![]() ![]() The expansion of liquid staking and the emergence of LSTfi (the combination of liquid staking tokens and DeFi), where the latter had a remarkable 460% growth in total value locked since April, are two of the year’s greatest stories that are featured in the mid-year report. Other intriguing L1 advances include Avalanche’s research on subnets, which have started attracting tech companies, and Cosmos’ new shared security concepts. The situation is the same for active addresses, 118% vs. The best YtD network performance was recorded by BNB Chain, which saw a daily tx growth of 113% compared to that of Ethereum which saw a 48% surge. The market capitalization of Solana rose the most throughout the first half of the year compared to the other layer 1 (L1) blockchains analyzed in the Binance research. Layer 1 blockchains metrics Copy link to section Since January, the Bitcoin Fear & Greed Index has doubled, indicating a rise in trader confidence. Importantly, the hashrate required to secure the Bitcoin blockchain has also increased by 40% YtD resulting in the mining difficulty also increasing by 43%.Īlthough sentiment research is one of the data sources used in Binance’s thorough mid-year report, on-chain analytics were also heavily utilised in compiling the report. The emergence of Ordinals, which enables the creation and trading of NFTs on the Bitcoin network, has been largely credited for this rise in the network’s utilisation. ![]() While Bitcoin network transactions have climbed by 58% and average tx fees by 143%, the trading volume of the leading cryptocurrency by market cap has increased by 185% year to date. The half-year report provides persuasive evidence that the crypto industry is in better health than anticipated, providing a solid base for growth in H2 and beyond 2024. The thorough mid-year report provides an overview of crypto adoption, usage, and innovation trends across all key categories. Additionally, it looks at funding, institutional adoption, metaverse, and gaming. The 120-page research covers important industry sectors like Bitcoin and layer-1s, layer-2s, stablecoins, DeFi, and NFTs. Hopefully, there are even more presents waiting on Christmas day.Binance, currently the largest cryptocurrency exchange by trading volume, has published its half-year report on the state of the market. It seems that Ripple enthusiasts got to open a present early for Christmas Eve. The added XRP pairs should provide additional liquidity to TRON and Zcoin as well. The move is meaningful because it represents more widespread acceptance of XRP, and provides a potentially more cost effective alternative to using Bitcoin or Ethereum as a base pair. The two new pairs include an XRP and TRON pair, as well as a XRP and Zcoin pair. ![]() Not only that, Binance is renaming the ETH Trading Market (ETH) to the ALTS Trading Market (ALTS) to support more trading pairs with other quote currencies in the future. We will be adding a couple trading pairs with XRP as the quote currency shortly.Īnd rename ETH markets to ALTS market. 23 from Binance CEO Changpeng Zhao (CZ), in addition to an official announcement on the Binance website, the company has added two new trading pairs coupled with XRP. Today, XRP secures a small win as it becomes more accepted as a base trading pair. Ripple has had a strong month of partnerships and has effectively weathered the crypto bear market. ![]() Furthermore, the ETH Trading Market will be renamed to the ALTS Trading Market, allowing for the possibility of more trading pairs with different quote currencies in the future. Binance is adding new XRP trading pairs for the holidays, including TRX/XRP and XZV/XRP. ![]()
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