Binance – Market Pulse, 2Q 2024

In the second quarter of 2024, NFTs experienced a significant decline in total sales volume, transaction count, and unique buyers. Binance Research's Market Pulse provides key charts and insights on the state of crypto during this time. Positive developments in Q2 included Ethereum ETF approvals and the first Solana ETF filings in the U.S. However, the total crypto market cap fell by 14.0% due to concerns over Mt. Gox repayments and German Government Bitcoin sell-offs. Solana was a standout performer with over 1.1 billion transactions, the highest among Layer-1 networks. Layer-2 TVL saw significant gains, with Arbitrum reaching an all-time high in daily active addresses. In DeFi, total value locked decreased by 5.4% to US$152.0B due to a wider market downturn. However, DEX trading volumes remained high with a 5.5% growth in monthly spot volumes. The gaming sector saw continued development, with BNB Chain, Ethereum, and Polygon dominating over 68.5% of the market by game count.