Binance Research pointed out in its August market report that the overall market value increased by 6.1% driven by multiple good news, the DeFi ecosystem has gradually received attention, and the total stablecoin supply is approaching a record high. point.
Ethereum spot ETF approved to drive growth in crypto market value
First of all, in terms of the performance of the cryptocurrency market, the market value of the cryptocurrency market increased by 6.1% in July, mainly due to the German government’s completion of the sell-off of 50,000 Bitcoins, the SEC’s approval of the listing of the nine-level Ethereum spot ETF, and the former U.S. President Trump’s Pu previously announced the establishment of a Bitcoin strategic reserve at Bitcoin 2024 and other good news.
In terms of currency price performance, Bitcoin also rose by 9.7% due to the above-mentioned positive news, but Ethereum fell by 1.6%.
In addition, the report also named the following coins:
Solana (SOL) rose 30.5%, benefiting from a 42.2% increase in DEX monthly trading volume compared to the previous period, which was blamed on the popularity of meme coins and bot trading
XRP gains 27.6% on launch of CME XRP Index, end of multi-year lawsuit with SEC
Tron (TRX) rises 9.8%, joining the top 10 coins by market capitalization as founder Justin Sun announces the launch of a native stablecoin with no gas fees
Ton (TON) fell 12.8%. Although it has an operating strategy modeled on WeChat mini-programs and multiple popular Tap to Earn games, the currency price still retreated amid strong gains.
(Is the surge in activity on the Solana chain a temporary speculative boom or an upcoming L1-dominated trend?)
(Don’t rely on them to keep TON from falling? On-chain decryption: The same group of TON Foundation miners dug out 85% of the supply)
DeFi popularity rises, Polymarket performs well
In the DeFi field, DeFi lock-up volume (TVL) increased by 3.5% in July, with the protocols with the largest increases being CORE, Scroll and Mantle.
As can be seen from the above figure, while most blockchain market shares are slightly flat, Tron has continued to lose proportionally.
In terms of transaction volume, it is not difficult to know that Polymarket, which benefited from the US election, came out on top. The transaction volume exceeded US$387 million in July, an increase of 614% compared with the previous period.
Re-staking heat conversion
In addition, thanks to the multi-party cooperation of well-known income protocols such as Mellow Finance, Lido, Ether.fi, Ethena and Pendle based on the Lido Alliance, the TVL of the re-staking project Symbiotic increased by 283% in one month, and the LRT protocol Mellow also increased by 69.6 %.
(Re-staking fever has subsided? EigenLayer’s net outflow in June was US$4.4 billion, and LRT protocol TVL fell by 20% across the board)
DEX is gradually gaining attention
At the same time, the report also found that the ratios of spot and futures trading volumes of DEX and CEX are continuing to rise, reaching 13.9% and 5% respectively. Showing that DEX versus CEX appears to be taking a significant share of the crypto market.
(DEX compared to CEX market share surge, Solana Foundation: DeFi development speed is "unprecedented")
The NFT market continues to slump
On the other hand, the NFT market trading volume has been dismal since the end of last year, declining by 7.14% to $430 million.
Among them, digital asset trading platform DMarket ranked first with a transaction volume of US$16.2 million. Others, including Bitcoin Ordinals and NFT transactions on Ethereum, have experienced significant declines. Only a few operating chain games have positive transaction volumes. Growth, such as Illuvium and Immutable.
Total stablecoin supply approaches all-time highs
The total supply of U.S. dollar stablecoins has continued to rise steadily since this year and now reaches $155 billion, approaching the all-time high of $165 billion in 2022.
The supply and liquidity of stablecoins have always been key indicators for judging the demand and popularity of the crypto market.
It is reported that Ethereum and Tron dominate the supply of stablecoins on the chain, accounting for 47.9% and 37.8% respectively, followed by BNB Chain with only US$5 billion and 3.2% market share.
This article Binance Report: Ethereum ETF drives the market value of the crypto market to grow in July, and DeFi popularity surges. First appeared on Chain News ABMedia.
