- Cardano users were left disappointed by Binance.
- Cardano gets a major boost from LCX.
- Binance is significantly larger than LCX.
Cardano is often praised for its innovation, security, and reliability, yet it lags behind rivals in liquidity and users. In the lead-up to the Cardano Summit, investors held hope for a breakthrough as rumors suggested that Binance might list Cardano Native Tokens (CNTs).
Sponsored
However, the fireside chat with Binance CEO Richard Teng passed without any CNT announcement, leaving the community deflated. Stepping in with a welcome boost, Liechtenstein-based exchange LCX has announced plans to list CNTs, demonstrating strong support for the Cardano ecosystem.
Cardano Gets LCX Boost
Following Binanceโs silence on CNTs, LCX has announced its commitment to growing the Cardano ecosystem with โa wave of new listings.โ
LCX CEO Monty C. M. Metzger emphasized LCXโs role as the โnumber 1 exchange for Cardano projects,โ stating that the platform initially listed popular tokens like SNEK but is now moving to support other projects. He aims to position LCX as the go-to centralized exchange (CEX) for Cardano assets.
As a Cardano Summit sponsor, LCX also had Metzger deliver a solo talk titled โThe Crypto Supercycle: Empowering Cardano Startups.โ He discussed how LCX is shaping itself as the leading regulated exchange for Cardano, aiming to bolster the ecosystemโs growth through its robust compliance infrastructure.
Currently, LCXโs offerings include 11 CNT trading pairs, primarily in EUR and a few in USDC, reflecting its focus on a European user base.
Binance is a Giant
While the Cardano community welcomes LCXโs support, the exchange operates on a much smaller scale than Binance. LCX reported 50,000 users in 2020, a stark contrast to Binanceโs 200 million users today, highlighting the difference in reach and user base.
LCXโs trading volume reflects this disparity as well, with a 24-hour turnover of just $22 million compared to Binanceโs massive $14.5 billion daily volume.
According to the World Economic Forum, LCX aims to become one of the first licensed blockchain banks to bridge traditional finance and crypto.
On the Flipside
- The EU has clearer crypto regulations than the US.
- Binance has been losing market share.
- The LCX exchange token offers fee reductions and secures access to earn products.
Why This Matters
LCX may lack Binance’s scale, but championing Cardano creates momentum that bigger exchanges can’t ignore.
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