Binance is a leading cryptocurrency exchange that provides trading for >100 different cryptocurrencies. Currently, the exchange provides both spot and margin trading and is considered to be the largest cryptocurrency exchange in the world in terms of trading volume. Accordingly, the token powering the Binance ecosystem, Binance Coin (BNB) now ranks #6 in terms of market cap. The unprecedented success of Binance can be attributed to the notable team, market timing and product impact. The Power of CZ It’s hard to talk about Binance without mentioning their stellar CEO, Changpeng Zhao (a.k.a CZ). Before launching the exchange, he built trading systems and led the technical teams at OKCoin and Blockchain.info. He’s also known for his frequent activity and responsiveness on Twitter; always keeping the community updated when there are issues. Market Timing & Strategy Binance grasped the opportunity to acquire users rapidly in Q3 2017. The timing was excellent as Chinese exchanges were under pressure to relocate, while market momentum was on the rise.  Strategy – Regulatory arbitrage by being registered in Malta – Crypto-to-crypto trading only to avoid issues from banking – User incentives (referral program + exchange token, BNB)   The Utility of BNB In the beginning, BNB was simply a way for the exchange to raise money with limited utility. Over time, we are seeing continuous efforts by the team to create value for BNB holders. 1.Trading Fees  Users enjoy a 25% discount when BNB is used for trading fees. Having a higher BNB balance also qualifies users for higher tier trading fee discounts: 2. Burn BNB is burnt quarterly according to the overall trading volume. As of writing, Binance has completed the 8th BNB Coin Burn, reducing 6.23% of the total supply. Eventually 50% of total BNB supply will be destroyed. Additionally, the team has given

FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.  Due to the poorly designed risk management systems, current futures exchanges have frequent large clawbacks, leading to losses in the millions. FTX reduces the likelihood of clawbacks by using a three-tiered liquidation model. The goal of FTX is becoming the leading exchange ahead of BitMEX and OKEx in the coming years. FTX was launched in April and boasts some of the most liquid order books in the space. As of late, FTX futures have had volumes worth of $100m per day.   Product Type Exchange Token Type ERC20 Token Supply 350,000,000 Tokens for sale 70,000,000 (20%) Ticker FTT Listing Date 29th July 2019 Country Antigua and Barbuda   Key Features – Stablecoin settlement (TUSD/USDC) – New index futures (ALT, MID, SH*T along with USDT, BNB, etc.) – Automated OTC trades – Backstop liquidity provider to stop clawbacks – One universal margin wallet – Low fees, tight spreads, deep orderbooks, and a complete API Notable Team Members – Sam Bankman-Fried – CEO of Alameda Research. Former trader on Jane Street’s ETF desk. Designed Jane Street’s automated OTC trading system. MIT graduate. – Gary Wang – CTO of Alameda Research. Former software engineer at Google. Developed price aggregation and serving systems for Google Flights. MIT graduate.   Token Utility – Token Burn 1) 33% of all fees generated on FTX futures, until half of all FTT is burnt 2) 10% of net additions to the insurance fund (‘Socialized Gains’) – Discount on Trading Fees 10% if holding >$10k USD value of FTT Max discount 30% – OTC Rebates   Why FTX? Like any new exchange, the challenge is acquiring users and taking market share from existing players. Below are what the team sees as the key advantages:  –

Decentralized Finance (DeFi) has garnered popularity and grown into one of the biggest sectors in the crypto space. According to DeFi Purse, over 500M USD is locked in DeFi applications. Applications include stablecoins, DEXs, lending, derivatives, payments, etc. DeFi is usually referred to as Open Finance, which aims to remove restrictions that limit people’s access to traditional financial services. In simple terms, DeFi uses cryptocurrencies, blockchain technology, and smart contracts to provide financial services. Total Value Locked (USD) in DeFi on 16 July 2019 Why DeFi? Cryptocurrencies were designed to be decentralised, transparent, trustless, permissionless and censorship-resistant. They use decentralized control as opposed to central banking systems. DeFi aims to provide permissionless and transparent financial services to anyone and everyone. The advantages of decentralised financial products are similar to the original vision of public blockchain: Global Access to Financial Services With DeFi, anyone with an internet connection and a smartphone can gain access to financial services. Due to its permissionless nature, users cannot be restricted geographically. Even when IP addresses are blocked, users can still access the network remotely via VPN. In contrast, most traditional financial services are limited geographically. (e.g. a North Korean citizen would not be able to open a bank account in HK) Apart from geographic limitation, traditional financial services also favour the wealthier population. Clients with more assets typically enjoy better rates and have access to advanced wealth management tools. DeFi minimizes the inequality and users can enjoy similar services regardless of size. Privacy and Security With the surveillance of government agencies and large companies, our spending habits and financial statuses are closely monitored. Based on this data, merchants advertise products that “fit” our need and banks calculate a credit score that determines access to products such as loans. In the context of DeFi, personal identity