02 August 2024Macro/TradFiAt the 2024 Nashville Bitcoin conference, former President Donald Trump pledged to halt the federal government’s Bitcoin sales, create a Bitcoin strategic reserve, and fire Gary Gensler if re-elected.Russian lawmakers approved a bill permitting businesses to use cryptocurrencies in international trade, aiming to bypass Western sanctions imposed following Russia's invasion of Ukraine.CryptoL1/L2:Nearly $1.5 billion in tokens from major crypto projects are slated for unlock in August, with a staggering 1 billion XRP tokens—valued at $609 million—having led the charge on August 1.For the first time since its launch, Solana surpassed Ethereum in total fees and MEV tips on a weekly basis. During the week of July 22, Solana generated around $25 million in revenue, outpacing Ethereum's $21 million.Lava Network began its phased mainnet launch and airdrop of 55 million LAVA tokens, starting with $2 million in incentives for participants. Lava is a modular blockchain offering data access for other projects via remote procedure calls (RPCs).DeFi:The DeFi market is recovering, with active loans and total value locked (TVL) rising since their 2023 lows. Active loans have surged to $13.3 billion, levels last seen in early 2022, according to a July 31, 2023, Token Terminal article.Aave might soon implement a fee switch to share net excess revenue with key users. Marc Zeller, founder of the Aave Chan Initiative (ACI), posted a temperature check on the proposal.Convergence, a yield-enhancing platform based on Curve, was exploited, causing its token price to plummet to near zero.Stablecoins:Launched in May, PayPal's Solana-based PYUSD stablecoin is rapidly closing in on its year-old Ethereum counterpart. With $240 million in supply on Solana versus $348 million on Ethereum, the gap is narrowing quickly.Tether showcased stellar financial results in its Q2 2024 attestation report, posting a record-breaking net profit of $5.2 billion for the first half of 2024.NFT & Gaming:On July 27, Yuga Labs' Project Dragon event brought over a thousand players together for a two-hour showdown in Meetropolis, a voxelized paradise within their Otherside metaverse.Tap-to-earn game Hamster Kombat announced in its whitepaper that 60% of its token airdrop will go to players, claiming it will be the largest in crypto history. The team has yet to announce a launch timeline or detailed tokenomics for the upcoming second season.Latest Binance Research Publications Check out our latest publications:Top Charts from H1 2024Q2 State of Crypto: Market PulseWhat’s Driving the Crypto Market? Introducing Our CPT FrameworkExplore our Binance Research website for more project and macro research.For more frequent market updates and insights, follow us on Twitter @BinanceResearch.That’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. 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