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Binance, currently the largest cryptocurrency exchange by trading volume, has published its half-year report on the state of the market. The 120-page research covers important industry sectors like Bitcoin and layer-1s, layer-2s, stablecoins, DeFi, and NFTs. Additionally, it looks at funding, institutional adoption, metaverse, and gaming.

The thorough mid-year report provides an overview of crypto adoption, usage, and innovation trends across all key categories. 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.

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 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.

Importantly, the hashrate required to secure the Bitcoin blockchain has also increased by 40% YtD resulting in the mining difficulty also increasing by 43%.

Although 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. Since January, the Bitcoin Fear & Greed Index has doubled, indicating a rise in trader confidence.

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.

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 situation is the same for active addresses, 118% vs. 63%.

Other intriguing L1 advances include Avalanche’s research on subnets, which have started attracting tech companies, and Cosmos’ new shared security concepts.

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.

The Binance report has also shed some light on the layer 2 blockchains and the expansion of zkEVMs and Polygon’s impending switch to Polygon 2.0 are the most notable highlights. The growth of L3s, which are app-specific chains that connect to current layer-2s, is one of the other emerging industries that is covered in detail.

Top stablecoins as well as new rivals have also gained ground in 2023.

On the other hand, despite declining floor costs, DeFi customers are up 43% year to date and even NFT volumes are higher than in Q2 2022.

The post Crypto adoption, usage, and innovation in good health: Binance report appeared first on Invezz.

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