PANews reported on October 5 that Binance Research released its latest report, which delved into key market dynamics in September, covering topics including DeFi, account abstraction, stablecoins, second-layer protocols (L2), etc. Overall, the report shows that the crypto market in September was basically stable, with almost no fluctuations in the total market value. Despite this, there are still some developments and activities worth paying attention to.

First, Account Abstraction ('AA') is seeing increasing adoption, with the number of transactions per month trending upward. Data shows that there are more than 870,000 AA accounts and more than 2.3 million successful smart account transactions. Most of the activity is driven by L2, with Polygon accounting for 50%, Optimism 20%, and Arbitrum 12%. A large number of transactions on Polygon and Optimism are led by CyberConnect, a decentralized social network in which all accounts are ERC-4337 smart accounts. Learn-to-earn dApp Capx and watch-to-earn platform FanTV were also major drivers of Polygon’s recent AA activity.

Secondly, the market value of stablecoins continued to decline, reaching $123.8 billion, the lowest since September 2021, and the 18th consecutive month of decline. A series of factors may cause investors to allocate funds to other non-crypto financial instruments.

Third, during Token2049, Telegram announced that it was integrating the TON crypto wallet and supporting TON’s Web3-based ecosystem. This caused the price of TON to surge. Given that Telegram has 800 million users, this collaboration sparked potential mass adoption.

Next, the adoption of chatbots on Telegram is a relatively new trend, providing a user-friendly alternative to DeFi applications, and the market is still highly competitive, such as the Telegram robot Banana Gun. After launching its own token, Banana Gun came to prominence and is now one of the largest gas consumers on Ethereum.

Finally, the landscape of the DeFi perpetual contracts market has changed significantly. Historically, protocols like dYdX, GMX, and Gains Network were major forces, accounting for the majority of trading activity. ApolloX emerged as a significant player after growing its trading volume market share by more than 450% month-over-month. This development highlights the changing landscape, with ApolloX and others challenging the dominance of established protocols like dYdX and GMX.