Binance – Monthly Market Insights, Mar 2024

In February, the crypto market saw a significant increase in total market capitalization, with spot BTC ETFs attracting a net inflow of over US$4.9B. The launch of spot BTC ETFs has been successful in drawing capital to the market. International Women's Day on March 8 highlighted the growing presence of women in cryptocurrency ownership, now representing 37% globally. EigenLayer, a restaking primitive on Ethereum, has experienced explosive growth in Total Value Locked (TVL), with TVL growing by over 800% year-to-date. Liquid restaking protocols have been important for EigenLayer's growth, with protocols growing over 300% in February. The Uniswap Foundation has proposed a governance upgrade to distribute protocol fees to UNI stakers and delegators, aiming to incentivize active delegation and engagement within the governance community. Ethena's USDe, launched in February, has seen rapid growth in supply and user base, thanks to the launch of its points program Shards and attractive yields.