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Q3 State of Crypto: Market Pulse

Binance Research (JieXuan Chua, CFA, Shivam Sharma, Stefan Piech, Kevin Son)


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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: Crypto market capitalization increased by 8.4% QoQ in Q3 but overall sentiments remain poor.

  • Layer 1s: Blockchain activity generally trended lower in Q3. Spotlight was on the Ethereum Merge in September.

  • DeFi: Following a steep drop in May, DeFi Total Value Locked has yet to recover, and was range-bound between US$50-60B in Q3.

  • NFTs: NFTs had a tough Q3 with sales down 73% QoQ. However, number of unique buyers held up and saw a slight uptick over the quarter.

  • GameFi: The gaming landscape is led by BNB Chain, Ethereum, and Polygon, with almost 70% market share (by number of games).

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About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.

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