2023 Q3 Crypto Quarterly Report

Published on 2023-10-01

• In Q3 2023, the crypto winter got even colder. Amidst price swings, mainstream cryptos like BTC and ETH have been trending downward over the past three months. Compared to that seen in Q2, the margin of decline narrowed in Q3, but crypto prices remained low.
• The L2 scaling race remained fierce. In particular, Base captured the spotlight, after it introduced BALD, a meme coin that saw a 1000X growth within 24 hours, along with the killer app Friend.Tech, sending Base’s TVL to $550 million.
• LTC price did not surge after the halving, as the price is influenced not only by supply but also by demand. KAS, rather than any of the ETH-forked coins, stood out as the best-performing PoW coin in the past six months.
• Over the years, the SEC has rejected dozens of Bitcoin ETF applications. In June 2023, BlackRock submitted an application for a spot ETF. This instantly sparked market enthusiasm, prompting several financial companies to resubmit their spot ETF applications.
• Driven by explosive business growth, $UNIBOT, Unibot’s native token, skyrocketed from its launch in May to mid-August. This triggered FOMO sentiment and helped Telegram Bot tokens surge to varying degrees.
• In the SocialFi sector, Friend.tech was launched on Augst 2023 and keeps growing to a new star in SocialFi.Tipcoin is another new SocicalFi project in this quarter. It is a decentralized social platform that rewards users on Twitter for their engagement and tweets.
• Regulators appear to be adopting more open policies, which is favorable for market development, but uncertainty still lingers.
• The stablecoin market has been sluggish in the past three months, with a decrease in circulation. This also reflects the recent downturn in the crypto market.
• Fully on-chain games (also known as full-chain games), are frequently mentioned in Q3 2023. It is a type of game that stores all game logic and data entirely on the blockchain. 
• In Q3, the gambling category, led by the industry leader RLB, impressed us with fast growth. The track’s total value jumped from $200 million in early June to a peak of $800 million in August.