Binance – Monthly Market Insights, October 2023

In the month of September, the cryptocurrency market remained stable with minimal fluctuations in total market capitalization. Despite events like the FTX asset liquidation announcement and the FOMC meeting causing some temporary disruptions, the market quickly recovered and regained stability. The integration of Telegram's TON wallet resulted in a significant rally in the value of the TON coin, making it the highlight of the month. There has been a rise in the adoption of account abstraction ("AA"), with over 2.3 million successful ERC-4377 smart account transactions across more than 870,000 unique AA accounts. Ethereum's Layer-2s ("L2s"), specifically Polygon, Optimism, and Arbitrum, have played a central role in this growth. The market capitalization of stablecoins has continued to decline for the 18th consecutive month, reaching a new low of US$123.8 billion, the lowest level since September 2021. However, USDT and DAI have seen slight increases in market capitalization despite the challenging market conditions. Uniswap remains the top consumer of ETH gas in the past 30 days, and there has been significant activity on L2s due to renewed interest in the space. This emphasizes the growing importance of L2s in enhancing blockchain scalability. The zkSync Era mainnet has surpassed Ethereum in transaction volume, and Arbitrum is also experiencing healthy usage due to the relaunch of its highly anticipated campaign, Arbitrum Odyssey. The DeFi perpetuals market saw significant changes in September, with ApolloX emerging as a major player, experiencing over 450% month-on-month growth in trading volume market share. This indicates a shifting landscape where new protocols like ApolloX are challenging the dominance of established platforms such as dYdX and GMX.