2023 Crypto Market Review: Highlights in Token, Public Chain, Decentralized Finance, NFT, and DApp Fields

The crypto market in 2023 experienced a significant surge at the end of the year after a long period of volatility. With market fluctuations, the hotspots constantly changed, and each subfield faced new developments. Public chains attracted attention again due to the craze for inscriptions; the DeFi market developed steadily, with the locked value fluctuating around $50 billion; the NFT market shrank by 31%, with multiple blue-chip projects seeing transaction prices halved; SocialFi briefly became a trend. This article provides a comprehensive overview of Token prices, public chains, DeFi, NFTs, DApps, and other sectors:

Secondary Market: Public Chain Concept Tokens Lead the Rise

• Among the top 100 mainstream Tokens by market capitalization, the average increase of the top 30 Tokens reached 512.75%. INJ had the highest increase, exceeding 2994%, while KAS and RNDR both exceeded 1000%. BTC's increase of 153% ranked 28th.

• The top 30 tokens with the largest increase are mainly distributed among mid-tier assets ranked 30-50 by market capitalization.

• Among the top 30 by increase, 10 belong to the Layer 1 concept, 4 belong to the Layer 2 concept, and 6 belong to Decentralized Finance concept.

Public Chain: Avalanche and Solana show significant increase in activity

• The highest daily active addresses are Tron, BNB Chain, and Bitcoin.

• The highest average daily trading volume is from Solana, Tron, and Avalanche.

• The highest increase in annual active addresses is Avalanche, followed by Solana.

• The highest increase in the number of transactions per year is NEAR, followed by Bitcoin and Avalanche.

• Ethereum remains the public chain with the highest transaction fees for the year, reaching 2.368 billion USD.

Decentralized Finance: Lido's locked assets rank first, multiple new protocols are emerging

• Among the Top 30 in TVL, Lido has the highest locked amount of approximately 20.52 billion USD. This is followed by Maker, AAVE, and JustLend.

• The protocols with a relatively high TVL increase include new protocols such as Spark, Blast, EigenLayer, Jito, and Marginfi.

• Solana and Avalanche hold a place among the leading projects.

• Among the TVL Top 30, 9 belong to lending, 6 belong to liquidity staking, and 4 belong to DEX.

NFT: Market value shrinks but trading becomes more active

• The total market value of NFTs has shrunk from $23.4 billion to $16.1 billion, a decrease of 31.08%.

• NFT trading volume increased by 27.95%, the number of holding addresses increased by 76.16%, and the total number of projects increased by 196.76%.

• In the Top 30 by total trading volume, BAYC ranks first with over $1.7 billion, followed by MAYC with over $1.2 billion.

• Multiple blue-chip projects have seen their transaction prices halved, with BAYC down over 61% and Azuki down over 52%.

Game and Social DApp: New Application Explosive Growth

• The average annual active addresses for the top 10 gaming projects is 9.83 million, while social projects only have 2.16 million.

• Most projects lack sustained activity and only maintain high levels of activity in the short term.

• Most projects complete explosive cold starts by the end of the year, with extremely high growth rates.

• There are many active applications on Polygon, Ethereum, and BNB Chain.

In 2023, the crypto market has shown characteristics of hot rotation and the emergence of new projects. The public chain track remains the focus of the market, DeFi is steadily developing, NFT trading activity is increasing, and a large number of emerging projects have appeared in the game and social DApp fields. As the industry gradually recovers, the market is expected to usher in a new round of growth in 2024.