In this special edition of State of the Network, we take a data-driven look at major developments that impacted the digital assets industry in Q3 2024.
Key takeaways:
- Despite volatility from factors like Mt. Gox repayments and the Yen carry trade, Bitcoin demonstrated remarkable stability. BTC and SOL lead performance YTD (+54% and +53% respectively).
- Ethereum ETFs debuted in August, seeing weaker inflows, and reduced validator profitability amid lower Layer-1 network activity post-Dencun upgrade. The impact of Ethereum’s rollup-centric scaling roadmap and value accrual continue to evolve.
- The DeFi sector saw significant activity, including Maker’s rebrand to the “Sky Ecosystem” & Wrapped-Bitcoin’s (WBTC) restructuring from BitGo.
Read more in the Coin Metrics Q3 2024 Update.
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