Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ Overall crypto market capitalization notched an increase of 0.92% WoW, supported by a move in BTC prices above the US$38K level, a level last seen in May 2022. In other BTC-related news, Microstrategy disclosed that it has purchased an additional 16,130 Bitcoin for US$593.3M, with an average price of US$36,785/BTC.
2/ Chart of the Week: Base has witnessed a decline in gas consumption in November with its share declining from 26.7% to 17.6%. A contributor to this could be due to the waning interest in Friend.tech which saw an overall decline of 78% in average daily transactions MoM. Meanwhile, its competitors, OP Mainnet and Arbitrum have noted increasing share of gas consumption. The notable increase in Arbitrum's gas consumption share from 28.2% to 34.1% is likely due to the Arbitrum Odyssey campaign, which drove daily transacting address from ~130K to ~187K during November.
3/ In notable news this week: Stakewise, a liquid staking protocol, has launched its v3 which enables individuals and DAOs to easily participate in liquid staking. Key highlights of its v3 launch include: (1) introduction of staking pools that can be set up by individuals, communities and companies for the users of Stakewise, (2) use of DVT solutions from providers like Obol Network and SSV network, (3) phasing out of sETH2 and rETH2 for a unified token, osETH.
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