See the full report in Vietnamese here.
Key points
August was a relatively gloomy month, which saw cryptocurrency prices suddenly drop mid-month. However, the US court's recent ruling in favor of Grayscale's lawsuit has restored investor confidence, giving the market a much-needed breather. This victory will likely influence future decisions by the U.S. Securities and Exchange Commission (âSECâ) on Bitcoin spot ETFs, helping to institutionalize the digital asset sector and bring digital assets into widespread adoption.
SocialFi witnessed the appearance of a new emerging face, friend.tech. This app allows users to tokenize and trade X (formerly Twitter) profiles. Although figures increased significantly mid-month, with more than 500,000 transactions a day, things have slowed down a bit since then. The involvement of non-crypto celebrities could be a key factor to watch.
In an increasingly saturated and competitive L2 landscape, Base has emerged as a leader among the newest entrants to the L2 ecosystem, Linea and Mantle. We attribute Base's success to a high-visibility marketing campaign, memecoin trading, and a sudden spike in interest in the decentralized social network friend.tech.
Increased interest rates on DAI savings help increase demand for DAI. As one of the highest yielding stablecoins today, DAI supply has increased approximately 19% from its bottom, with 5.3 billion tokens in circulation.
EigenLayer's TVL skyrocketed to $245.2 million, an increase of more than 200%, after the protocol raised its liquidity retake limit, further demonstrating the strong market demand for retake products and the role of breadth of protocol in this area.
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