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  • The crypto market underwent a robust surge in December, marked by a 15% increase in total market capitalization. This was largely fueled by heightened anticipation surrounding the potential approval of the first spot Bitcoin ETF in January. Among the top 10 coins, alternative Layer-1 coins, such as AVAX, SOL, and ADA, led the way with monthly gains of 84%, 71%, and 60%, respectively.

  • Stablecoin transfer volumes experienced a significant rise in December, reaching US$1.2T. While Ethereum and Tron remain dominant in this sector with a combined contribution of US$740.3B, Solana has shown impressive growth, leaping from US$86.2B to US$297.3B, marking a month-on-month (“MoM”) growth of 244.9%.

  • Inscriptions, first popularized on Bitcoin, have expanded to various EVM-compatible chains, totaling over 491.9M to date. This trend has sparked significant transaction activity, with Polygon leading at 168.3M inscriptions, followed by Avalanche and BNB Chain at 115.4M and 95.5M, respectively.

  • Following an increase in deposit caps of liquid staking tokens (“LSTs”) on EigenLayer, the restaking protocol witnessed a surge in the TVL of LSTs from around US$250M to US$1.1B. This rise indicates a strong demand for restaking as ETH and LST holders look for yield-generating opportunities.

  • The launch of Layer-2s that provide native yield, such as Blast (technically just a multi-signature contract at this point) and Manta Pacific, have seen a fair bit of traction, as the number of depositors and amount of assets bridged into the networks have been on the rise.


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