- Binance Research experts have published a new monthly report on trends in the cryptoasset segment.
- They highlighted the StarkNet and LayerZero projects, higher U.S. Treasury bond yields and positive momentum in the altcoin segment.
The research division of Binance Research has published a report on the state of the cryptocurrency industry for July 2023. It outlines key talking points on the most notable events and projects.
In general, experts assess July as a strong start to the second half of the year, which was marked by increased adoption of cryptocurrency products.
Ripple Labs v. SEC
The company’s partial victory in a lawsuit from the U.S. Securities and Exchange Commission (SEC) served as a powerful boost for the altcoin segment, experts say. From their words, the market centered around these assets, while the trading range of bitcoin and Ethereum remained quite narrow.
Bots on Telegram
The Binance Research team calls the solution a powerful tool to improve collaboration and accelerate adoption of cryptocurrency products. The convenience and accessibility of bots significantly lowers the threshold of entry for audiences. On July 23, 2023, the daily trading turnover of these bots set a new historical maximum of $10 million.
US Treasury Bonds
The yield on this position is higher than most altcoins in the decentralized finance (DeFi) sector. Throughout the month, trading volume in this sector steadily increased, reaching $626 million.
StarkNet
In the report, experts call the network highly promising. In July, its TVL reached the $100 million mark and TPS was 6.49. The Binance Research team attributes the increase in values to the release of important updates in the first half of the month.
LayerZero
The project also hit the radar of exchange analysts. In July, the volume of transactions in the ecosystem reached 42.8 million and the number of crosschain messages reached over 50 million. Experts believe that the growth of the platform’s indicators indicates a high demand for such solutions.
Reminder, Incrypted has a guide to this project. Read more at the link.