TechFlow news, Binance Research has released a new report analyzing the September crypto market dynamics, covering topics such as DeFi, account abstraction, stablecoins, and Layer 2 (L2) protocols. Key findings include:
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Adoption of account abstraction (AA) continues to grow, with monthly transaction volumes on an upward trend. Data shows there are now 870,000 AA accounts and over 2.3 million successful smart account transactions. L2 protocols drive most of the activity, with Polygon accounting for 50%, Optimism 20%, and Arbitrum 12%. On Polygon and Optimism, CyberConnect—a decentralized social network where all accounts are ERC-4337 smart accounts—dominates transaction volume. Recently, learning-to-earn dApp Capx and watch-to-earn platform FanTV have also significantly driven AA activity on Polygon.
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Stablecoin market capitalization continues to decline, dropping to $123.8 billion—the lowest level since September 2021—and marking the 18th consecutive month of decline. Multiple factors may be driving investors to reallocate funds into non-crypto financial instruments.
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During Token2049, Telegram announced integration of the TON cryptocurrency wallet and support for TON's Web3-based ecosystem, leading to a price increase in TON. Given Telegram's 800 million users, this collaboration could trigger mass adoption.
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On Telegram, chatbot adoption represents a relatively new trend, offering user-friendly alternatives to traditional DeFi applications. Competition is intensifying—for example, the Telegram bot Banana Gun has become one of the largest gas consumers on Ethereum after launching its own token.
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The DeFi perpetual contracts market landscape has shifted notably. While traditional protocols such as dYdX, GMX, and Gains Network previously dominated, ApolloX has emerged as a major player, increasing its trading volume market share by over 450% month-on-month, challenging the dominance of established platforms like dYdX and GMX.
