exchanges. This was followed by Uniswap, QuickSwap, and SushiSwap.
However, in terms of total transaction value, Curve was highest for bitFlyer users, while Uniswap was highest for users of other exchanges. Curve, ranking 22nd in transaction count, suggests the presence of some large-scale traders among the top 10%.
Next, regarding NFTs: The percentage of users engaging in NFT transactions is:
bitFlyer: 5.2% of total users
Coincheck: 10.7% of total users
bitbank: 11.2% of total users
These figures are lower compared to DEX usage.
When comparing DEX transaction volume to NFT transaction volume, bitFlyer and bitbank users show an NFT transaction ratio of 1-2%, while Coincheck users show 6%. This indicates that Coincheck users, from an exchange that is proactive about NFTs, tend to be the most active in buying and selling NFTs.
There are also some interesting points regarding the NFT project being purchased.
First of all, the most purchased NFT project on Coincheck is Sandbox's NFT, which is sold on Coincheck's marketplace, which is one possible factor.
The next most purchased NFT project on bitbank is CloneX. Of all the other exchanges, CloneX is the only one that has the highest volume of transactions in the blue chip collection.
The fact that bitbank users often use DEX and the high volume of purchases of PFP projects with communities may indicate an overall active user base for cryptos.
Users of bitFlyer are less likely to take out to external wallets, and some enthusiastic users are using the DeFi and NFT ecosystems.
Coincheck users are active and relatively light on NFTs
Bitbank is active in the DeFi ecosystem.
These figures are only for DeFi and NFT, but we can get a more detailed picture of users by looking at tokens and dApps in the future.
There might be characteristic features in user attributes for each Japanese domestic exchange, so I conducted on-chain analysis focusing on three exchanges: bitFlyer, Coincheck, and bitbank.
I'll explain the dashboard while highlighting several interesting points.
The following is the dashboard I have created.
https://dune.com/gussan_0214/japanesecentrlizedexchangesuserfeature
As a note at the outset, the first number of users in the dashboard does not indicate the number of CEX users. It represents the unique number of addresses sent externally from a particular CEX address.
Coincheck ：0x9C19B0497997Fe9E75862688a295168070456951
This time, I'm two aspects: the DEXs used by exchange users and the NFTs they have purchased.
Firstly, regarding DEXs, the left block is for bitFlyer, the middle block for Coincheck, and the right block for bitbank.
bitFlyer has a low proportion of users utilizing DEXs compared to the total number of external wallets. On the other hand, bitbank, which has a comparable absolute number, shows a higher proportion of DEX users relative to the total number of wallets.
BitFlyer users generally have fewer assets moved externally, with a small portion of users moving large amounts of cryptocurrencies. Coincheck users show a higher proportion than bitFlyer, but the DEX usage amount per user is not significant, suggesting they might be using withdrawn tokens directly for gas fees or payments. bitbank users potentially have a relatively higher number of users utilizing DeFi for asset management.
Regarding the DEXs used, PancakeSwap had the highest number of transactions across users from all exchanges. This was followed by Uniswap, QuickSwap, and SushiSwap.
However, in terms of total transaction value, Curve was highest for bitFlyer users, while Uniswap was highest for users of other exchanges. Curve, ranking 22nd in transaction count, suggests the presence of some large-scale traders among the top 10%.
Next, regarding NFTs: The percentage of users engaging in NFT transactions is:
bitFlyer: 5.2% of total users
Coincheck: 10.7% of total users
bitbank: 11.2% of total users
These figures are lower compared to DEX usage.
When comparing DEX transaction volume to NFT transaction volume, bitFlyer and bitbank users show an NFT transaction ratio of 1-2%, while Coincheck users show 6%. This indicates that Coincheck users, from an exchange that is proactive about NFTs, tend to be the most active in buying and selling NFTs.
There are also some interesting points regarding the NFT project being purchased.
First of all, the most purchased NFT project on Coincheck is Sandbox's NFT, which is sold on Coincheck's marketplace, which is one possible factor.
The next most purchased NFT project on bitbank is CloneX. Of all the other exchanges, CloneX is the only one that has the highest volume of transactions in the blue chip collection.
The fact that bitbank users often use DEX and the high volume of purchases of PFP projects with communities may indicate an overall active user base for cryptos.
Users of bitFlyer are less likely to take out to external wallets, and some enthusiastic users are using the DeFi and NFT ecosystems.
Coincheck users are active and relatively light on NFTs
Bitbank is active in the DeFi ecosystem.
These figures are only for DeFi and NFT, but we can get a more detailed picture of users by looking at tokens and dApps in the future.
I have researched user characteristics of Japanese exchanges with a focus on the DEX and NFT perspective. I think that if we broaden our perspective to tokens and other dApps, I can gain deeper insights. #DuneCon2024 #Dune https://paragraph.xyz/@guss3.eth/japanese_centrlized_exchanges_features https://dune.com/gussan_0214/japanesecentrlizedexchangesuserfeature
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I have researched user characteristics of Japanese exchanges with a focus on the DEX and NFT perspective. I think that if we broaden our perspective to tokens and other dApps, I can gain deeper insights. #DuneCon2024 #Dune https://paragraph.xyz/@guss3.eth/japanese_centrlized_exchanges_features https://dune.com/gussan_0214/japanesecentrlizedexchangesuserfeature