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2) NOT ADVICE, whether investment or trading or smoothies or anything else.

3) Most crypto volume doesn't trade on FTX. Mostly, I'm sad about this fact, obviously. But there are advantages. One is that we have real baselines to compare our growth to.

6:40 AM · Jun 22, 2021Twitter Web App

4) The point isn't that exchanges are playing a 0-sum game--we're not! Rather, it's that comparing growth to other venues can help us contextualize ours. How much are things a result of market dynamics, price action, or our work?

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5) Anyway, there are a bunch of interesting things in the graph above. I won't make you guess what the top line is. (I'm posting this; obviously it's FTX.) But there are other interesting points.

6) (a) who is the second fastest growing exchange? What's exceptional about this fact? (b) who's the third fastest, and what's interesting about their graph in 2021? (c) what are the overall trends in terms of exchange volume? (d) how would you summarize FTX's chart?

7) FWIW, the exchanges are, in alphabetical order: Binance, Bitfinex, BitMEX, Coinbase, Deribit, FTX, Huobi, Gemini, Kraken, and OKEx. There are some other interesting exchanges but they're less comparable to FTX: retail, regional, etc. (Upbit, Bithumb, Bitflyer, Paxos, etc.).