March represented a strong month for crypto, with BTC miner revenue posting a 20%+ increase. Total adjusted on-chain volume increased 48.8% to $255 billion (BTC: +48.3%, ETH +62.7%).
Despite the U.S. banking turmoil, which triggered further fear uncertainty, and doubt in the hearts of crypto market participants in March, the latest on-chain data released by The Block research director shows the industry made strides last month.
March looked good for some areas of crypto
Bitcoin (BTC) miner revenue witnessed a 20.5% increase to hit $755.4 million, while ETH staker revenue rose by 19.4% to reach $125.1 million during that period, as the Shanghai-Capella mainnet upgrade scheduled for April 12, draws near.
The upgrade is expected to make staked ETH withdrawals possible. Similarly, monthly NFT marketplace volume on the Ethereum blockchain fell by 26.3%, with Blur transaction volume dwarfing that of OpenSea.
Binance market dominance surged
Despite getting slapped with a $1 billion lawsuit by the United States commodity futures trading commission (CFTC) and battling a serious insider trading scandal, Changpeng Zhao’s Binance managed to maintain its 78%+ centralized exchange (CEX) market share in March.
During that period, legitimate non-insider trading volume on centralized exchanges increased by 7% to $712.6 billion.
In March, the adjusted on-chain volume of stablecoins rose by 47.5% to reach $823.2 billion, while issued supply decreased by 2.3% to $125.5 billion, with Tether’s USDT market share increasing to 64.1% and Circle’s USDC fell to 24.6%.
Adjusted on-chain volume refers to the measure of the legitimate economic flow of crypto assets on their respective distributed ledgers.