Gate Research: Monthly Review - August 2024

10/8/2024, 8:14:17 AM
Gate Research Monthly Review: The crypto market performed weakly in August. Bitcoin plummeted from $66,000 to $49,000, then rallied to $64,000 by month's end before pulling back. Global financial markets saw intense volatility due to macroeconomic factors, pushing BTC futures liquidations to a yearly peak. BTC and ETH ETFs both experienced net outflows, while blockchain network activity ramped up—notably, Aptos' trading volume skyrocketed. The DeFi sector weathered multiple security breaches, incurring losses over $5.28 million. On the funding front, 88 projects secured financing totaling $80 million, with CeFi and DeFi emerging as standout sectors.

Table of Contents

01 Market Overview














02 On-chain Metrics














03 Fundraising



04 Market Highlights






05 Security Incidents





REFERENCES


Gate Research Report Release: Monthly Market Review - August 2024

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Crypto Calendar

THORChain v.3.10.0 Release
THORChain is testing version 3.10.0 on Stagenet, with a planned release on August 24th. The update introduces Enshrined Oracles for perpetuals, lending, and trading strategies on RUJI, reduces outbound fees on the Base chain from $10 to $1, and adds wrapped assets cbADA, cbXRP, and cbDOGE. Fee mimirs are shifted to operational memory, enabling more flexible fee experimentation, while groundwork for the Advanced Swap Queue (limit orders) is laid, to be activated after version 3.11.
RUNE
-6.6%
2025-08-23
Hackathon
ZetaChain is hosting its first Korea Hackathon on August 23–24 at Gachon University in collaboration with Gairos and community partners. The event will focus on developing universal solutions in areas such as DeFi, BTCFi, and Chain Abstraction. The winning team will receive a prize of ₩3,000,000 (approximately $2,000).
ZETA
-2.22%
2025-08-23
On-Chain Summit San Francisco in San Francisco
Constellation will present its latest developments, including a newly created bridge to the Base network, at the On-chain Summit San Francisco to be held in San Francisco on August 21st-24th.
DAG
-2.31%
2025-08-23
Ethereum Protocol Day in Shenzhen
On August 24, during Ethereum Protocol Day in Shenzhen, QuarkChain’s co-founder will present EIP-7907 — a proposal to eliminate the current 24 KB contract size limit. The proposal introduces dynamic gas metering, which would simplify development by removing the need to split smart contracts, thereby enhancing the developer experience and scalability. EIP-7907 is now officially considered for Ethereum’s upcoming “Glamsterdam” upgrade.
QKC
-2.53%
2025-08-23
CONNECT in Warsaw
GT Protocol will attend the CONNECT conference in Warsaw, on August 24. Organized by A01K, the open-format forum will assemble cryptocurrency projects, developers, marketers, influencers and other industry participants.
GTAI
-6.56%
2025-08-23

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