The report from Binance Research provides an overview of the crypto market in June 2023. It highlights the impact of macroeconomic uncertainties, such as US debt ceiling discussions, on the crypto markets. Despite a 5.5% month-on-month fall in total market capitalization, major cryptocurrencies like BTC and ETH showed resilience. The report also discusses the popularity of Bitcoin’s BRC-20 tokens and the decline in meme coin trading volume after a strong run in early May.
- Monitor Ethereum Transaction Costs: Rising transaction costs on Ethereum led to a record high of 9.49K ETH in Layer-2 data publishing fees in May. Arbitrum continues to be the leading contributor, but zkEVMs are gaining pace, with zkSync Era overtaking Optimism in fee collections for the first time.
- Assess Stablecoin Market: Tether’s USDT continues to gain market share, maintaining a comfortable lead over USDC as the top stablecoin with a market capitalization of US$83.1B.
- Track LSDfi Protocols: LSDfi protocols have gained significant traction in recent weeks. The total value locked (TVL) in LSDfi protocols experienced a 2.5x surge compared to the previous month.