CoinDesk Report:
Source: Binance; Compilation: Baishui
Summary
This article reviews the recent Binance research report, discussing the major developments in the cryptocurrency market over the past month.
The cryptocurrency market in June showed a significant downward trend, with a decline of up to 11.4%.
Consistent with the market downturn, the total locked amount of DeFi in June decreased by 8.7%. The NFT market in June experienced a prolonged downturn, with total sales of $46 million, a decrease of 26.2% compared to May.
This article explores the development of Web3 in June 2024 to outline the current state of the ecosystem. Before previewing the major events to watch in July 2024, we analyze the performance of the cryptocurrency, DeFi, and NFT markets.
Cryptocurrency Market Performance in June 2024
Despite a strong start in June, the market experienced significant sell-offs and large-scale liquidation events, primarily due to some key factors. These include
Mt. Gox scheduled to repay over 140,000 BTC in July. It is worth noting that, according to observations, the US and German governments are transferring a large amount of BTC to centralized exchanges, exacerbating the market’s negative sentiment.
On the positive side, asset management companies VanEck and ARK 21Shares have applied for the first Solana ETF in the US, bringing optimism to the challenging market.
Cryptocurrency market cap in June decreased by 11.4%
Source: CoinMarketCap, as of June 30, 2024
Monthly price performance of the top ten tokens by market cap
Source: CoinMarketCap, as of June 30, 2024
Against the backdrop of a comprehensive market sell-off, most of the top ten tokens by market cap experienced losses at the end of the month. TON was the only token that outperformed the market, hitting a historical high (ATH) of $8.24 and a month-end increase of 17.5%.
Additionally, TON’s DeFi TVL soared to $700 million, primarily due to “The Open League,” a long-term incentive program for TON users, teams, and traders.
BNB retraced by 18.8%, closing lower at the end of the month. XRP experienced similar fluctuations, dropping by 9.0% at the end of the month. BTC fell by 10.9% month-on-month, mainly due to the Mt. Gox announcement. Despite the US Securities and Exchange Commission ending its investigation into Consensys and Ethereum 2.0, and progress in Ethereum ETF trading approval, ETH dropped by 10.0% in June. Later in the month, the SEC filed another lawsuit against Consensys’ MetaMask, and its staking platforms Lido and Rocket Pool. ADA and SOL fell by 14.0% and 16.2% respectively. However, at the end of June, due to the launch of the first Solana spot ETF in the US by digital asset management companies VanEck and ARK 21Shares, SOL saw a significant rebound. AVAX plummeted by 23.0%, while SHIB and DOGE dropped by 27.7% and 34.8% respectively. Memecoins initially bore the brunt of the market downturn, lagging behind the broader market.
Decentralized Finance (DeFi)
Amid the market downturn,
the total TVL of DeFi in June decreased by 8.7%.
Notable winners this month include Bitcoin Layer 2 networks Bsquared and CORE, with TVL growth of 332% and 300% respectively. Thanks to the success of “The Open League,” TON continued its remarkable growth trajectory, with a month-on-month TVL increase of 109%, hitting a historic high of $685.9 million. Several prominent projects released long-awaited airdrops and token generation events in June, including LayerZero, zkSync, Blast, and Eigenlayer (Phase 2).
Top blockchain TVL market share
Source: DeFiLlama, as of June 30, 2024
Non-Fungible Tokens (NFTs)
Monthly NFT transaction volume
Source: CryptoSlam, as of June 30, 2024
The NFT market in June continued its negative growth trend, with total sales of $46 million, a decrease of 26.2% compared to May.
DMarket, the in-game item trading market on Mythos, topped the monthly sales with $18.9 million, followed closely by CryptoPunks with sales of $16.1 million. Sales for top Ordinal series such as Bitcoin Puppets and NodeMonkes sharply declined by 40.6% and 41.0% respectively. While the monthly sales of Bored Ape Yacht Club slightly declined, Pudgy Penguins outperformed the market, rising by 68.9%.
In the top blockchain platforms, NFT sales saw significant declines. Bitcoin and Ethereum dropped by 48.2% and 50.2% respectively, indicating a gradual decline in the early hype around Bitcoin NFTs.
After the end of airdrop activities, Solana’s monthly sales volume dropped by 40.9%, while Blast’s monthly sales volume plummeted by 81.0%.
Upcoming Events and Token Unlocks
To help users stay informed of the latest Web3 news, the Binance research team has summarized the significant events and token unlocks for the next month. Keep an eye on these developments in the blockchain field that are about to take place.
Important Events in July 2024
Source: Binance Research, CoinMarketCap
Largest token unlocks in USD
Source: Token Unlocks, Binance Research
