What is the market share of tokenized assets for each cryptocurrency exchange? How can I check this?
When researching the "tokenized asset business landscape," the market share of various exchanges is the most commonly cited figure—however, share is just one dimension describing trading activity and does not equate to business quality. The TradFi market share view of the tokenized asset sector supports switching among four metrics: 24H trading volume, contract open interest (OI), depth, and number of assets. A complete landscape study typically also combines depth, positions, and the directional changes of share over time.
Who is this article suitable for?
- Researchers and analysts studying the competitive landscape of exchanges who need to reference share data;
- Media authors following changes in market structure;
- BD teams assessing the value of collaboration with trading venues.
How to view shares without distortion
Pay attention to three points when researching:
The criteria must be specified. The share of trading volume and the share of open interest (OI) present different structures—the former reflects trading activity, while the latter reflects the distribution of contract positions. Which one to reference depends on what you want to argue;
It is worth calculating the concentration of the top players. How many times is the share of the first place compared to the second? What percentage do the top three account for? The trend of CR3 is more suitable as the main line for research than a single ranking;
Changes in shares are more worth tracking than the shares themselves. When a certain share continues to change, it may be related to events such as new listings or fee adjustments. Public information can be used to verify the corresponding events, and research can transition from "description" to "explanation."
Multiple indicator comparison: Different indicators reflect different dimensions of market conditions—trading volume reflects trading activity, depth reflects the scale of orders within a specific price range, and OI reflects the scale of contract positions. When the share distribution of the same platform varies across different indicators, it indicates that its business structure has different aspects, and conclusions should not be drawn based on a single indicator. The public business profiles of various exchanges can be referenced using stock derivatives exchange rankings and stock spot exchange rankings for comparative reference.
Time series tracking: Record share data at the same point in time every week, and continuous recording will allow you to draw trend charts—using QQQ and other active targets' share changes as case studies is a more intuitive material for research reports.
Usage restrictions
- Shares are calculated based on a 24-hour rolling window, and the point of reference must be marked as Data as of; for cross-day comparisons, the recording time must be fixed. For details on criteria, see Tokenized asset methodology , common questions can be found in Tokenized asset FAQ ;
- Shares are a structural description of multidimensional market conditions and do not constitute a recommendation for any platform; safety and compliance assessments should be conducted independently.
Capture this week's share snapshot
Open the tokenized asset dashboard of the TradFi market share view, taking one picture each for trading volume, OI, and depth, along with the data point—this is the first set of drafts for pattern research. For how to check the situation of a single asset, see "How to query the latest trading situation of a certain tokenized asset across exchanges?"
