Author: Frank, PANews.
Over the past three months, the cryptocurrency market has seen a significant rebound. The performance of mainstream public chains has become the market's focus, with Ether staging a comeback under the dual support of ETF funds and corporate buying. Prices of Solana, Sui, Hyperliquid, and others have also risen significantly. From the price trend, the market seems to be entering a long-awaited competitive coin boom. But behind the prices, what is the actual development status of these public chains?
This article整理了 8 major TVL amounts and the core indicators of public chains with higher popularity over the past 3 months — price, TVL, capital flow, on-chain activity, and ecological progress — aiming to outline the real competition of public chains in this round. The data period is from April 20 to July 20.
Ethereum: The return of the king catalyzed by capital.
Ether has seen significant improvements across various data points recently, aligning with its price performance. Over the past three months, Ether's price has risen from $1,600 to a peak of over $3,800, an increase of over 130%. Behind the price surge, Ethereum's ecosystem TVL has also grown by 61.34% during the same period, with a net inflow of $8.3 billion in on-chain funds over the past three months, once again becoming the public chain with the largest inflow of funds. However, the growth of TVL is mainly attributed to the rise in ETH token prices; in terms of ETH quantity, the ETH volume in Ethereum's ecosystem has been on a downward trend recently, decreasing from 28.39 million in April to approximately 22.28 million now, a reduction of 21%.
In terms of daily activity and transaction numbers on-chain, there has been an increase of 11.94% and 16% respectively over the past three months, without particularly obvious improvements. Additionally, Ethereum's spot ETF showed significant growth during this three-month period, netting approximately $5 billion in growth. Combined with several publicly listed companies following MicroStrategy's lead by using Ethereum as a reserve token, this also provided more buying pressure and positive market sentiment for Ethereum. Overall, capital-driven factors may be the main reason for Ethereum's significant price increase.
Solana: A test of challenges with a market value rebound and decreased activity.
Unlike Ether, although the price of SOL has also risen significantly recently, bouncing from $139 to a peak of $189, several data points from the Solana ecosystem show no significant improvement and even a downward trend. Among them, there was a net outflow of approximately $11.2 million in on-chain funds over the past three months, and the number of daily active addresses also decreased by 14%. The issuance of stablecoins has also slightly declined, reducing by about $1.5 billion.
The TVL amount has increased during this period, from $7.3 billion to $9.237 billion. In terms of performance within the ecosystem, Pump.fun remains the largest trading platform in the Solana ecosystem, contributing a trading amount of $234 billion in the past month. Additionally, among the top ten DEXs, OKX DEX ranked in the top ten with a monthly trading volume of $4.6 billion, which was also unexpected.
In terms of MEME coins, the current daily new token issuance on Solana is about 40,000 to 50,000, a significant decline from the levels of 90,000 to 100,000 in January this year. However, overall it remains relatively stable, without a cliff-like drop.
Currently, Solana's staking rate is about 66%, but it is evident that the number of validators is decreasing, which also means that large validators on Solana are gradually replacing smaller validators.
BSC: Alpha activity ignites on-chain revival.
BSC's data performance seems to be completely opposite to that of Solana. In terms of token price, BNB's change over the past three months has not been significant, rebounding nearly 30%. However, there has been obvious growth in daily active users, transaction numbers, and stablecoin issuance. First, the number of daily active addresses grew from 25.2 million to 44 million, an increase of 74.6%; daily transaction numbers grew from 7.85 million to 16.82 million, an approximate growth of 114%; and the issuance of stablecoins increased from $7.12 billion to $11 billion, a growth of 55%. From these data, BSC has seen a noticeable change over the past three months, likely driven by the Alpha activities.
Although there has been a significant increase in on-chain activity, BSC has experienced a net outflow of $950 million over the past three months in terms of capital inflow. How to convert the active users attracted by activities into retained funds may be a challenge BSC needs to solve next.
Base: High-speed expansion providing blood transfusions to Ethereum.
Base's on-chain data performance is also quite remarkable, with TVL growing from $2.4 billion to $4 billion over three months, a growth of 63%. The number of daily active addresses increased from 15.6 million to 33.6 million, a rise of 115%, and daily transaction numbers increased by 23%. Overall, Base's on-chain data has seen significant improvements, but there has been a large outflow of funds on-chain, with a net outflow of $5.6 billion over three months, making it the public chain with the highest net outflow. Data shows that these funds ultimately flowed to Ethereum, making Base the largest source of funds for Ethereum's mainnet recently.
Furthermore, the Base chain has launched Flashblocks technology, reducing block generation time from 2 seconds to 200 milliseconds, making it the fastest EVM chain currently. At the same time, Coinbase launched the Base App, creating a one-stop community and trading platform, which will further promote the development of the Base ecosystem.
Arbitrum: A period of accumulation as the stable runner-up of L2.
Overall, Arbitrum's data has not changed significantly; aside from a 34% growth in TVL, the number of transactions has grown by 22%. The number of daily active addresses has seen almost no change, remaining at 4.6 million both three months ago and now. However, ARB's price has recently rebounded by 66%, making it relatively strong among several major public chains. This may benefit from the upward momentum of Ethereum's price; although the data for Arbitrum has not changed much, it still firmly holds the second position among Ethereum L2s.
Sui: Both TVL and token price soar.
SUI's price has seen a significant rise recently, increasing from $2.15 to a peak of $4.24, an increase of 97%, almost doubling. Behind this explosion, there are also some underlying data support. Mainly, the TVL data rose from $1.2 billion in April to $2.2 billion, an increase of over 84%. Additionally, the issuance of stablecoins has also exceeded $1 billion. In terms of daily active addresses, from May to June, Sui's daily activity experienced a roller coaster, first dropping from 1.5 million daily to 400,000 daily, then rebounding to around 1 million in early July. However, it has not yet returned to the previous peak stage.
Hyperliquid: Rocketing rise after trust turmoil.
Hyperliquid has been the best-performing public chain in terms of price over the past three months, with its token price soaring from $18 to $49.9, and its market capitalization surpassing $15 billion, ranking thirteenth among all tokens.
Reflecting on-chain data, the TVL grew from $640 million to $1.943 billion, an increase of 202%. The issuance of stablecoins increased from $2.1 billion to $4.9 billion, quickly becoming the fifth-largest public chain by issuance volume. After experiencing a prior crisis of trust in decentralization, Hyperliquid's treasury HLP yield has also climbed again recently, breaking through $68 million and creating a new historical high. After entering July, Hyperliquid's daily new user count has also risen again to over 3,000.
Aptos: A lurker in the data slowdown.
Compared to other public chains, Aptos appears somewhat underwhelming in both on-chain data and price. The price increased by 10% over three months, while key data points such as TVL, capital inflow, and daily active addresses are all negative. The biggest change might be that the daily transaction numbers increased by 34%, and the issuance of stablecoins rose by $300 million. Compared to Sui, which also uses the MOVE language, Aptos seems to have fallen behind in multiple data dimensions.
Overall, the recent performance of public chain data does not seem as intense as the market's response to token prices. Although under market influence, networks like Sui, Hyperliquid, and Base have also seen significant improvements in data, the magnitude of this improvement is clearly lower than the rise in token prices. It is evident that this is a stage of recovery where funds precede ecology. Behind this recovery, whether the performance of token prices can translate into ecological prosperity for various public chains, or even stimulate actual application tracks like DeFi and chain games as in the previous bull market, may be the core factor that allows this round of competitive coin boom to last longer. Therefore, although current prices and on-chain data seem to be on different frequencies, these data may also become decisive factors for prices in future developments.
(The above content has been authorized for excerpt and reprint by the partner PANews, original link)
"Inventory of the performance of 8 major public chains in the past 3 months: Ethereum returns as king, Base and Hyperliquid data surges" was first published on (Blockke).
