Crypto Industry Thriving in 2023 According to Binance Report


Binance has released a detailed report on the first half of 2023, showing that the global crypto industry has displayed remarkable resilience following the crypto winter. The 120-page report states that key industry verticals, such as Bitcoin, stablecoins, DeFi, and NFTs have experienced growth.

DeFi saw a 43% year-to-date increase, while NFT volume – despite diminishing floor prices, rose compared to the second half of 2022. In fundraising, the report highlights that the top 10 funds raised $3.6 billion.

USDT, the leading stablecoin by market cap, increased its market share by 26%, even as the global stablecoin market dipped 7%. USDD, crvUSD, GHO, and LUSD all saw significant increases.

Bitcoin’s network growth was evident through metrics such as a 185% year-to-date jump in trading volume, a 58% spike in transactions count, a 143% increase in average transaction fees, a 40% YTD hashrate increase, and a 43% jump in mining difficulty.

Solana and BNB Chain were the leading Layer-1s in terms of market capitalization and network performance respectively. Liquid staking and LSDfi have also seen considerable growth, with a 460% jump in total value locked between April and the end of June.

The report suggests that the adoption, usage, and innovation observed in the first half of the year portend an even better second half. This sentiment has been further bolstered by the filing of a spot Bitcoin ETF by $9 trillion asset manager BlackRock, as well as Ripple’s recent landmark legal victory against the SEC.

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