Review of Mainstream Public Chain Performance in 2024: Data Fluctuates, Newcomers Rise to the Spotlight

The year 2024 is destined to leave a significant mark in the history of cryptocurrency development. With the approval of Bitcoin and Ethereum ETFs, as well as a shift in the political stance towards cryptocurrencies, this emerging asset class is gradually gaining international recognition. Bitcoin has broken the $100,000 barrier, and MEME coins are emerging one after another on Solana, leading to a stark contrast in the market. Behind these changes, public chains remain the core battlefield of the crypto market, with competition reflected in the contests between public chains.

This article will review the development of public chains in 2024 from a data perspective, analyzing which public chains have truly risen and which may be declining. The analysis will include popular Layer 1 and Layer 2 public chains, focusing on indicators such as TVL, token prices, market capitalization, number of active addresses, and transaction counts, covering the time span from January 1, 2024, to December 29, 2024. Some public chains launched during the year will compare the initial data at the time of token launch with the year-end data.

Layer 1 Public Chain TVL Average Growth of 7 Times, Newcomers Perform Brightly

Overall, the TVL of these public chains analyzed has grown by 117.7% this year. Among them, the average growth of Layer 1 public chain TVL is 707.69%, while Layer 2 projects have an average growth of 8515.22% (after excluding outliers, it is 294.69%).

The highest TVL growth in Layer 1 is observed in several emerging public chains, with increases exceeding 10 times. In the Layer 2 camp, the newly launched projects this year have experienced the most rapid growth, some even achieving hundreds of times growth.

However, not all public chains are showing growth trends. Some well-known projects like zkSync, Optimism, and Fantom have experienced varying degrees of decline in their TVL, with drops ranging from 1% to 40%. This differentiation reflects a change in market preference for different public chains.

User activity differentiation is significant, with half of the public chains experiencing a decline in daily active users.

In terms of network activity, some emerging public chains have performed impressively, with the daily active address growth rate reaching over 13,000%. However, among the 22 analyzed public chains, 9 public chains experienced varying degrees of decline in daily active user data. Notably, the daily active users of zkSync and StarkNet dropped by more than 90%, which is surprising.

After a year of changes, Solana has become the public chain with the most users, boasting 4 million daily active addresses, with the highest single-day active address count reaching 8.8 million. This data shows that Solana has become one of the largest public chain platforms in terms of user scale.

In terms of daily transaction volume, some emerging public chains have once again demonstrated astonishing growth rates, with an increase of over 10 times this year. However, there has also been a significant decline in the trading activity of mature public chains, reflecting a shift in user behavior.

Token performance is polarizing, with a basically stable market capitalization pattern.

In terms of token price performance, there was a half-year increase and a half-year decrease. The best-performing public chain token saw an increase of over 10 times during the year, becoming the only project to break a 1000% increase. Several other well-known public chain tokens also achieved increases of over 100%.

In contrast, about half of the public chain tokens have seen varying degrees of price decline. Among them, the largest drop exceeds 70%, reflecting the significant differences in market preferences for different projects.

In terms of market capitalization, Ethereum still maintains its position as the leader of public chains, with a nearly 50% increase in market value this year. The market cap growth of BNB, which ranks second, is slightly higher than that of Solana, indicating that traditional leading public chains still have strong market recognition.

The performance of key public chains varies, and the trend of new and old replacements is beginning to emerge.

Solana is undoubtedly one of the most eye-catching public chains in 2024. It has achieved significant improvements in several key metrics, with the number of users skyrocketing to the top, demonstrating a momentum that rivals Ethereum. In contrast, Ethereum, as a long-established public chain, has shown relatively stable performance throughout the year, with little change in key metrics. This contrast may hint at a subtle shift in the landscape of public chains.

Among emerging public chains, Hyperliquid and Sui stand out remarkably. Hyperliquid ranks top in several growth indicators, demonstrating immense potential. Sui, on the other hand, shows rapid growth across multiple dimensions and is regarded as a strong competitor to Solana. The rise of these two projects adds more variables to the competitive landscape of public chains in 2025.

Layer 2 projects will also be a focus in 2024. However, several highly anticipated projects performed poorly on-chain after their airdrops. In contrast, projects like Base, which have not yet issued tokens, have shown better performance, indicating that token incentives are not the only driving force behind the development of public chains.

Overall, the public chain sector in 2024 shows a clear trend of differentiation. Emerging projects are rising rapidly, while the positions of some traditional strong players are being shaken. User behavior and preferences are undergoing profound changes. These changes may reshape the competitive landscape of public chains in 2025, which is worth continuous attention.