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<h4 style="color: #252525;">A lot has happened in the crypto market over the last three months. First, Bitcoin has shown impressive signs of growth, triggered mostly by the possibility of the US SEC approving a spot <a href="https://www.altcoinbuzz.io/?s=bitcoin+etf" target="_blank" rel="noopener">Bitcoin ETF</a>.</h4> 
Quicknode, a web3 infrastructure and developer platform, released a report uncovering some of the key events of the past quarter. Let’s discover more about it. 
<h5>The Last QuickNode Report</h5> 
 The <a href="https://www.quicknode.com/on-chain-report/q3" target="_blank" rel="noopener">report</a> was prepared with the digital asset data platform, Artemis. The “On-Chain Report” offers an in-depth analysis of blockchain usage and investments in Q3-2023. It explores developer activity and consumer trends during the quarter. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The hottest blockchain industry report of 2023 just dropped! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f975.png" alt="🥵" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Check out the Q3 On-Chain Report, a joint endeavor by <a href="https://twitter.com/QuickNode?ref_src=twsrc%5Etfw">@QuickNode</a> and <a href="https://twitter.com/artemis__xyz?ref_src=twsrc%5Etfw">@artemis__xyz</a>. 
 Consumer trends, web3 developer activity, and VC insights for the web3 ecosystem. 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/VLubSy1zPn">pic.twitter.com/VLubSy1zPn</a> 
 — QuickNode (@QuickNode) <a href="https://twitter.com/QuickNode/status/1720093602179957010?ref_src=twsrc%5Etfw">November 2, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
One of the notable parts of the report is the increase in <a href="https://www.altcoinbuzz.io/?s=stablecoin" target="_blank" rel="noopener">stablecoin</a> activity across different chains. The report noted that stablecoins were the most popular crypto category in Q3-2023. 
The on-chain report arrived at this conclusion by looking at daily active addresses (DAA). Stablecoins had an average of over 400,000 DAA at the end of Q3. Additionally, stablecoin surpassed other sectors like DeFi, NFT, and gaming in Q3. 
<img decoding="async" class="wp-image-127379 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/11/stablecoins-Quicknode-report.png" alt="" width="554" height="451" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/11/stablecoins-Quicknode-report.png 3456w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/stablecoins-Quicknode-report-300x244.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/stablecoins-Quicknode-report-1024x834.png 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/stablecoins-Quicknode-report-768x626.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/stablecoins-Quicknode-report-1536x1252.png 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/stablecoins-Quicknode-report-2048x1669.png 2048w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/stablecoins-Quicknode-report-696x567.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/stablecoins-Quicknode-report-1068x870.png 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/stablecoins-Quicknode-report-515x420.png 515w" sizes="(max-width: 554px) 100vw, 554px"> 
In terms of market capitalization, active addresses, and transactions, <a href="https://www.coingecko.com/en/coins/tether" target="_blank" rel="noopener">USDT</a> surpassed other stablecoins. Interestingly, USDC outpaced USDT in Q3-2023 in terms of volume. However, the difference has narrowed considerably from Q1-2023 due mostly to Silicon Valley Bank’s failure and USDC’s de-pegging (about $0.03 off the peg). 
<h5 style="color: #252525;">The QuickNode Report on DeFi</h5> 
<a href="https://www.altcoinbuzz.io/?s=defi" target="_blank" rel="noopener">DeFi</a> hasn’t had a good 2023. According to the <a href="https://www.quicknode.com/on-chain-report/q3" target="_blank" rel="noopener">Quicknode report</a>, Uniswap is the only DEX that has remained stable since the first quarter of 2023. This is impressive because most DeFi platforms suffered from notable Silicon Valley Bank (SVB) failures. 
Instead of a spike in the number of transactions or active addresses, the SBV collapse reportedly led to a significant increase in Uniswap’s trading volume. The reports note that a small number of high-volume transactions were responsible for this increase. 
<img decoding="async" class="wp-image-127398 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/11/grrgffg-300x215.jpg" alt="" width="560" height="401" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/11/grrgffg-300x215.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/grrgffg.jpg 580w" sizes="(max-width: 560px) 100vw, 560px"> 
Remarkably, Uniswap is the only DEX that, in contrast to the overall DeFi trend, saw a 15% increase in active addresses and a 33% increase in transaction volume in Q3. Furthermore, the report reveals that staking emerged as a popular trend in crypto in Q3. Although DEXs <a href="https://www.altcoinbuzz.io/product-release/dexcheck-brings-ai-to-crypto-trading/" target="_blank" rel="noopener">dominated</a> the DeFi market, 
Staked Ether climbed to 27.2 million in Q3-2023, up from 23.7 million in Q2-2023. Liquid staking, which is a concept similar to exchanging IOU tokens for staked assets, is reportedly responsible for 37% of this increase. 
<h5 style="color: #252525;">More About the QuickNode Report</h5> 
Driven by the Friend Tech movement, the report states that DeSocial is beginning to take off with the release of popular products. DeSocial, decentralized social applications, are peer-to-peer platforms. They simply help direct communications between users without any middlemen. 
They achieve this using blockchain to ensure ownership, security, and transparency. The report concludes that the growth of DeSocials could make scaling solutions more important in crypto. 
The <a href="https://www.quicknode.com/on-chain-report/q3" target="_blank" rel="noopener">report</a> also touched on EVM scaling solutions. One of the key findings was that Base was behind the growth in the EVM scaling solutions during Q3-2023. Furthermore, Optimism’s OP Mainnet had strong development activity in Q3-2023. This shows that developers see EVM scaling solutions as a huge part of their operations in the long term. 
<img decoding="async" class="wp-image-127399 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/11/trguyjjuygdr-300x215.png" alt="" width="569" height="408" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/11/trguyjjuygdr-300x215.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/11/trguyjjuygdr.png 581w" sizes="(max-width: 569px) 100vw, 569px"> 
Finally, the Quicknode report places gaming and AI as two of the biggest trends of the future. You can read the full report here. 
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<h6>Disclaimer</h6> 
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours. 
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This post is sponsored by Dexcheck. 
Copyright Altcoin Buzz Pte Ltd. 
The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/quicknode-releases-the-on-chain-q3-2023-report/">QuickNode Releases The On-Chain Q3-2023 Report</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.

QuickNode Releases The On-Chain Q3-2023 Report

Altcoin Buzz

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