Binance’s 2024 H1 Summary Report covers developments in several key areas. Here is a summary of the report’s contents:
1. Overall Market Performance
Market Cap Growth: After a significant growth of 109% in 2023, the crypto market continued to rise in the first half of 2024, with the total market cap increasing by 37.3%. This growth was mainly driven by a 60.2% gain in the first quarter of the year, before giving back some gains in the second quarter, with the market value falling by 14.3%.
Key drivers: Events such as Bitcoin’s fourth halving at the beginning of the year, the launch of the Runes protocol, and the approval of US spot ETFs continued to drive market growth.
2. Public Chain and Layer2 Development
Layer1 performance: While Bitcoin has gained market dominance, Ethereum has also undergone important updates (such as EIP-4844), and other public chains such as BNB chain and Solana have also performed well in their respective fields.
Layer2 Progress: The first half of 2024 is the airdrop season for Layer2. The promise of incentives has attracted a large amount of capital to flow into the L2 chain, bringing the total locked value (TVL) of L2 to US$43 billion, an increase of 90% in the first 6 months alone.
3. Decentralized Finance (DeFi)
Market size: The DeFi market has achieved significant growth in the first half of the year, with TVL increasing by 72.8% year-to-date, from US$54.4 billion at the beginning of the year to US$94.1 billion.
Stablecoin market: The stablecoin market has rebounded significantly. As of June 30, 2024, the stablecoin market capitalization was US$161 billion, a two-year high.
4. NFT Market
Market performance: The NFT market experienced turbulence in the first half of the year, with sales volumes falling and floor prices of major projects falling by more than 50%.
Highlights: Despite this, Bitcoin NFTs and platforms such as Blur still performed well.
5. Memecoin
Market Performance: Memecoins are the best performing sector year-to-date with a return of 279%, sparking a lot of activity among traders and gaining a lot of attention in the crypto community.
Popular chains: Chains such as Solana and Base have become popular ways to trade memecoins due to their low transaction fees, non-fragmented unified product suite, and improved trading tools.
6. Artificial Intelligence (AI) and Cryptocurrency
Market integration: The integration of AI and cryptocurrency technology has become the focus of market attention. The two complement each other and jointly promote the development of a series of innovative applications.
Market Performance: AI tokens have generally outperformed the broader market, with their total market capitalization increasing to over $26 billion this year.
VII. Other Key Areas
Decentralized Physical Infrastructure Networks (DePin): DePin became a hot narrative in late 2023 and continues to gain traction in 2024, seen as an area with high growth potential.
Social Finance (SocialFi): SocialFi continued to develop, and projects such as the Lens protocol announced important progress.
Web3 Games: The Web3 Games sector performed strongly in the first quarter, and although the market capitalization of game project tokens declined in the second quarter, user growth metrics remained healthy.
To sum up, the Binance 2024 first half summary report demonstrates the comprehensive recovery and significant growth of the crypto market in various fields. With the continuous advancement of technology and the increasing maturity of the market, the encryption market is expected to continue to maintain strong development momentum in the future.
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