jakiro
Author: nihaovand Source: X,@nihaovand
Binance Research released their annual report in the first half of the year. I always think that Binance and Huobi’s research reports are of great reference.Unfortunately, Huobi Research has stopped.Then I will summarize BN’s research report, take you Guide and focus on this report. The original text can pay attention to the very high -quality content of @binanceResearch, but the low interaction is low. Before entering the text, let me read the novel.The way of thinking about the research report, I read various information reports, never learned, but “answers”. What I know is different from what others know and how to reflect?
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The main content of the report covers the performance of the encryption market in the first half of 2024 and future expectations.
Mainly a few themes and their main points:
I. Market Overview: The growth of the total market value of the encryption market and its driving factors.
In the first half of 2024, the total market value of the crypto market increased significantly, from about 1.65 trillion US dollars at the beginning of the year to about 2.27 trillion US dollars, a growth rate of 37.3%.
This growth is mainly driven by the following factors:
1. The strong performance of buying in the first quarter:
The approval of Bitcoin spot ETF in the United States, despite the bland price response in the initial period, the capital inflows increased significantly in the following months.
(I think when the traditional fund launchs Bitcoin wealth management products to retail investment in a larger scale, it can continue to lead a wave of rising)
Participation of institutional investors: The approval of Bitcoin spot ETF provides institutional investors with a more direct and safer cryptocurrency investment method, attracting famous institutional investors including hedge funds and pension funds.According to statistics, as of the first half of 2024, these ETFs attracted more than $ 14.7 billion in funds.
2. The narrative has promoted the growth of activities and transaction volume on the chain.
Bitcoin is halved: supply is reduced, and then promote price increases
Ordinals and ISCRIPTIONS technology on Bitcoin have triggered the NFT market
RESTAKING: The concept of re -pledge on Ethereum has aroused widespread market attention and capital inflows
Memecoins and Airdrop Season: The boom of Memecoins and the airdrop activities of multiple projects have attracted a large number of new users and funds.
3. Other macroeconomic factors:
Fed’s interest rate policy, global economic situation
The market’s cognitive changes in the market as a hedging asset of cryptocurrencies have also had a positive impact on the market.
When the traditional financial market performs poorly, investors are more inclined to turn to the encryption market to seek higher returns.
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2. Progress of layer-1 blockchain
The progress of Ethereum
1. Restaking:
Eigenlayer led the process of re -pledges. In the first half of 2024, Eigenlayer’s total lock value (TVL) reached 14 billion US dollars, accounting for more than 85%of the entire market.
EIGENLAYER allows Ethereum pledges to reintegrate their pledged ETH to protect other applications (called active verification services, AVS) and earn benefits through this process.
2.EIP-4844 Update:
Ethereum completed Dencun hard fork in March 2024, and launched EIP-4844
Since the launch of EIP-4844, L2 transaction costs have generally decreased by more than 90%.
3. Development ofDEFI market:
Ethereum continues to occupy a dominant position in the DEFI market. TVL reaches 51.6 billion US dollars, which is much higher than other Layer-1 blockchain.
The main DEFI applications and protocols on Ethereum continue to attract a large number of users and capital, promoting the continuous growth of the market.
4. Approval of the spot ETH ETF:
At the end of May 2024, the US Securities and Exchange Commission (SEC) approved a number of spot ETH ETF listing applications
Although some people expect ETH ETF’s capital inflows may be lower than the Bitcoin ETF, this approval is still considered a major benefit of the Ethereum market.
Bnb chain
1.OPBNB:
OPBNB is based on OP STACK’s BNB Chain OptimisticRollupL2 solution, supports up to 5,000 transactions per second (TPS), and has an average GAS cost of as low as 0.001gwei.
Since its launch in September 2023, OPBNB’s total transaction volume has exceeded 1.1 billion, and daily active accounts have reached 3.5 million.
2.BNB Greenfield:
BNB Greenfield is a decentralized data storage infrastructure in the BNB Chain ecosystem, allowing users to create, store and exchange data they have completely.
Since its launch in the fourth quarter of 2023, BNB Greenfield has reached 2.15TB, with a total transaction volume of 6.8 million, and has 35,000 total addresses.
3.memecoins and airdrops:
BNB Chain has launched a number of community plans, focusing on Memecoins and airdrops, including Memeinnovation Battle and AirDrop Alliance.
Meme Lnnovation Battle plans to support Memecoin innovation by $ 1 million in funds.
Solana
1.memecoins:
Solana’s performance in the Memecoins market
Solana further promoted the activity of the Memecoin market to Solana Sagamobile users through Bonk Memecoin.
2.Depin (decentralized physical infrastructure network):
Solana has played an important role in the key DEPIN project, including Helium and Hivemapper.
3.solana actions and bins:
Solana Actions is a API on the Solana chain trading, and Blinks converts any Solana Action into a shared link, which can be traded directly in the link in the link.
This innovation allows users to access solana DAPPS from any platform that can share links.
Other layer-1 project
1.avalanche:
Avalanche released the Teleporter communication protocol to improve the interconnection between its subnets and support the transmission of token, NFT, and messages.
The Avalanche Foundation continues to support the ecosystem, including $ 100 million in Culture Catalyst Fund and $ 50 million Vista Fund.
2.COSMOS:
The COSMOS ecosystem is carried out around COSMOS HUB, connecting multiple application chains (Zones) through cross -chain communication protocols (IBC).
At present, 80 active IBCs enable ZONES, with a total market value of more than $ 31 billion.
3.TRON:
As a stable currency settlement chain, TRON performed well, hosted more than 50%of USDT, and is the second largest DEFITVL network:
Justin Sun announced that TRON is developing the Bitcoin L2 solution.
4.ton:
The Ton market has increased significantly in the past year, with a total market value increased from about 8 billion US dollars in January to more than $ 18 billion at the end of June.
The integration of TON and Telegram is one of its main driving drivers.
5.fantom:
The Fantom Foundation announced its new L1Sonic that it has the ability to receive the native L2 bridge to Ethereum, which can handle 2000 transactions (TPS) per second.
6. Berachain:
BERAChain uses a novel liquidity proof consensus mechanism that focuses on building systemic liquidity in the BERACHAIN ecosystem and aligned all stakeholders.
7.Cardano:
Cardano’s DEFITVL reached a new high in the first half of 2024, exceeding $ 500 million.
Cardano is preparing for the upcoming hard fork, and it is expected to completely decentralize its governance at the end of July.
8.NEAR Protocol:
Near Protocol performed active in the field of Alxcrypto and will soon release its data availability solution Near DA.
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Third, decentralized finance/defi
The overall performance of the DEFI market
In the first half of 2024, the DEFI market attracted a lot of capital and promoted the total locking value (TVL) from US $ 54.4 billion at the beginning of the year to 94.1 billion US dollars, an increase of 72.8%.This growth benefits almost all DEFI projects, from major markets to niche markets.
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Development of subdivided tracks
1. Liquid Staking:
Liquid pledges indicate that while users are pledged to the currency, they can continue to participate in other DEFI activities through the derivatives of the pledged token.
This market increased significantly in the first half of 2024, mainly driven by platforms such as Lido and Rocket Pool.
2. Restaking:
Recetching allows users to further pledge the security of other applications on the basis of the pledged token.
EIGENLAYER is the main participant in this field. TVL reached 14 billion US dollars, accounting for more than 85%of the entire market.
3. decentralized lending (lending):
The decentralized lending market continued to grow in the first half of 2024. The main platforms include AAVE, Compound and MakerDao.
These platforms allow users to borrow or borrow crypto assets without the need for intermediaries to provide flexible loan conditions and high yields.
4. Decentralization exchange (DEX):
The DEX market continued to expand in the first half of 2024, and platforms such as Uniswap, Sushiswap and CURVE maintained market -led positions.
DEX provides a trading environment without trust, and users can directly exchange tokens on the chain to avoid potential risks of centralized exchanges.
5. Yield (yield):
The revenue products of the DEFI market continue to be favored by investors, including liquidity mining, income farm and interest rate agreement.
These products provide multiple ways to obtain passive income by providing liquidity or borrowing.
6. Derivatives:
The DEFI derivative market continued to grow in the first half of 2024. The main platforms include DYDX, Synthetix and Perpetual Protocol.
These platforms allow users to conduct leverage transactions, futures and options transactions, increasing the depth and liquidity of the market.
7. Prediction market (Prediction Market):
The forecast market performed well in the first half of 2024, and the main platforms include Augur and Polymarket.
These platforms allow users to bet on future events to use market wisdom to predict the results.
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Fourth, stabilize currency (Stablecoins)
Overview
In the first half of 2024, the market value of the stablecoin market reached 161 billion US dollars, close to the peak of April 2022.The stablecoin market showed a significant increase in the recovery process of Terrausd (USS).
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Main participant
1. USDT of ITHER:
USDT continues to dominate the market, occupying the largest market share.Its stability and wide use make it the most popular stablecoin.
2. USDC ofCircle:
USDC performed well in the first half of 2024, and its market share increased.Its transparency and compliance make it the first choice for many institutional investors.
3. Other stablecoins:
MakerDao’s DAI: DAI, as a decentralized stablecoin, continues to be welcomed by users, and its market share has also increased.
The USDE launched by Ethena’s USDE: Ethena performed well in the first half of 2024, and the market share increased significantly.
FIRST DIGITAL’s FDUSD and PayPal’s PYUSD also occupy a certain share in the market.
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5. NFT and SocialFi
NFT market overview
In the first half of 2024, the NFT market experienced a certain fluctuations, the sales volume decreased, and the floor price of the main projects fell more than 50%.However, some Asian Taiwan and projects are outstanding.
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Main NFT market
1.Bur:
Blur continues to maintain market dominance through BLAST token airdrop, and its innovative trading mechanism has attracted a large number of users.
2. Pudgy PENGUINS:
Pudgy Penguins has achieved a certain success after launching physical toys, further expanding its brand influence.
3. Bitcoin NFT:
Bitcoin NFT continued to perform strongly in the first half of 2024, attracting a general attention.
SocialFi Web3 News
1.ENS Protocol:
Lens Protocol announced the upcoming ZK chain Lensnetwork, which further promoted the development of the social field.
2. Farcaster:
The number of Farcaster users has continued to increase and launched Frames, which further enhanced the user experience.
3.Friend.tech:
Friend.tech released its token and V2 version, attracting more users and investors.
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6. Game (Gaming)
Macro perspective
Web3 games performed strongly in the first quarter of 2024, but the market value of token markets in the second quarter fell significantly.However, user growth indicators are still healthy.
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The main game items and trends
From the chain, BNB, Ethereum and Polygon are still the first chain used by game projects.These three chains add up to more than 50%of game projects
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Main trend
1.tap-to-Earn:
The TAP-TO-EARN model became a major trend in the first half of 2024.This mode allows players to earn cryptocurrencies through simple interaction and click operations, reducing the threshold for participation in the game and attracting a large number of players.
2. All -chain game (FOCG):
The concept of Fullyon-Chain Games (FOCG) gradually emerged.These games are completely running on the blockchain, providing unprecedented transparency and fairness.Players can view and verify all game operations and results on the chain, which enhances the trust of the game.
3. Infrastructure development:
The infrastructure of Web3 games is also constantly developing.Platforms such as Ronin and XAI have provided game developers with a more efficient and secure development environment, and promoted the birth of more high -quality Web3 games.
4. In -game economy:
With the popularity of Web3 games, the economic system in the game has become more complicated and diverse.Players can not only obtain benefits through games, but also can conduct transactions, investment and management assets in the game to create a complete virtual economy ecosystem.
Main game items
1.xai:
XALGAMING CHAIN: XAL is a blockchain dedicated to games developed by Office Labs.The chain raised more than 13,000 ETH (about 40 million US dollars) through its node sales activities, and was launched in March 2024.The market value of XAI tokens is currently US $ 130 million.
Function and advantages: The XAI chain provides a efficient and secure development environment for game developers, supports the operation of games on the chain, and solves the delay and scalability of traditional blockchain in the game field.
2.pixels:
Pixels attracted a large number of players through its unique game mechanism and token economic model, becoming one of the fastest web3 games in the first half of 2024.
3.hamster kombat:
This game attracted a large number of players through tokens and interesting gameplay, and the user base increased rapidly in a short time.
4. Big time, nifty lsland, and Illuvium:
These MMORPG and MetAverse projects continued to attract a large number of users and investment in the first half of 2024, consolidating its position in the web3 game market.
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Seven, other themes
1.memecoins
In the first half of 2024, Memecoins performed well in the encryption market
Solana is particularly prominent in the Memecoins market. Many Memecoin trading activities are concentrated on the Solana chain, including low transaction costs and efficient transaction speeds.
2. Main Memecoin project:
Bonk: This is Memecoin on Solana, which has received attention through airdrops to Solana Saga mobile phone users.
Pump.fun: platform for creating and trading Memecoins.Pump.fun ensures that each tokens start fairly, without pre -sale and team allocation, attracting a large number of traders.
Since the launch of the platform, more than 1.1 million new Memecoins have been deployed, which has generated about $ 42 million in income.
3. Artificial Intelligence (AI)
1. The application of the encryption market:
Trading strategy and market analysis: AI is used to develop advanced trading algorithms and market analysis tools to improve transaction efficiency and predict market trends.For example, many trading platforms use AI technology to analyze market data and provide more accurate transaction signals.
Risk management: AI technology is used for risk management and compliance monitoring, helping exchanges and financial institutions to identify potential risks and prevent fraud.
2. The fusion of AI and blockchain!
Smart contracts and automation: AI technology is integrated into smart contracts to automatically execute complex agreements and transactions, which improves efficiency and security.For example, smart contracts can automatically execute transactions according to the preset conditions without manual intervention.
Data analysis and prediction: AI is used to analyze blockchain data, identification mode and trends, and provide deeper market insights and predictions.
4. Main AI project:
Fetch.ai: This is a blockchain -based AI platform, which aims to create a decentralized digital economy, so that smart proxies can independently perform tasks and transactions.
SingularityNet: This is a decentralized AI network that allows anyone to create, share and monetize AI services.
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5. Decentralized physical infrastructure network (DEPIN)
Main DEPIN project:
Helium: This is a decentralized IoT network that uses blockchain technology and crypto economics to inspire individuals and enterprises to provide network coverage.Helium has covered multiple places in North America, Europe and East Asia X
HiveMapper: This is a decentralized mapping service that creates a global map through data contributed by the community.HiveMapper has mapped more than 20%of the global road network.
Render: This is a decentralized graphics processing network, using idle GPU resources for efficient graphics rendering.
The rapid development of the DEPIN project shows the potential of decentralized infrastructure.With the emergence of more projects and the advancement of technology, DEPIN is expected to further expand its application scope and market influence in the next few years.
Other blockchains such as Polygon and Arbitrum have also begun to get involved in the field of DEPIN, increasing market competitiveness.
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8. Funding activities and institutions (Fundraising Activity & AMP; InstitutionaDoption)
Financing activities
In the first half of 2024, the financing activities of the encryption market increased significantly, and many projects successfully raised a lot of funds.The following is a detailed analysis in this field:
1. Total financing:
In the first half of 2024, the total financing of encrypted projects reached billions of dollars, showing the strong demand for the market for new technologies and innovative projects.
Financing activities cover various types of projects, including decentralized finance (DEFI), intangible homogeneous tokens (NFT), Layer-1 and Layer-2 blockchain, Web3 infrastructure, etc.
2. Main financing rounds and projects:
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Arbitrum: As the leading Layer-2 solution, Arbitrum successfully raised a lot of funds in the first half of 2024 to expand its ecosystem and enhance technical capabilities.
Web3 infrastructure projects: Many infrastructure projects, such as decentralized storage, cross -chain bridge connection, and blockchain operating platforms, have also received significant financing support.
3. Investor type:
Traditional venture capital companies (such as A16Z, Sequoia Capital), and encrypted concentration of venture capital companies (such as Pantera Capital, Paradigm) are active in investment activities in the encryption market.
Institutional investors and family offices have also begun to participate in financing activities in the encrypted market, showing confidence in the long -term growth potential of this area.
Institutional adoption
In the first half of 2024, institutional investors’ interest in the encryption market continued to increase, especially after the Bitcoin spot ETF was approved, attracting a large number of institutional funds.The following is a detailed analysis in this field:
1. The influence of Bitcoin spot ETF:
As of the end of June 2024, the spot ETF attracted more than $ 14.7 billion in capital inflows, holding a total of 865,000BTC (about 52 billion US dollars).
2. Participate in institutional investors:
Main financial institutions, such as Blackrock, GrayScale, and Fidelity, dominate the Bitcoin spot ETF market, accounting for more than 80%of the market share.
Other countries and regions have also begun to approve the spot ETF of Bitcoin and Ethereum, such as Hong Kong and Europe, which further promotes the interest of global institutional investors in encryption assets.
3. Extend to other encrypted assets:
The interest of institutional investors is not limited to Bitcoin, but it is expected to be available to Ethereum and other major crypto assets in the future.The approval of Ethereum spot ETF also received significant attention in the first half of 2024.
Infrastructure construction
1. Blockchain interoperability:
The cross -chain bridge connection and interoperability protocol (such as Polkadot, COSMOS) made significant progress in the first half of 2024, promoting the assets and data flow between different blockchain.
These solutions enable users to seamlessly transactions and operations between multiple blockchains, improving the connection and availability of the entire ecosystem.
2. Decentralization storage and calculation:
Decentralization storage items (such as Filecoin, Arweave) and decentralized computing platforms (such as Golem, IEXEC) performed strongly in the first half of 2024, attracting a large number of users and developers.
These projects provide reliable and secure storage and computing resources, and support the development of wider decentralized applications.
3.Layer-2 solution:
Layer-2 solutions (such as Arbitrum, Optimism, ZKSYNC) continued to expand its market in the first half of 2024, providing a more efficient and low-cost trading environment.
The advancement of Layer-2 technology helps ease the congestion of the main blockchain (such as Ethereum) and enhance the user experience.
Expanded access to cryptocurrency transactions
Through ETF and other financial products, more investors can easily enter the encryption market, increasing the breadth and depth of the market.The following is a detailed analysis in this field:
1. ETF and ETP products:
The launch of Bitcoin and Ethereum spot ETF allows investors in traditional financial markets to easily invest in crypto assets without directly buying and managing cryptocurrencies.
European crypto ETP (exchanges trading products) market is also growing rapidly. In the first half of 2024, the total asset management scale (AUM) increased from US $ 5.3 billion to more than $ 12 billion.
2. Participate in financial institutions:
Major banks and asset management companies (such as Morgan Stanley and Fidelity Investment) have begun to provide cryptocurrency investment products and services, increasing the channels for investors to enter the crypto market.
The participation of these financial institutions has improved the trust and stability of the market and attracted more conservative investors.
Real-work assets (RWAS)
1. The tokenization of Rwas:
The tokenization of real -world assets (such as real estate, art, and goods) enables these assets to trade and manage on the blockchain, improving liquidity and transparency.
Through blockchain technology, investors can buy and hold some assets tokens, decentralize investment risks, and enjoy the potential of asset value -added.
2. Main projects and platforms:
Realt: This is a platform focusing on real estate tokens, allowing users to buy and trade tokens to buy and trade real estate assets.
Securitize: This is a platform that provides token solutions for real world assets, supporting tokenization of multiple asset categories.
RWAS’s tokens are expected to grow rapidly in the next few years, and more traditional investors and institutions will participate.
This trend will further promote the application of blockchain technology in the field of finance and asset management, and enhance the overall efficiency and transparency of the market.
