Binance Research has released its latest report, delving into key market dynamics for September. The report covers various themes, including DeFi, Account Abstraction ('AA'), stablecoins, and Layer 2 protocols (L2). Overall, the report indicates that the crypto market in September remained relatively stable, with the total market capitalization experiencing minimal fluctuations. However, there are still noteworthy developments and activities to consider.
Firstly, Account Abstraction ('AA') is witnessing increasing adoption, with monthly transaction volumes showing a growing trend. Secondly, the market cap of stablecoins continues to decline, reaching a new low since September 2021, standing at $123.8 billion. The adoption of chatbots on platforms like Telegram represents a relatively new trend, offering a user-friendly alternative to DeFi applications, and the market remains competitive in this regard. Lastly, there have been significant shifts in the landscape of the DeFi perpetual contract market. Historically, protocols like dYdX, GMX, and Gains Network were major players, dominating a significant portion of trading activity. ApolloX has emerged as a significant participant after its market share in trading volume increased by over 450% month-on-month.