Save 40% on Kaiko Research Premium, now $60/year until July 31.
Liquidity Flywheel Drives Binance to 300 Million Users
A deep dive into Binance’s liquidity flywheel that enabled the platform to reach 300 million users.
More Data Blogs from Kaiko
![]()
REPORT: The Verticalization Thesis: How Blockchain Revenue Models Are Evolving16/07/2026
Data BlogThis report provides an overview of the evolving business model of blockchain networks. We analyze incumbents and newcomers, showing how each of them leverages verticalization differently to answer a simple question: How is the business model of blockchain networks evolving?
![]()
REPORT: Crypto Exchanges are Building Financial Super Apps for the Next Billion Users15/07/2026
Data BlogThis report examines how leading crypto exchanges are evolving from trading venues into integrated financial platforms spanning trading, yield, payments, custody, and collateral. Using a four-layer framework, it explores how liquidity, retained balances, onchain payments, and institutional collateral rails are reshaping exchange competition.
![]()
REPORT: Measuring Risk in Crypto Options11/06/2026
Data BlogIn this report, Kaiko and MerQube analyze how crypto-native and ETF Bitcoin options priced risk differently across two parallel markets in 2025.
