Stablecoin

Arbitrum

Optimism

zkSync

<p>The post <a rel="nofollow" href="https://coinpedia.org/news/binance-report-highlights-l2-growth-stablecoin-declines-in-september/">Uniswap and zkSync Lead the Way as Layer 2 Activity Surges: Binance Report</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In the latest monthly report from <a href="https://www.binance.com/en/research/analysis/monthly-market-insights-2023-10">Binance Research</a>, we see that the crypto market didn’t get rattled much in September. Some interesting developments took place, especially in the world of Layer 2 scaling solutions.</p> 
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   <p lang="en" dir="ltr">Binance Research: September marked the 18th month of consecutive decline in stablecoin market capitalization, as the metric hit a new low of US$123.8B, a level not seen since September 2021. USDT and DAI bucked the trend, as both stablecoins saw slight increases in market…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1710190320418435164?ref_src=twsrc%5Etfw">October 6, 2023</a>
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<p>Have a look at what these were and why it should matter to you!</p> 
<h2 class="wp-block-heading" id="strong-declining-stablecoin-market-strong"><strong>Declining Stablecoin Market </strong></h2> 
<p>Analysts pointed out that <a href="https://coinpedia.org/news/paypal-expands-beyond-payusd-stablecoin-layer-2s-and-nfts-on-the-horizon/">stablecoins</a> have been losing value for 18 months in a row. The total value of stablecoins dropped below $123.8 billion, hitting levels last seen in September 2021. Amongst this, only Tether (USDT) and Dai (DAI) managed to make small gains despite the tough market conditions.</p> 
<p>On the other hand, more people started using account abstraction. Over 870,000 unique addresses got involved through protocols like ERC-4377. Most of this activity happened on platforms like Polygon, Arbitrum, and Optimism.</p> 
<p><strong>Layer 2 ecosystems thrive</strong></p> 
<p><a href="https://coinpedia.org/news/binances-spot-market-share-falls-to-34-a-closer-look/">Binance</a> noticed that people were getting more interested in Layer 2 ecosystems due to increased activity. For example, zkSync processed over 30 million transactions in September, surpassing Ethereum.</p> 
<p>Arbitrum also saw good growth, especially after relaunching its developer incentive campaign. This shows that Layer 2 solutions are essential for making blockchain better, cheaper, and more decentralized.</p> 
<h2 class="wp-block-heading" id="h-uniswap-and-zksync-insights">Uniswap and zkSync: Insights</h2> 
<p><a href="https://coinpedia.org/crypto-live-news/uniswap-foundation-requests-62-million-for-ecosystem-development/">Uniswap</a> continued to lead the pack in Ethereum gas consumption over the last 30 days, showcasing its insatiable appetite for gas. Additionally, L2s witnessed a surge in activity, reflecting renewed interest in this sector and underscoring the increasingly significant role of Layer-2 solutions in advancing blockchain scalability.&nbsp;</p> 
<p>zkSync’s mainnet recorded over 30.58 million transactions in 30 days, more than Ethereum itself. Arbitrum also did well, thanks in part to its anticipated campaign, Arbitrum Odyssey.</p> 
<p>The report also mentioned changes in decentralized financial perpetual swap exchanges. Newcomer ApolloX challenged the established players, capturing over 450% more trading volume.</p> 
<h2 class="wp-block-heading" id="strong-looking-ahead-strong"><strong>Looking Ahead</strong></h2> 
<p>Even though stablecoins are facing challenges from macroeconomic conditions, the momentum of Layer 2 solutions and the evolution of DeFi continue, despite a slow market. These long-term trends could decide which projects thrive when the next bull market arrives.</p> 
<p>Read More: <a href="https://coinpedia.org/altcoin/crypto-market-outlook-heres-what-next-for-btc-avax-inj-and-link-price/">Crypto Tony Reveals His October Trading Strategy: Top Coins to Watch</a></p>

Uniswap and zkSync Lead the Way as Layer 2 Activity Surges: Binance Report

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