The QuickNode Report: Key Events in the Crypto Market Q3-2023
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 Bitcoin ETF.
The Last QuickNode Report
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.
The hottest blockchain industry report of 2023 just dropped!
Check out the Q3 On-Chain Report, a joint endeavor by @QuickNode and @artemis__xyz.
Consumer trends, web3 developer activity, and VC insights for the web3 ecosystem.
— QuickNode (@QuickNode) November 2, 2023
One of the notable parts of the report is the increase in stablecoin 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.
In terms of market capitalization, active addresses, and transactions, USDT 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).
The QuickNode Report on DeFi
DeFi hasn’t had a good 2023. According to the Quicknode report, 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.
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 dominated 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.
More About the QuickNode Report
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 report 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.
Finally, the Quicknode report places gaming and AI as two of the biggest trends of the future. You can read the full report here.
Hot Take: The QuickNode Report Reveals Stablecoins as Q3-2023’s Most Popular Crypto Category
A lot has happened in the crypto market over the last three months, and according to QuickNode’s latest report, stablecoins emerged as the most popular crypto category in Q3-2023. The report highlights the increase in stablecoin activity across different chains and notes that stablecoins had an average of over 400,000 daily active addresses (DAA) at the end of the quarter. Furthermore, stablecoins surpassed other sectors like DeFi, NFT, and gaming during this period.
The QuickNode report also sheds light on the state of DeFi in Q3-2023, with Uniswap being the only DEX that remained stable despite notable failures in other platforms. Additionally, the report reveals the growing trend of staking in crypto and emphasizes the importance of scaling solutions in the future.
Gaming and AI are identified as two significant trends to watch out for in the crypto market. Overall, the QuickNode report provides valuable insights into the key events and trends that shaped the crypto market in Q3-2023.
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