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The crypto market remained largely unperturbed in September, with the total market capitalization showing negligible fluctuations. Events such as the FTX asset liquidation announcement and the FOMC meeting briefly ruffled the overall calm, but the market quickly absorbed the shocks and regained stability. Telegram’s integration of the TON wallet, which fueled a notable rally in the TON coin’s value, appears to be the highlight of the month.
Account abstraction (“AA”) adoption is on the rise, with over 2.3M successful ERC-4377 smart account transactions across 870K+ unique AA accounts. Ethereum’s Layer-2s (“L2s”) have been central to the growth, with the majority of transactions taking place on Polygon, Optimism, and Arbitrum.
September marked the 18th month of consecutive decline in stablecoin market capitalization, as the metric hit a new low of US$123.8B, a level not seen since September 2021. USDT and DAI bucked the trend, as both stablecoins saw slight increases in market capitalization despite the challenging environment.
Uniswap’s appetite for gas remains insatiable, solidifying its top spot in ETH gas consumption over the last 30 days. L2s have also seen significant activity due to renewed interest in the space, reaffirming the increasingly important role of L2s in advancing blockchain scalability. 30D transaction volume on the zkSync Era mainnet crossed 30.58M, surpassing Ethereum. Arbitrum is also seeing healthy traction in usage, and we believe this can be attributed to the relaunch of its highly anticipated campaign, Arbitrum Odyssey.
The DeFi perpetuals market composition witnessed notable shifts in September, with ApolloX emerging as a significant player after showcasing over 450% month-on-month (“MoM”) growth in trading volume market share. This development highlights a changing landscape where ApolloX, among others, is challenging the dominance of established protocols like dYdX and GMX.
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