Major blockchain volume surged in March 

March represented a strong month for crypto, with BTC miner revenue posting a 20%+ increase. Total adjusted on-chain volume increased 48.8% to $255 billion (BTC: +48.3%, ETH +62.7%).

Despite the U.S. banking turmoil, which triggered further fear uncertainty, and doubt in the hearts of crypto market participants in March, the latest on-chain data released by The Block research director shows the industry made strides last month.

March looked good for some areas of crypto 

Bitcoin (BTC) miner revenue witnessed a 20.5% increase to hit $755.4 million, while ETH staker revenue rose by 19.4% to reach $125.1 million during that period, as the Shanghai-Capella mainnet upgrade scheduled for April 12, draws near.

https://fincryptotips.com/watch?v=xo0TpVzR6dE

The upgrade is expected to make staked ETH withdrawals possible. Similarly, monthly NFT marketplace volume on the Ethereum blockchain fell by 26.3%, with Blur transaction volume dwarfing that of OpenSea.

Binance market dominance surged 

Despite getting slapped with a $1 billion lawsuit by the United States commodity futures trading commission (CFTC) and battling a serious insider trading scandal, Changpeng Zhao’s Binance managed to maintain its 78%+ centralized exchange (CEX) market share in March.

During that period, legitimate non-insider trading volume on centralized exchanges increased by 7% to $712.6 billion.

In March, the adjusted on-chain volume of stablecoins rose by 47.5% to reach $823.2 billion, while issued supply decreased by 2.3% to $125.5 billion, with Tether’s USDT market share increasing to 64.1% and Circle’s USDC fell to 24.6%. 

Adjusted on-chain volume refers to the measure of the legitimate economic flow of crypto assets on their respective distributed ledgers.


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