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We Think 10-Minute Settlement Is Slow but That's Crazy, Feat. CoinDesk Research's Noelle Acheson

CoinDesk Head of Research Noelle Acheson joins the Amun State of Crypto crew to discuss the advantages, disadvantages and eccentricities of crypto markets, exchanges, settlement and more.

Updated Sep 13, 2021, 12:18 p.m. Published Feb 15, 2020, 2:00 p.m.
Photo by Sharon McCutcheon on Unsplash
Photo by Sharon McCutcheon on Unsplash

CoinDesk Head of Research Noelle Acheson joins the Amun State of Crypto crew to discuss the advantages, disadvantages and eccentricities of crypto markets, exchanges, settlement and more.

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In this deep-dive conversation, the group discusses the differences in the market microstructure between the crypto asset industry and traditional capital markets. The guests drew from their experience within traditional capital markets to explain the intricacies of the crypto market micro-structures and price discovery.

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KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market

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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.

What to know:

  • KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
  • This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
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  • Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
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Dogecoin, PEPE rocket as much as 25% as 2026 starts with a bang for memecoins

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The broader meme coin market is heating up, with CoinGecko's GMCI Meme Index showing a market value of $33.8 billion and a trading volume of $5.9 billion.

What to know:

  • Dogecoin and Pepe led a significant meme coin rally, with Dogecoin rising 11% and Pepe surging 17% in a single day.
  • The broader meme coin market is heating up, with CoinGecko's GMCI Meme Index showing a market value of $33.8 billion and a trading volume of $5.9 billion.
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