Binance Research, the research arm of the popular cryptocurrency exchange Binance, has published its latest "Monthly Market Information" report for September 2023. The report provides a comprehensive overview of the crypto market during the month, highlighting key trends and developments.
Here are some of the highlights from the report:
The crypto market remained relatively stable in September. The total market capitalization showed negligible fluctuations throughout the month, with Bitcoin (BTC) and Ethereum (ETH) prices remaining relatively stagnant. #BTC
Account Abstraction (AA) adoption is on the rise. AA is a new technology that allows users to interact with smart contracts without having to manage their own private keys. This makes it easier and more secure for users to access and use DeFi applications. According to the report, there were over 2.3 million successful ERC-4377 smart account transactions across over 870,000 unique AA accounts in September.
The stablecoin market continues to decline. The total market capitalization of stablecoins fell to a new low of US$123.8 billion in September, the lowest level since September 2021. However, two stablecoins, USDT and DAI, saw slight increases in market capitalization despite the challenging environment.
Significant changes were seen in the DeFi sector. ApolloX, a new decentralized exchange (DEX), made a significant entry into the DeFi sector in September. ApolloX offers a variety of features, including margin trading, perpetual contracts, and options trading.
Ethereum (ETH) Layer 2 solutions came to the fore. Ethereum Layer 2 solutions, such as Arbitrum and Optimism, saw significant growth in September. These solutions offer faster and cheaper transactions than the main Ethereum network. #ETH
Overall, the Binance Research report provides a valuable overview of the crypto market in September 2023. It is a must-read for anyone interested in staying up-to-date on the latest trends and developments in the industry. #BinanceResearch
