TG Telegram Group Link
Channel: Binance Research
Back to Bottom
1/ Over the last week, Bitcoin has seen its value drop below US$39K (though it has since bounced back to US$41K), a notable decline from levels earlier in the month prior to the spot BTC ETF approvals. Ethereum saw a 9%+ WoW decline after news of multiple spot ETH ETF delays by the SEC.

2/ Berachain, a Layer 1 blockchain that uses the Proof-of-Liquidity consensus mechanism, has released its public testnet Artio. NFT floor prices for various bear NFT collections have also risen as airdrop farmers speculate on a potential airdrop.

3/ Lido has reported a more diversified client base, with geth usage across validators decreasing from 93% to 67%. This is aligned with its initiatives to reduce centralization risks to the protocol. Lido has also partnered with distributed validator technology ("DVT") provider, Obol Network, to diversify its client base, amidst its dominant market share in staked ETH.
1/ The market for liquid restaking tokens ("LRTs") has seen substantial growth over recent months, expanding from under 10K in October to over 580K. etherfi, KelpDAO, and Puffer Finance lead the way, representing 43%, 21%, and 14% of market share, respectively.

2/ In notable news, #Binance has launched the Inscriptions marketplace for its Web3 Wallet, enabling users to inscribe, trade, and transfer BRC-20 tokens. StarkNet, an Ethereum scaling solution, has partnered with Celestia to enhance data availability for its Layer-3 chains.

3/ Additionally, Wormhole has unveiled its roadmap for Wormhole ZK, aiming to strengthen its trust guarantees, verification, and composability, among other features. Meanwhile, Aevo released details regarding its airdrop and farming program.
Happy New Year to all who are celebrating! To kick off the festive season, we have two hot new reports for you to get into this weekend. Our regular Monthly Market Insights and our latest report on Bitcoin Inscriptions. Check them out!

Time to look at this month's market insights!

Our research team analyzed the state of the crypto market and provided insights on $BTC ETF flows, DEX volumes, Ethereum client diversity, and more.

Check it out ⬇️
https://www.binance.com/en/research/analysis/monthly-market-insights-2024-02

Inscriptions and BRC-20 tokens have impacted the Bitcoin ecosystem beyond transaction metrics and block demand, serving as catalysts for ecosystem developments.

In our new #Binance report, we examine their impact and latest developments.

Have a read ⬇️
https://www.binance.com/en/research/analysis/navigating-the-inscriptions-landscape/
1/ Over the last week, Bitcoin saw a ~9% WoW increase to over US$47k. The total crypto market cap has also risen by 4.6% on a WoW basis. This uptick follows the net positive inflows into spot BTC ETFs, and comes as the anticipated Bitcoin Halving approaches, now just 66 days away.

2/ Farcaster gained widespread attention after the release of its new "Frames" feature, enabling users to interact with mini-apps directly from social feeds. Following the introduction of Frames, daily users on Farcaster-based apps like Warpcast have leaped from 2.4K to 39.7K.

3/ Ethereum's Dencun upgrade has been rolled out on the Holesky testnet, with core developers pinpointing March 13 as the target date for mainnet deployment. Meanwhile, a new unofficial, experimental token standard, ERC404, has sparked the interest of many in the past week.
Highlights 🧵:
1/ Spot BTC ETFs, launched in January, have continued to see significant inflows, now holding 704,000 BTC, worth US$36.9B. BlackRock and Fidelity emerge as the most popular options, with market shares of 14.6% and 11.5%, excluding Grayscale. On the other hand, gold ETFs, often compared with BTC, recently saw YTD outflows of US$2.4B, as per Bloomberg analyst @EricBalchunas.

2/ The court has approved Genesis's request to liquidate $US$1.3B of GBTC to repay investors. Furthermore, Spain’s largest telecom firm, Telefónica, has partnered with Chainlink, augmenting Web3 security by linking the GSMA Open Gateway to Polygon’s PoS network.

3/ The Starknet Foundation announced the $STRK airdrop on Feb 20th, with around 1.3M wallets qualifying. ApeCoin DAO will use the Arbirtrum stack to develop ApeChain, using $APE as the gas and governance token. The ApeCoin community will have the choice to implement features such as Stylus, BoLD, etc.
Restaking is one of the hottest topics of the year, with EigenLayer's TVL rising by over 600% in 2024.

Our new #Binance report explores the restaking market, EigenLayer, restaking on other chains, liquid restaking protocols, and tokens.

Have a read 👇
https://www.binance.com/en/research/analysis/the-hitchhikers-guide-to-restaking
Highlights 🧵:
1/ Ethena, a synthetic dollar protocol, has seen rapid growth in the supply of its stablecoin, USDe. Total supply has reached US$415M following the launch of its public mainnet on Feb 19. USDe is a synthetic dollar backed by LST and ETH collateral, hedged by a short ETH perpetual position. Its yield is derived from ETH staking yields and funding rate of its derivatives position. Potential risks of USDe include prolonged negative funding rate on ETH perpetuals, counterparty risk, LST depeg risk, etc.

2/ Notable news include Valkyrie’s introduction of its second BTC futures ETF. Additionally, Andreessen Horowitz has invested US$100M in EigenLayer, the leading restaking protocol by TVL.

3/ In response to community feedback, which raised concerns that the initial plan may have favored early investors unfairly, StarkWare has revised the $STRK lockup schedule to allow for a more gradual release. Meanwhile, Optimism has unveiled Airdrop #4, allocating 10M+ $OP to over 22K unique addresses.
Highlights 🧵:
1/ In February, the monthly DeFi derivatives volume reached an all-time high of US$208B, nearly double the highest monthly derivatives volume recorded during the bull market of 2021. This indicates significant growth in DeFi derivatives infrastructure over the years, with more users trading on-chain. The surge in volume can also be attributed to increased speculative activity and farming across derivatives protocols like Aevo, Hyperliquid, and others.

2/ Noteworthy headlines include the Ethereum Foundation announcing the activation of the Dencun Upgrade on March 13th. Telegram also announced that it will begin sharing advertising revenue with channel owners through the TON blockchain starting in March.

3/ VanEck launched SegMint, an NFT marketplace and digital assets platform initially focusing on users in Europe and Asia, excluding U.S. citizens. Blast, an Ethereum Layer 2 solution that attracted over US$2B in deposits, also launched its Mainnet.
Highlights 🧵:
1/ Spot BTC ETFs have continued to see strong net inflows, with US$1.2B in the past week alone. They also set a new trading volume record, with over US$10B on March 5. Bitcoin also surpassed its previous ATH of $69K, followed by a correction to the mid-US$60K range. Many consider it to be a healthy move, as it led to the normalization of the funding rate.

2/ Grayscale introduced a crypto staking fund that stakes tokens to earn rewards. It aims to distribute the rewards in US Dollars on a quarterly basis. Tokens that were selected include $SOL, $APT, $ATOM, $TIA, $DOT, among others. In other news, Revolut has partnered with MetaMask to launch a new feature that allows users to buy and deposit crypto directly into the wallet.

3/ Wormhole has announced its $W airdrop, distributing 617M tokens to past users. Separately, SafePal, a Singaporean fintech firm, has made an investment into Swiss-backed Fiat24 and jointly launched a USDC-powered VISA card.
Ahead of the weekend, check out our two newest reports, covering the latest Monthly Market Insights and Modular Blockchains!
--
Time to look at this month's market insights!

Our research team analyzed the state of the crypto market and provided insights on crypto adoption, EigenLayer, Ethena's TVL growth, and more.

Check it out ⬇️
https://www.binance.com/en/research/analysis/monthly-market-insights-2024-03
--
The modular ecosystem is fast growing and set to push the frontier of blockchain scaling this year.

Our new #Binance report explores these developments among the wider scaling landscape, featuring Celestia, Eclipse, Manta Pacific, and Monad.

Read on ⬇️
https://www.binance.com/en/research/analysis/scaling-blockchains-embracing-modularity
Binance Research pinned «Ahead of the weekend, check out our two newest reports, covering the latest Monthly Market Insights and Modular Blockchains! -- Time to look at this month's market insights! Our research team analyzed the state of the crypto market and provided insights on…»
Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.

Highlights 🧵:
1/ Ethereum's Dencun Upgrade went live on March 13, with EIP-4844 dramatically decreasing L2 operational costs. EIP-4844 introduces 'blob-carrying transactions', mitigating Data Availability scaling bottlenecks. Post EIP-4844, L2 fees have noticeably reduced. For instance, average fees on L2s such as Arbitrum have declined by as much as 90% to around $0.1.

2/ Notable news include VanEck temporarily cutting its spot BTC ETF fee to 0% from 0.2%. Separately, BNB Chain now offers a Rollup-as-a-Service (“RaaS”) solution, enabling the creation of custom Layer 2 networks within its ecosystem.

3/ EigenLayer has released its final roadmap for the mainnet launch, emphasizing on a smooth and secure rollout with a multi-phased approach. MakerDAO will launch the first phase of its Endgame plan in summer 2024, introducing two new tokens, NewStable and NewGovToken.
Cosmos has grown into a vast ecosystem comprising a myriad of L1 blockchains tailored to different use cases and objectives.

Our latest #Binance report explores the intriguing ecosystem of Cosmos, examining its technology, and much more.

Have a read ⬇️
https://www.binance.com/en/research/analysis/orbiting-the-cosmos-ecosystem
In our latest #Binance Research report, we provide an overview of the crypto industry by highlighting projects across multiple sectors.

We spotlight themes from DePIN, Artificial Intelligence, Restaking and others in this report.

Check it out 🔽
https://www.binance.com/en/research/analysis/industry-map-mar24
Highlights 🧵:
1/ As of March 22, Solana's DEX volume has reached an all-time high of US$49.2B, a record for the network's monthly DEX volume. Orca and Raydium are two of the biggest contributors to the trading volume, accounting for 37% and 30% of the total volume, respectively.

2/ BlackRock has initiated a fund focused on tokenization of real-world assets on the Ethereum network, partnering with Securitize as the tokenization platform. Meanwhile, the Ethereum Foundation faces an investigation from a state authority, with the SEC reportedly aiming to classify $ETH as a security.

3/ TON Foundation has introduced a US$115M community rewards program, distributing 30M $TON to ecosystem projects and users. Separately, Morph an Ethereum L2 using both Optimistic and ZK technologies, has secured US$20M funding from Dragonfly and Pantera, among others. These funds will be used for team expansion, marketing, and developer incentives.
HTML Embed Code:
2024/03/28 11:07:22
Back to Top