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Binance Research Reviews February Crypto Trends: Arbitrum, Blur, Ethereum LSDs

Headlines include the performance of Arbitrum and Optimism, the war behind Blur and OpenSea and the continued rise of Ethereum LSDs.

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March 13, 2023

Arbitrum, Optimism, Blur, OpenSea, Ethereum LSDs

Crypto moves fast. It’s not even the middle of March, but the month of February can already seem like a lifetime ago. Fortunately, Binance Research is here to give some perspective to the always-developing Web3 narratives. Its latest monthly report for February touches on important topics such as layer-2 rollups, the epic NFT market war, Liquid Staking Derivatives (LSDs) on Ethereum, and more.

Let’s check out the highlights from the Binance Research Monthly Markets Insights report:

Market Performance: Crypto rebounded in February despite headwinds from inflation and regulation.
Ethereum L2 rollups Arbitrum and Optimism led the way for an increase in Total Value Locked (TVL) on blockchain protocols.
Blur’s Non-Fungible Token (NFT) trading volume exploded, and rival OpenSea responded by cutting fees and royalty rates.
In advance of Ethereum’s Shapella (Shanghai) upgrade, TVL of LSDs hit record new highs.
Arbitrum’s daily transactions crested above Ethereum’s.
NFTs on Bitcoin are a thing now, as Ordinal Inscriptions have gained popularity against the wishes of many old-school $BTC diehards.

Read the full report from Binance Research here.

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What is Binance Research:

Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.