Binance’s 2024 half-year report highlights significant growth and resilience in the crypto market, despite challenges. It notes that the global crypto market cap rose by 37.3% to approximately $2.27 trillion, largely due to strong performance in the first quarter. While the market saw a 14.3% downturn in the second quarter, DeFi and Layer-2 solutions were major growth drivers, with DeFi’s total value locked (TVL) increasing by 72.8% to $94.1 billion by mid-year.

Layer-1 networks like Bitcoin and Ethereum continued to dominate. Bitcoin benefitted from the approval of U.S. spot ETFs and the Runes Protocol, while Ethereum advanced with EIP-4844 and a surge in restaking activity. Binance’s own BNB chain also saw developments with opBNB and Greenfield projects. Layer-2 protocols attracted significant attention, particularly from zero-knowledge projects, contributing to a 90% increase in their TVL to $43 billion.

The stablecoin market made a recovery to a two-year high, reaching $161 billion in market cap, with USDT leading, while Circle’s USDC and Ethena’s USDe gained ground. However, the NFT sector faced turbulence, and Web3 gaming saw mixed results, with token values declining but user growth continuing.

Looking forward, Binance’s research highlights potential for continued growth in real-world asset integration, decentralized finance, and SocialFi sectors, which could drive further innovation and user adoption in the latter half of the year​
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1 Before hearing influential global news and bulletins

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3 At a time when you are not financially aware of the market ($)