Public Chain Industry Analysis Report for November 2024

In November 2024, the blockchain industry is迎来 a "great bull market". Bitcoin continues to refresh its price highs, approaching the $100,000 mark, with a market value surpassing that of silver and other major traditional assets. Ethereum has also achieved a strong recovery, and altcoins have significantly rebounded. Bitcoin Layer 2 maintains strong growth, while Ethereum Layer 2 faces fierce competition, with relatively moderate growth.

Market Overview

In November, the cryptocurrency market made history, with Bitcoin soaring from $69,386 to $96,427, an increase of 39.0%. Ethereum followed closely, rising from $2,511 to $3,711, a gain of 47.8%. Bitcoin's market capitalization surpassed that of silver and Saudi Aramco, nearing the $100,000 mark, firmly securing its position as the seventh largest asset globally.

The results of the US elections have become a catalyst for growth in the cryptocurrency market, potentially impacting cryptocurrency legislation and regulation. The market has responded positively, especially reflected in the performance of popular sectors such as memecoins, decentralized artificial intelligence (deAI) projects, and decentralized science (DeSci).

The broader financial markets also performed strongly. The financial sector led the stock market under expectations of tax reform and deregulation in the United States. International markets experienced volatility, with the renminbi under pressure due to concerns about potential increased tariffs in the U.S., while gold prices fell as election-related uncertainties eased.

Layer 1

In November, the total market value of blockchain increased by 41.1% to $2.8 trillion. Bitcoin's market share is 68.1%, slightly down from October. Ethereum's market share reached 15.9%, while Solana surpassed the BNB chain with a share of 4.0%.

Altcoins performed excellently, with Stellar (XLM) rising by 466.8%, Hedera (HBAR) increasing by 269.7%, Cardano (ADA) up by 201.5%, and Polkadot (DOT) gaining 130.7%. Stellar's surge reflects the market's attention to its cross-border remittance infrastructure and CBDC capabilities.

The TVL in the DeFi sector grew by 43.0% to $90.8 billion. Ethereum led with a 61.6% increase, followed by Tron and Solana in second and third place, respectively. Polygon decreased by 5.9%, while TON continued its downward trend.

The Move technology stack is developing strongly in the blockchain space. Sui has reached new highs in token price and market capitalization, and has formed a strategic partnership with Franklin Templeton. Aptos is driving on-chain activity growth through Emojicoin. Movement is about to launch its mainnet, with impressive testnet data.

Stablecoins continue to receive attention. USDS, as the first major DeFi native stablecoin, has launched on Solana, and Ripple is reportedly about to receive NYDFS approval for RLUSD. The CEO of a certain company stated that they will remain neutral and not launch their own blockchain.

Bitcoin Layer 2 and Sidechains

In November, the TVL of Bitcoin Layer 2 and sidechains reached $2.4 billion, an increase of 34.6%. Competition among major platforms has intensified.

Core TVL increased by 55.7% to $890 million, expanding its market share to 37.4%. Bitlayer ranked second with a TVL of $580 million, with its market share decreasing to 24.4%. BSquared grew by 53.1% to $260 million, rising to third place, while Rootstock ranked fourth with $240 million.

In terms of the BTCfi project, Pell Network leads with a TVL of $400 million, while Avalon Finance and DeSyn perform strongly across multiple chains, each exceeding $200 million in TVL.

Ethereum Layer 2

In November, the total TVL of Ethereum Layer 2 (standard bridge part) reached $27.5 billion, an increase of 2.0%, lagging behind Bitcoin scalability solutions.

Arbitrum One remains in the lead with a TVL of $11.3 billion and a market share of 41.0%. Base surpasses Optimism to rank second with a TVL of $5.1 billion and a share of 18.6%. Optimism's market share has dropped to 17.3%.

Starknet TVL increased by 5.1%, surpassing Blast to rank fourth. World Chain performed excellently, with TVL increasing by 131.4% to $570 million.

The Ethereum Foundation has released its 2024 report to reinforce financial transparency, outlining its core values and funding strategies. Vitalik Buterin emphasized future developments, including the implementation of DAS to enhance Layer 2 scalability and improve infrastructure to support diverse applications.

Blockchain Game Public Chain

The number of active blockchain games in November increased by 4.6% to 1,696. BNB Chain, Polygon, and Ethereum lead in game distribution with shares of 20.9%, 15.4%, and 13.4%, respectively.

The user participation landscape is changing, with opBNB, Ronin, and Nebula (SKALE) leading with an average DAU of 1.8 million, 900,000, and 400,000 respectively. OpBNB's DAU grew by 46.1%, while Ronin showed a strong recovery.

The Telegram-based gaming experience is a mixed bag. The DAU of the TON ecosystem fell by 41.9% to 116,400, while Sui saw a counter-trend increase, with DAU rising by 23.1% to 233,300, mainly thanks to the success of BIRDS and significant user retention.

Financing Situation

In November, there were 12 financing events recorded in the blockchain sector, with a total amount of $79.8 million, a decrease of 23.3% compared to October, marking the lowest since August. Five events did not disclose specific amounts.

Zero Gravity Labs has secured $40 million in seed funding and a $250 million token purchase commitment, becoming the largest financing entity this month. The company is pivoting to become a cryptocurrency AI startup, developing a decentralized AI operating system.

Multiple Layer 1 blockchains have secured funding, including Cytonic, Pharos, Talus Network, EtraPay, and Datalayer. AvaCloud acquires EtraPay, gaining a team of privacy technology experts and an innovative cryptocurrency token standard.

The Layer 2 ecosystem remains active in investments, with six projects receiving new funding, including Bitfinity and Lnfi Network for Bitcoin Layer 2, Heurist and Corn for Ethereum Layer 2, as well as other Layer 2 projects Akave and AgentLayer.