Binance – Monthly Market Insights, May 2024

In May 2024, the crypto market saw a significant decrease in total market capitalization due to various factors like changes in expectations of rate cuts and geopolitical risks. The Runes Protocol, a new token standard for fungible tokens on the Bitcoin network, has been successful since its launch in April, generating over US$130M in fees and accounting for 50% of Bitcoin's transactions. Liquid restaking protocols have continued to grow, with TVL crossing US$10B in April, driven by "point farming" strategies. The total supply of USD-pegged stablecoins has reached US$160B in April, reflecting a market upturn and stablecoins as essential market indicators. First Digital’s FDUSD and Ethena’s USDe have seen significant growth as a result. The TON network experienced a surge in on-chain metrics in April, with DeFi TVL and monthly active addresses reaching all-time highs due to the launch of "The Open League" initiative aiming to bring more users to the TON network.