Binance Releases Highly Anticipated Mid-Year Report

Binance, the world’s largest cryptocurrency exchange, has finally released its much-awaited report shedding light on the first half of the year. The report showcases both the challenges faced by the cryptocurrency market during this period and the positive growth in market value. It highlights significant milestones achieved by Bitcoin, the largest cryptocurrency, which has reached its highest market dominance level since April 2021 and outperformed traditional financial investments in terms of price performance.

Market Value and Performance

According to the report, the total market value of the cryptocurrency market has witnessed a notable increase of 30.3% from the first day of the year until June 30th, reaching an impressive $1.17 trillion.

Developments in Layer 1 Blockchains

The report emphasizes the active developments in Layer 1 Blockchains. It mentions the rising interest in Ethereum’s liquid staking that led to the emergence of LSTfi. On the other hand, BNB Chain has focused on scalability. Additionally, Solana made a strong comeback with the introduction of the Web3 phone, while the Tron Blockchain witnessed an increase in USDT issuance, leading to heightened dominance of Tron USDT.

• Avalanche (AVAX) and Cosmos (ATOM) also witnessed significant advancements during this period.
• Optimistic rollups continued their dominance, and ZK technology reached new heights with fully functional zkEVMs.
• Major Blockchain networks are exploring ideas like L3s, Superchains, and Hyperchains.

Tokens and Gaming

The report includes information on tokens related to games, stating that they experienced price increases due to market recovery. Most games are built on the BNB Chain, Ethereum, and Polygon (MATIC) Blockchains.

Reshaping the Stablecoin Market

The report highlights the stablecoin market’s changes, with a 7% decrease in total value during the first half of the year. Interestingly, the market share of the largest stablecoin, USDT, increased significantly by 25.8% during this period, indicating a redistribution of cards in the stablecoin market.

Developments in DeFi and NFT Sectors

The report covers significant developments in the DeFi sector, where liquid staking gained prominence as a sub-sector and decentralized exchanges (DEXs) attracted more users. Despite positive developments, DeFi lost some of its dominance compared to the broader cryptocurrency market.

Regarding the NFT sector, the report notes that the market saw high transaction volume in the first half of the year. However, many collections experienced significant decreases in base prices.

Activity of Deals and Venture Capital Investments

According to the report, the activity of deals and venture capital investments in the crypto sector decreased significantly during the first half of the year. The infrastructure sector attracted the most investment, followed by the gaming/entertainment and DeFi sectors.