Interesting shift in on-chain market structure. Have also observed that Solana spot volumes have been relatively weak while on-chain spot volumes are expanding. Binance clearly making use of their distribution to push trading on-chain for both spot and perps is an obvious strategic focus. The future is on-chain, CLOBs will be where it unfolds.

Memecoin trading on BNB has flipped Solana
(driven by the Binance Alpha program)

Yano 

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