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Q4 State of Crypto: Market Pulse

Binance Research (JieXuan Chua, CFA, Shivam Sharma, Kaushik Guduru, Mac Naggar)


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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 decreased by 15.9% QoQ in Q4 but there are signs of a pick-up in early 2023.

  • Layer 1s: Blockchain activity generally trended lower in Q4. Solana saw the highest quarterly decline when compared to Ethereum, BNB Chain, and Avalanche.

  • DeFi: Q4 marked another quarter of further decline as DeFi TVL fell -27% QoQ, ending the quarter at US$39.1B.

  • NFTs: NFTs fell -10% QoQ in Q4 but on a full-year basis, NFT sales in 2022 increased by >10% vs. 2021 as a result of strong sales in the first half of 2022.

  • GameFi: The gaming landscape is led by BNB Chain, Ethereum, and Polygon, with more than 80% 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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