Review of Mainstream Public Chain Performance in 2024: Data Rise and Fall Diversification, Emerging Projects on the Rise

The year 2024 is a milestone year in the history of cryptocurrency development. Bitcoin and Ethereum ETFs have been approved, and cryptocurrencies are gradually becoming a new asset class recognized internationally. Bitcoin has broken through the $100,000 mark, and Solana ecosystem MEME coins are in vogue, with the market experiencing both highs and lows. Public chains remain the core battleground of the crypto market, with fierce competition among various projects.

This article reviews the performance of mainstream public chains in 2024 from a data perspective, including dimensions such as TVL, token prices, market capitalization, active address numbers, and transaction counts. The analysis focuses on popular Layer 1 and Layer 2 public chains, covering the entire year of 2024.

Layer 1 TVL average rise 7 times, emerging projects perform brilliantly

Overall, the TVL of the analyzed public chains increased by 117.7% in 2024. The average growth of Layer 1 public chain TVL is 707.69%, while Layer 2 projects saw an average growth of 294.69%, not counting outliers (.

The highest TVL growth in Layer 1 is seen in Hyperliquid, TON, and Aptos, all exceeding 10 times. Among them, Hyperliquid has seen a TVL growth of 4407% since its launch. In Layer 2, Taiko and Base have performed outstandingly, with TVL growths of 82500% and 721.51%, respectively.

The TVL of some public chains has declined, with zkSync falling by 41.25%, Optimism falling by 16.69%, and Fantom falling by 13.95%.

![Review of 22 mainstream public chains' performance in 2024: half of the data declined, Hyperliquid ranks first in several data points])https://img-cdn.gateio.im/webp-social/moments-c7d15205b9836043f84da378945f4897.webp(

Daily active user data shows clear differentiation, Solana emerges as a new force

Hyperliquid, Sui, and TON saw the highest increase in daily active addresses, at 13381.48%, 3350.55%, and 2409.43% respectively. Public chains like Base, Aptos, and Solana also experienced a more than tenfold increase in daily activity.

However, among the 22 public chains, 9 have experienced varying degrees of decline in daily active users. zkSync and StarkNet have decreased by over 90%, and several other public chains such as Near, Blast, and Polygon have also seen a decline in daily active users.

At the end of the year, Solana became the public chain with the highest number of users, reaching 4 million daily active users, with a peak of 8.8 million daily active users. At the beginning of the year, Tron ranked first with 2.2 million daily active users.

![Review of the performance of 22 mainstream public chains in 2024: half of the data declined, Hyperliquid ranks first in several metrics])https://img-cdn.gateio.im/webp-social/moments-cf7e6ff932890ee53617e4c98a10066b.webp(

Change in Transaction Volume: Significant Growth in Emerging Public Chains, Decline in Some Established Public Chains

Hyperliquid has once again become the fastest growing public chain, with the number of transactions increasing by approximately 248,900% this year. Taiko and Base saw increases of 4,471.43% and 1,948.78%, respectively.

The number of transactions for Avalanche and zkSync has significantly declined, with a drop of about 90%. Since the end of the airdrop, the on-chain transaction volume for zkSync has decreased from millions to around hundreds of thousands per day.

![Review of the performance of 22 mainstream public chains in 2024: Half of the data declined, Hyperliquid ranked first in multiple data points])https://img-cdn.gateio.im/webp-social/moments-b5cd2fcd40ae0b5fd4631c2da6a012d0.webp(

Token price performance is mixed, HYPE leads the market

In terms of token performance, half rose and half fell. The Hyperliquid token HYPE performed the best, with an increase of 1272.30% this year, making it the only public chain token with a rise of over 10 times. Tokens like Sui, TON, Tron, and BNB Chain also performed well, with each rising by more than 1 time.

StarkNet and Blast tokens had the largest fall, reaching 75% and 65% respectively.

In terms of market capitalization, Ethereum remains in the top position, increasing from $274.2 billion at the beginning of the year to $409.4 billion at the end of the year, a rise of 49.28%. BNB ranks second in market capitalization, with a growth slightly higher than Solana.

![Review of the performance of 22 mainstream public chains in 2024: half of the data declined, Hyperliquid ranks first in multiple data points])https://img-cdn.gateio.im/webp-social/moments-59558c0c8b45205199dcbba022486f03.webp(

Main Public Chain Performance Analysis

Solana performed brilliantly in 2024, completely emerging from the shadow of the FTX collapse. With the MEME craze, it has become the public chain with the most users, rising from fourth to second in TVL rankings, and jumping from eighth to first in daily active users.

Ethereum, as a leading public chain, has shown stable performance, with daily active users increasing by 9%, daily transaction volume remaining roughly flat, and TVL rising by 127%. The diversion to Layer 2 may be a major reason, and more innovations may be needed to lead future development.

Hyperliquid has become a rising star in the public chain sector, with several growth rates ranking at the top. However, factors such as its low starting point and short development time must be considered. Currently, its overall scale still lags behind leading public chains, but it has enormous growth potential by 2025.

Sui is seen as a potential competitor to Solana, performing well in 2024. TVL increased nearly 7 times, daily active users grew by 33.5 times, and daily transaction volume exceeded 300 million. The token's rise was only second to HYPE, reaching 441.13%. In the future, it will face competition from projects like Hyperliquid and Aptos, and will need to find new points of breakout.

Other public chains are also actively transforming, such as Near shifting to AI and Fantom upgrading to Sonic. The Layer 2 track remains hot, but most projects perform poorly after airdrops, while tokenless projects like Base perform better.

Overall, the competition in the public blockchain sector will be fierce in 2024, with new and old projects rising and falling. The growth of active users shows a strong correlation with token performance, and users may still be the key indicator for the development of public blockchains.

![Review of the performance of 22 mainstream public chains in 2024: Half of the data has declined, Hyperliquid ranks first in multiple data points])https://img-cdn.gateio.im/webp-social/moments-8eade7b3c0de41fb4be1c04062a0a197.webp(