Binance Research: Activity on L1 Generally Declined Across the Board in Q3

Binance Research Institute has released its Q3 cryptocurrency report. The report indicates that Q3 was a challenging quarter, with a total cryptocurrency market value decrease of 8.6% compared to the previous quarter. Despite this, institutions continued to receive attention. Layer1 and Layer2: Activities on L1 generally decreased across the board. There are signs of a revival in Ethereum L2 as trading activities are driven by the launch of Base;

DeFi: Due to low DeFi yields, a risk-averse environment, and a decline in ETH prices, the total value locked (TVL) in DeFi decreased by 13.1% to $38.5 billion; NFT: Q3 was the worst quarter for NFT sales in the past three years, with sales totaling $299 million. This can be attributed to the decline in most collection prices and ETH prices; Gaming: BNB Chain, Ethereum, and Polygon lead the gaming sector, accounting for approximately 66% of the market share (based on the number of games).