- Market Pulse is a compilation of key charts and insights by our Research team, shedding light on the state of crypto.
- Market Overview: Q1 2024 saw positive developments in the crypto industry, propelled by the successful launch of spot BTC ETFs, which collectively attracted over US$12B in net inflows. Total Market Cap increased by 60% QoQ.
- Layer 1s & 2s: Solana delivered an impressive performance in the quarter, driven by meme coin trading and robust ecosystem traction, experiencing steep growth in several on-chain metrics.
- DeFi: Total value locked (“TVL”) in DeFi increased 70.6% QoQ to US$92.0B, driven by liquid staking and liquid restaking. Both sectors attracted TVL from investors to participate in yield and airdrop farming.
- NFTs: The total NFT sales volume notched a QoQ gain of 27%, driven by a general increase in activities across Bitcoin, Ethereum and Solana.
- Gaming: The gaming landscape was spearheaded by BNB Chain, Ethereum, and Polygon, controlling approximately 70% of market share (by number of games).
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