Binance Research Institute released the September encryption market report. The report topics include DeFi, stable currency, Layer2, account abstraction, etc. The report noted that the fluctuations in the total crypto market capitalization in September were negligible, but there were still many noteworthy developments in the market:
1. The total market capitalization of stablecoins has declined for 18 consecutive months, falling to a new low of $123.8 billion (the lowest level since September 2021). There may be many factors affecting investors’ allocation of capital to other non-crypto finance product.
2. During Token2049, Telegram announced that it would integrate the TON crypto wallet and support the TON-based Web3 ecosystem, which resulted in a price increase of #TON . Given Telegram’s 800 million user base, this partnership sparks the possibility of mass adoption.
3. Chat Bots on Telegram are a relatively new trend that provide a user-friendly alternative to existing DeFi applications and are showing strong competition in the market. Banana Gun is a Telegram Bot application. Since launching its own token, Banana Gun has risen in the rankings and is now one of the most gas-consuming applications on the Ethereum platform.
4. The landscape of decentralized perpetual contract platforms has undergone significant changes. Once upon a time, platforms like dYdX, GMX, and Gains Network held major market share. However, starting in September, both new platforms and existing players, especially ApolloX, made clear progress.
5. The adoption rate of Account Abstraction (AA) smart contract wallets continues to rise, with transaction volume increasing month by month. Data shows that there are more than 870,000 independent AA accounts and more than 2.3 million successful smart contract transactions have been completed.
