When I see a crypto exchange with tens of billions of daily volume and almost no marketing, I assume they are dealing with institutions, governments and probably organized crime.
Yes all are on crypto exchanges, alongside retail. They grow fast because they provide an immediate service.
Basically what happens is that they grow soooo fast that they arent able to handle customer support, cant list new assets that customers want fast enough, that even institutions want.
So then the next startup crypto exchange lists the newly desired assets and attracts the whole network and people fearing missing out.
And it keeps going. Thats the primary way they compete. There is a bunch of stuff behind the scenes for market depth and liquidity, but it reduces the need for exchanges to compete with each other on liquidity so its not really a factor just like trading commissions are really how they compete.
Basically what happens is that they grow soooo fast that they arent able to handle customer support, cant list new assets that customers want fast enough, that even institutions want.
So then the next startup crypto exchange lists the newly desired assets and attracts the whole network and people fearing missing out.
And it keeps going. Thats the primary way they compete. There is a bunch of stuff behind the scenes for market depth and liquidity, but it reduces the need for exchanges to compete with each other on liquidity so its not really a factor just like trading commissions are really how they compete.
Boom town.