According to the ranking of exchanges on CoinMarketCap, two exchanges that were previously running in the middle of the pack have now jumped to the front. The exchanges, Singapore-based CoinBene and Hong Kong-based Bit-Z are first and second, respectively, after both introduced a new fee model that is based on cryptocurrency mining.
CoinBene took the top spot, trading over $2.1 billion within 24 hours. Bit-Z followed behind with around $1.5 billion. Binance, which had previously held the top spot, was bumped to fourth with $629 million, partly due to the recent suspension of services for a software upgrade.
On June 23, CoinBene introduced the new model, which returns 100% of trading fees back to users. The payments are made using CoinBene’s Coni token and is based on a formula that takes the holding Coni volume per hour and divides it by Coni’s total hourly volume. The result is then multiplied by 100%. CoinBene said in a Twitter post that “the trading fee will 100% exchange to ETH at closing price hourly and will be return [sic] at 15:00 next day.”
The additional instruction about Coni event??? pic.twitter.com/4Vd1a7JlBs
— CoinBene Global (@CoinBene) June 22, 2018
When CoinBene was pushed to the top of the charts, it made sure to let everyone know. It posted a tweet stating, “[On] January 2018, we aim to reach the top 10 exchange in the world. [We] live through our ups and downs in the past six months, and never give up and now we are the champion in the world!!! [We] will continue to move forward with gratitude to our users, honest & humble to market.”
Bit-Z took a similar position with their model. According to the company’s website, the mining model provides refunds of transaction fees to users through BZ, the exchange’s native ERC20 token, as long as the users have submitted themselves to level three verification.
Bit-Z introduced the model on June 25 and established a limit of 600 million BZ. The platform indicated that the model functions by decreasing by 3% the amount of BZ that is returned for every 10-million BZ period. Following the announcement, Bit-Z posted on Twitter that the total turnover in the 12 hours following the implementation of the new model had exceeded 27 billion.
The exchanges didn’t hold the top spots for long, however. As of this writing, Bit-Z had dropped down to the fifteenth spot and CoinBene has fallen all the down to number 64. OKEx currently tops the list with $140.5 million in 24-hour trading volume, with Binance right behind with $135 million.
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