2024-07-12
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Data Sources:Public Chain Research Page
In June, the cryptocurrency market experienced significant challenges. Bitcoin was under pressure from the upcoming Mt. Gox compensation payment and government liquidation, which led to increased market uncertainty. Despite the positive signals brought by the advancement of the US spot Ethereum ETF, the total market value of public chain tokens still recorded a 7.7% decline, with Bitcoin and Ethereum leading the decline. However, Toncoin, TRON and Kaspa were exceptions and achieved growth. At the same time, the total locked volume (TVL) of public chains fell by 18.7%, but Core Chain achieved significant growth. In terms of expansion solutions, Ethereum's Layer 2 and Bitcoin's expansion solutions performed differently, and Solana's gaming Layer 2 project Sonic also joined the Layer 2 track.
The data for this report comes from Footprint AnalyticsPublic chain research pageThis page provides an easy-to-use dashboard containing the most critical statistics and indicators for understanding the public blockchain space, updated in real time.
Continued selling pressure from multiple sources has dealt a heavy blow to Bitcoin. On June 24, the Mt. Gox bankruptcy liquidation trustee announced that the repayment of Bitcoin and Bitcoin Cash (BCH) will start in July 2024, which has caused widespread uncertainty in the market about the conversion of creditors' assets into fiat currency and the specific timetable. At the same time, the US spot Bitcoin ETF experienced a net outflow of funds in the second half of June.
Government-level initiatives are also not to be overlooked. A German government agency began liquidating bitcoins confiscated in 2013 and transferred nearly 4,000 bitcoins to exchanges in June. At the same time, the US government also transferred 3,940 bitcoins seized from the wallet of a convicted drug dealer to Coinbase.
While the spot Ethereum ETF in the U.S. market is progressing smoothly, Bitcoin’s weakness seems to have spread to the entire crypto market.
In June, the cryptocurrency market experienced a significant correction. By the end of the month, the total market value of public chain cryptocurrencies fell by 7.7% month-on-month, and finally settled at US$1.95 trillion.Ethereum、BNB Chainand Solana continue to dominate the market, with market shares of 63.3%, 21.2%, 4.4%, and 3.5%, respectively.
Data Sources:Market capitalization of public chain tokens in June 2024
The price of Bitcoin fell from $67,730 at the beginning of the month to $62,795 at the end of the month, a drop of 7.3%. The price of Ethereum also fell from $3,820 at the beginning of the month to $3,444 at the end of the month, a drop of 9.8%.
Data Sources:Bitcoin and Ethereum price trends
Although token prices generally declined in June, three of the top fifteen public chain tokens by market value rose against the trend, with both their price and market value increasing. They are Toncoin, TRON, and Kaspa.
Toncoin stood out with the Open League token incentive program launched by TON and the growing popularity of Telegram games. Toncoin reached an all-time high of $8.2 in mid-June, bucking the trend.
TRON token prices rose by 10.8% throughout the month, returning to mid-May levels and continuing the upward trend that began in February 2024.
Kaspa, a layer 1 network that uses blockDAG (Block Directed Acyclic Graph) architecture, has seen significant token price growth in June, up 37.7%, reaching a record high of $0.19 on June 30. Kaspa’s growing appeal is evident in the expansion of bitcoin mining giant MARA’s mining operations to Kaspa, marking its official transformation into a multi-currency cryptocurrency mining company.
Data Sources:Public chain token price and market value at the end of June 2024
As of the end of June, the TVL of public chains dropped to $72.2 billion, down 18.7% from May. In this field, Ethereum, TRON and BNB Chain continue to maintain their leading positions.
Among the top fifteen public chains, only TON’s TVL increased by 106.8%, while other chains all declined.
In other public chains,Core ChainThe outstanding performance of Core Chain has achieved an astonishing 227.7% growth in TVL in one month. This remarkable growth momentum comes after Coinbase included CORE in its roadmap at the end of May. In order to support BTCfi, Core Chain has taken a series of positive measures, including launching Core Ignition Drop and holding BTCfi Summer Hackathon, and has successfully attracted more DeFi projects to join, driving the rapid growth of its TVL.
Data Sources:Public chain TVL by the end of June 2024
In addition, the Solana Foundation has launched cutting-edge tools designed to transform websites, applications, social media, and QR codes into starting points for crypto transactions on the Solana blockchain. Among them, the "Actions" tool allows users to complete on-chain transactions directly on web pages, social platforms, and QR codes, while "Blinks" converts these transactions into shareable links to promote the widespread dissemination of on-chain interactions. Together, these tools transform the Internet into a distributed network of on-chain interactions and accelerate Solana's mainstream adoption.
BNB price once hit an all-time high of $710.
BNB Chain has completed the Haber hard fork upgrade, and gas fees are expected to be reduced by up to 90%.
21Shares has submitted an S-1 filing to the US SEC for the Solana ETF.
NEAR Foundation established Nuffle Labs and received $13 million in funding.
SuiFoundation: Sui Bridge testnet is now online and an incentive plan has been launched.
Digital identity solution Polygon ID has been spun out from Polygon Labs and renamed Privado ID.
RoninAnnounced plans to develop Layer 2 solutions using the Polygon Chain Development Kit (CDK).
In June, although the US spot Ethereum ETF made some progress,Ethereum Layer 2It is still facing a downward trend under the pressure of market correction.ArbitrumandOptimismAs the leaders in the field, their TVLs decreased by 10.5% and 22.2% month-on-month, respectively. On the other hand, with the end of the Phase 1 airdrop activity, Blast's TVL also decreased by 22.0%. In contrast, Base and Linea's TVL remained relatively stable, close to the level in May.
However, Scroll has seen significant growth, with its TVL soaring 42.8%. This positive change comes on the heels of the launch of the Scroll Sessions airdrop points program, which officially launched on June 21. Among them, Session One aims to incentivize liquidity, specifically rewarding DeFi users who provide liquidity in DEX.
Data Sources:Overview of Ethereum Layer 2 in June 2024 - Rollups (Bridge-related Indicators)
In June, airdrops were launched in the Ethereum Layer 2 space, includingzkSync, Blast, and LayerZero in other fields have become the focus of heated discussion. Although these airdrops have attracted widespread attention and discussion on social media, they are also accompanied by a lot of controversy. zkSync has been criticized for its long airdrop cycle and perceived unfair distribution. LayerZero has encountered opposition for its strict anti-"sybil" measures and the requirement to donate before receiving rewards. As for Blast, its complex reward mechanism and the gap between actual rewards and expectations made participants dissatisfied, which in turn triggered a strong backlash in the community.
Despite all the controversy, airdrops have retained their status as a valuable marketing tool in the crypto ecosystem. They are not only effective in attracting new users, but also in generating buzz in the community and motivating users to participate. To further optimize future airdrops, we should focus on improving transparency, ensuring fairness, and streamlining the process.
Meanwhile, Bitcoin scaling solutions have surged in TVL since Q4 2023, withMerlin Chain, Bitlayer andRootstockDespite the market correction in June, the Bitcoin ecosystem has ushered in a summer of vitality and innovation.
Data Sources:Bitcoin Ecosystem TVL
Affected by the ZRO (LayerZero) airdrop, Arbitrum's daily revenue and profits both hit new highs.
Optimism announced on the X platform that OP Stack has officially entered Stage 1.
StarkWare announced on the X platform that its Layer 3 will be launched soon.
The Blast Foundation was established and the Blast Vision was subsequently made public.
SushiSwap expands to Rootstock.
Merlin Chain launches a 210 million MERL ecological incentive plan.
In June, there were 1,580 active games on various chains.BNB Chain、 PolygonandEthereumThey lead with market shares of 22.4%, 19.5% and 16.1% respectively.
At the same time, among the 3 million DAU, Ronin, Polygon andNEARAlthough it continues to lead, it also faces many challenges. Ronin's DAU share was affected by Pixels, falling from 29.8% at the beginning of the month to 18.4% at the end of the month. As for Polygon, due to the fact that its largest DAU gameMatr1x FIREIts DAU decreased by 31.6% month-on-month, and its DAU share also shrank from 15.1% to 8.0%.
Oasys' Layer 2 Saakuru Verse has seen significant growth in DAU in the last ten days of June. The successful launch of Copycat Killer, Panic, and Parkour Battle by Web3 game publisher PlayGround has greatly boosted the surge in DAU on Saakuru Verse, from 18,000 on June 21 to 464,000 on June 30, with an average DAU of 379,000 in the last week. If this growth momentum continues, Saakuru Verse is expected to quickly become one of the top three blockchain platforms in terms of DAU.
On the other hand, opBNB also performed well in the last week of June, with an average DAU of 285,000, accounting for nearly 10% of all DAUs.
Data Sources:Number of daily active users of blockchain games on each public chain
The public blockchain space is actively strengthening its gaming ecosystem, with specific measures including launching special Grant programs for Web3 game developers. At the same time, building more chains has become a popular strategy. Ronin recently announced plans to build Layer 2 using the Polygon Development Kit (CDK), indicating that popular games such as Axie Infinity and Pixels are expected to run on their own game chains in the future, which coincides with the strategies adopted by platforms such as Avalanche, Oasys and SKALE. So, will this strategy and similar practices succeed? We will continue to pay attention.
For more data, seeBlockchain Game Research Report in June 2024: Pixels Cause DAU Fluctuations, and Industry User Retention Rates Differ Significantly》。
In June, the public chain sector completed 11 rounds of financing, with a cumulative amount of US$71.5 million, a decrease of 20.3% from the previous month. Among them, the specific amounts of three rounds of financing were not disclosed.
Public chain financing events in June 2024 (data source:crypto-fundraising.info）
Decent Land Labs has successfully raised $3 million in funding to develop WeaveVM, an innovative sovereign Layer 1 blockchain solution that not only solves the storage problem of EVM, but also cleverly combines the compatibility of EVM with the powerful scalable storage capabilities provided by Arweave.
Sonic, a gaming-focused Solana Layer 2 network, has successfully raised $12 million in Series A funding to deepen its gaming-centric network. Initially starting as a mobile game on Solana, Sonic quickly identified infrastructure bottlenecks and decisively transformed into building an efficient gaming Layer 2 solution.
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The content of this article is only for industry research and communication purposes and does not constitute any investment advice. The market is risky and investment should be cautious.
Footprint Analytics is a blockchain data solution provider. With cutting-edge artificial intelligence technology, it provides the first code-free data analysis platform and unified data API in the Crypto field, allowing users to quickly retrieve NFT, Game and wallet address fund flow tracking data from more than 30 public chain ecosystems.
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