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Manila Bulletin devider Technews devider Binance mid-year report shows crypto industry in good health

Binance mid-year report shows crypto industry in good health

Published Aug 8, 2023 06:53 am

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Global cryptocurrency exchange Binance has released its half-year report detailing the health of the industry. Released at the close of H1 2023, the 120-page report covers key industry verticals including Bitcoin and layer-1s; layer-2s; stablecoins; DeFi; and NFTs. It also examines gaming, metaverse, funding, and institutional adoption.

The comprehensive mid-year report reveals the state of adoption, usage, and innovation in every major category. The analysis contained within Binance’s half-year report makes a compelling case for the industry being in better health than expected, forming a strong foundation for growth in H2 and into 2024.

Key takeaways include:

  • Total market capitalization has risen by 30% on a year-on-year basis, closing at $1.17T on June 30.
  • Bitcoin dominance ended the half-year at its highest level since April 2021, while its correlation with TradFi is now at a three-year low. 
  • Despite a 7% decline in global stablecoin market value, USDT has experienced a 26% increase in market share year-to-date (“YtD”).
  • Liquid staking has become the largest DeFi sector.

The report highlights metrics that are not immediately apparent to day traders, but whose growth can be interpreted as positive. For example, Bitcoin’s trading volume has increased by 185% YtD, while network transactions are up 58% and average tx fees by 143%. This increase in network usage has been partially attributed to the growth of Ordinals that allow NFTs to be created and traded on the Bitcoin network.

Crucially, the hashrate used to secure the Bitcoin blockchain is also up 40% YtD, with mining difficulty rising in line with this, posting a 43% increase. While on-chain analytics have been used heavily in Binance’s extensive mid-year report, it also draws data from other sources including sentiment analysis. The Bitcoin Fear & Greed Index has doubled since January, showing increased trader confidence.

Of the other L1s profiled in the report, Solana experienced the strongest increase in market capitalization during the first half of the year. BNB Chain has the best YtD network performance, recording a 113% increase in daily tx versus Ethereum’s 48%. It’s the same story with active addresses, 118% vs 63%. Avalanche’s progress on subnets and Cosmos’ new shared security models are also interesting developments. 

One of the year’s biggest stories profiled in the mid-year report is the growth in liquid staking and the emergence of LSTfi (the amalgamation of liquid staking tokens and DeFi), where the latter experienced a rapid 460% growth in total value locked since April. Binance’s H1 report also profiles the L2 sector in detail, with the growth of zkEVMs and Polygon’s upcoming transition to Polygon 2.0 being key highlights. Emerging sectors are also discussed in detail,  including the rise of L3s: app-specific chains that connect to existing layer-2s. 

In addition to reviewing the market dynamics of the leading stablecoins, the report examines emerging competitors that have gained market share in 2023. These include USDD, crvUSD, GHO and LUSD, with the latter’s market cap up 54% YtD.

Across almost every vertical analyzed by Binance, the crypto industry has recorded impressive growth through H1. In DeFi, users are up 43% YtD and even NFT volumes are up compared to H2 2022, despite floor prices diminishing. In terms of fundraising, Binance reports the top 10 funds raised a total of $3.6 billion in H1. There is also ample evidence to support institutional adoption including significant trials involving CBDCs, enterprise blockchain projects, and emergence of real-world assets on-chain.

The report concludes on a bullish note, stating: “The market has largely benefited from the “Bitcoin ETF” season, driving the market’s newfound momentum as Bitcoin soared to new highs for the year, helping boost investor confidence. As we embark on the second half of the year, we look forward to seeing further innovations, greater adoption, and an even brighter future.”

The survey report can be accessed via link: https://research.binance.com/en/analysis/half-year-2023 (published on July 20, 2023 at 2 pm UTC).

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