Binance, the world's largest cryptocurrency exchange, shared its detailed report for the first half of 2023.

Binance's research department, Binance Research, included remarkable details about the first half of 2023 in the file shared on its official website. Stating that they had a difficult period in the first half of this year, alluding to the sanctions and lawsuits from the USA, Binance emphasized that the 87% price increase of Bitcoin since the beginning of the year has left many traditional financial products behind.

Stating that the correlation between traditional finance and Bitcoin is currently at its lowest levels, Binance underlined the increasing interest with the BRC-20 token trend and stated that they expect development and innovation in this field in the next few months.

Emphasizing that Layer-1 (L1) blockchain projects have generally had a good 6 months, the exchange stated that they focused on the scalability of their native token, BNB.

USDT grew while stablecoins fell

According to the information in Binance's report, while the global stablecoin market decreased by 7%, the market share of Tether (USDT) increased by 25.8%. It is thought that the biggest reasons for this are the instruction to stop the Binance USD (BUSD) issuance by the USA and the subsequent decision to stop it.

In addition, during the recent collapse of US banks, the disruption of USDC's stability to $1 after Circle announced that it kept some of its reserves in the bankrupt Silicon Valley Bank (SVB) seems to be one of the reasons for the increase in USDT's market share.

NFT volumes increased

Binance, which also included NFTs in its report, stated that more transaction volume was created in the first half of 2023 compared to the second half of 2022. The report also stated that Blur, the NFT marketplace launched at the beginning of the year, had an impact on the volume in question. Pointing out that the base prices of large projects have decreased, Binance stated that NFTs have shown poor performance in general.

On the other hand, mentioning that game project tokens experienced a great rise in the first half of 2023, the stock exchange emphasized that more than 67% of the current blockchain games are built on BNB Chain, Ethereum (ETH) and Polygon (MATIC).

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