The head of CryptoQuant, Ki Yang Joo, believes that the largest cryptocurrency exchanges are changing their role, transforming into platforms for tokenized instruments from the real world, including metals, oil, and stocks. Ki Yang Joo studied the structure of the perpetual futures market settled in USDT stablecoins on Binance. According to his assessment, contracts related to metals show some of the highest average turnovers, oil contracts are also active, while stock contracts significantly outperform many cryptocurrency pairs. Altcoins, except for the top ten, have found themselves at the bottom of the list. This indicates a shift in traders' interests towards a broader range of financial instruments. Ki Yang Joo noted that the growing demand for contracts tied to precious metals, commodities, and stocks is pushing crypto platforms beyond traditional trading of digital assets. Exchanges are beginning to compete in the number of coins and the depth of their range of tokenized financial products. As a result, the boundary between cryptocurrency exchanges and traditional stock markets may become less noticeable. Important areas for exchanges include blockchain infrastructure, market data, and analytics for assessing liquidity and managing risks. This could become a new direction for development, where not only new tokens are important, but also the fundamental services for market access.
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