Want some insight into the state of crypto in Q2 2024?
Look no further than our latest #Binance Research market pulse report, where we cover it all 🫡
Read the full report here.
Highlights:
Market Pulse is a compilation of key charts and insights by Binance Research, shedding light on the state of crypto.
Market Overview: In Q2 2024, positive developments included Ethereum ETF approvals and the first Solana ETF filings in the U.S. However, total crypto market cap fell by 14.0% due to concerns over Mt. Gox repayments and German Government Bitcoin sell-offs.
Layer 1s & 2s: Solana maintained its strong performance with over 1.1B transactions in Q2 2024, the highest among Layer-1 (“L1”) networks. Layer-2 (“L2”) TVL experienced notable gains. Arbitrum reached all time high (“ATH”) in daily active addresses.
DeFi: Total value locked (“TVL”) in DeFi decreased by 5.4% QoQ to US$152.0B, largely due to wider market downturn. However DEX trading volumes remained high with a 5.5% growth in average monthly spot volumes QoQ.
NFTs: NFTs experienced a substantial decline, marked by a 43.9% drop in total sales volume, alongside decreases in transaction count and unique buyers.
Gaming: The gaming landscape witnessed continued development across the board, with BNB Chain, Ethereum, and Polygon dominating over 68.5% of the market by game count.
Read the full report here.
