Leading cryptocurrency exchange Binance prepared a report for September today. Accordingly, the cryptocurrency market showed significant resilience throughout September. On the other hand, total market capitalization experienced minimal fluctuation. The FTX asset liquidation announcement attracts attention. Additionally, events such as the Federal Open Market Committee (FOMC) meeting briefly muddied the waters. However, the market quickly absorbed these shocks and restored stability. The integration of the TON wallet by Telegram led to a significant increase in the value of the TON coin. Accordingly, it stood out as the most important event of September.
Binance report and key events
Binance report covers the adoption of Account Abstraction (“AA”). Accordingly, it is on an upward trajectory marked by more than 2.3 million successful ERC-4377 smart account transactions involving more than 870,000 unique AA accounts. Ethereum’s Layer-2 solutions (“L2s”) play a key role in this growth. Additionally, most transactions take place on platforms such as Polygon, Optimism and Arbitrum.
Binance’s September report marks the 18th consecutive month of decline in the total market value of stablecoins. On the other hand, it reached a new low of US$123.8 billion, a level last seen in September 2021. Interestingly, USDT and DAI attract attention. It is defying this trend, experiencing slight increases in market value despite the challenging market environment.
Uniswap’s gas consumption dominance
Uniswap’s demand for gas remains insatiable, Binance said in its September report. Accordingly, it has firmly established itself as the leading consumer of Ethereum (ETH) gas over the past 30 days. L2 solutions have also experienced an increase in activity as interest in this field has increased. He also highlighted the increasingly vital role of L2s in increasing blockchain scalability. The ZkSync Era mainnet broke a record for 30-day trading volume. It surpassed Ethereum itself, surpassing 30.58 million. Arbitrum is also gaining significant attention, likely due to the relaunch of its highly anticipated campaign, Arbitrum Odyssey.
The structure of the DeFi perpetual market underwent significant changes in September, Binance reported in its September report. ApolloX showed a significant 450% growth in trading volume market share compared to the previous month. Accordingly, he emerged as a major player. This development points to a dynamic environment where ApolloX and others are challenging the dominance of established protocols such as dYdX and GMX. When we look at Kriptokoin.com, the cryptocurrency market draws attention with the adoption of AA in September. Additionally, stablecoins have demonstrated flexibility and compatibility with notable developments in the gas consumption and DeFi perpetuals market. The market’s ability to overcome challenges and adapt to evolving dynamics attracts attention. All of this bodes well for the field’s continued growth and innovation.
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