Research

Binance Research 2023 H1 report source

1. Market Overall
2. Although it was not without difficulties, it showed resilience, such as the overall market cap closing at +.
3. BTC dominance ends halving at its highest level since April 2021
4. Year-to-date price increase of more than 87% significantly outpaces general trading finance investment
5. Correlation between Bitcoin and traditional finance also hit a multi-year low

6. Ordinals and Inscriptions have breathed new energy into the entire Bitcoin ecosystem, and sustainable development and innovation are expected in the future.

7. L1 is eventful

8. Ethereum's liquidity staking hits record high

9. LSTfi was born as the BNB chain focused on scalability

10. Solana rebounds after turbulent 2022 and launches web3 phone

11. Tron's dominance of USDT continues to increase

12. Avalanche makes progress in subnetting and corporate partnerships

13. Cosmos advances in the sharing economy security model

14. Ethereum L2

15. Launch of first fully functional zkEVM, while optimistic rollup continues to dominate

16. Many key players present ideas future visions for blockchain networks: L3, Superchain, Hyperchain, etc.

17. Stablecoins

18. Global stablecoin market value decreased by 7.0%

19. Significantly reshaped the market composition due to adoption trends, the regulatory environment, and changes in the approach of certain players.

20. USDT stands tall as TOP with an astonishing 25.8% increase in market share compared to the beginning of the year

21. DeFi

22. User migration to DeFi has increased since the beginning of the year

23. This is due to the remarkable rise of liquidity staking

24. DeFi continues to discover new use cases

25. However, DeFi's share decreased by 0.5% compared to the global cryptocurrency market

26. NFTs

27. Increased trading volume compared to the second half of 2022

28. Appears to have been driven by increased activity at Blur at the beginning of the year

29. However, the floor price of many NFT collections has declined year-on-year

30. NFT performs poorly compared to the overall market

31. Games

32. Broadly benefited from rising prices, broader market recovery

33. Over 67% built on BNB Chain, Ethereum, and Polygon

34. VC investment

35. Reduced overall trading activity due to decrease in VC funding

36. The infrastructure sector attracts the most investment, followed by gaming/entertainment and DeFi.