As Solana approaches an all-time high, cryptocurrency exchanges like Coinbase and Binance are generating significant revenue. Coinbase holds a large share of the US crypto market while Binance dominates in the east. Revenue comes from trading fees, with Solana contributing to about 9% of Coinbase’s transaction revenue, translating to roughly $167 million in the first half of the year. Both exchanges operate Solana validators, earning substantial income from network rewards. Coinbase and Binance charge their stakers 8% commission but still hold the second and sixth-largest validators, respectively. Despite inefficiencies in their operations, the demand for simplified crypto platforms keeps them at the forefront of staked SOL supply. In recent incidents, Coinbase overpaid $19,000 for computing resources due to improper fee specifications, while Binance incurred excessive priority fees for a USDC stablecoin transaction. This suggests that these prominent exchanges, despite their challenges, continue to thrive in the crypto landscape.

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