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  • Market Pulse is a compilation of key charts and insights by Binance Research, shedding light on the state of crypto.

  • Market Overview: Q4 marked a positive turnaround for the crypto industry as institutional interest grew and sentiment turned positive over the impending spot BTC ETF approvals. Market capitalization increased by 54.4% QoQ.

  • Layer 1s & 2s: L2s continued to gain traction and popularity, with various service providers offering rollup stacks that make it easy for developers to deploy their own customized chains.

  • DeFi: Total value locked (“TVL”) in DeFi increased 38.9% QoQ to US$53.4B, contributed by risk-on sentiment displayed through heightened activity for meme coins, and airdrop farming, among others.

  • NFTs: Euphoria in the overall market spilled into the NFT sector. Ordinals-based Bitcoin NFTs gained the most traction, taking up the top spots in terms of volume traded.

  • Gaming: The gaming landscape was led by BNB Chain, Ethereum, and Polygon, with around 66% market share (by number of games).


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