Overview of the Public Chain Industry in November 2024

In November 2024, the blockchain industry is experiencing a strong bullish market. Bitcoin prices are hitting new highs, nearing the $100,000 mark, with a market cap surpassing that of silver and other major traditional assets. Ethereum and other cryptocurrencies are also seeing significant rebounds. Bitcoin Layer 2 continues to grow robustly, while Ethereum Layer 2 is experiencing relatively moderate growth amidst intensified competition.

Market Overview

The cryptocurrency market performed well in November, with Bitcoin rising from $69,386 to $96,427, an increase of 39.0%. Ethereum followed closely, rising from $2,511 to $3,711, an increase of 47.8%. Bitcoin's market value surpassed that of silver and Saudi Aramco, nearing the $100,000 mark on November 23, firmly securing its position as the seventh largest asset globally.

The results of the US election have become an important factor driving the growth of the cryptocurrency market, potentially affecting future cryptocurrency legislation and regulation. The market has reacted positively, with popular sectors such as memecoins, decentralized artificial intelligence, and decentralized science showing outstanding performance.

The overall financial market also performed strongly. The financial sector led the stock market under expectations of U.S. tax reform and regulatory relaxation. The international market experienced some fluctuations, with the Renminbi under pressure due to the potential increase in tariffs by the U.S., and gold prices falling as election uncertainties eased.

Layer 1

In November, the total market value of blockchain increased by 41.1% to $2.8 trillion. Bitcoin accounted for 68.1%, slightly down from October, as other cryptocurrencies performed equally well. Ethereum's market share rose to 15.9%, while Solana surpassed the BNB chain to reach 4.0%.

Altcoins are performing impressively, with Stellar (XLM) leading the way with a rise of 466.8%. Hedera (HBAR), Cardano (ADA), and Polkadot (DOT) have increased by 269.7%, 201.5%, and 130.7% respectively. The surge in Stellar reflects the market's increasing 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 closely by Tron and Solana. Most of the top 15 chains saw growth, but Polygon dropped by 5.9%, and TON continued its downward trend since October.

The Move technology stack is experiencing strong momentum in blockchain development. The price and market value of Sui tokens have reached new highs, and a strategic partnership has been established with Franklin Templeton. Aptos is promoting on-chain activity growth through the Emojicoin platform. Movement is about to launch its mainnet, and the testnet data is impressive.

Stablecoins remain a focal point in the industry. USDS has launched as the first major DeFi native stablecoin on Solana, and Ripple is reportedly about to receive NYDFS approval for RLUSD. The industry is paying attention to whether certain companies will issue their own blockchains, and Tether's CEO stated that the company will maintain a neutral stance.

Bitcoin Layer 2 and Sidechains

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

Core's market leadership strengthened, with TVL increasing by 55.7% to $890 million, expanding market share to 37.4%. The November Fusion upgrade introduced dual staking and liquidity Bitcoin staking, enhancing user returns.

Bitlayer ranks second with a TVL of $580 million, but its market share has dropped to 24.4%. BSquared grew by 53.1% to a TVL of $260 million, rising to third place, while Rootstock ranks fourth with a TVL of $240 million.

In the BTCfi project, Pell Network leads with a TVL of $400 million, while Avalon Finance and DeSyn show strong performance across multiple chains, each with a TVL exceeding $200 million.

Ethereum Layer 2

In November, the total TVL of Ethereum Layer 2 (standard bridging part) reached $27.5 billion, an increase of 2.0% compared to October, which is lower than the growth rate of Bitcoin scalability solutions.

Arbitrum One remains at the forefront with a TVL of $11.3 billion and a market share of 41.0%. Base surpasses Optimism to take the second place with a TVL of $5.1 billion and a share of 18.6%, thanks to the activity growth brought by Clanker and Virtuals Protocol. 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 a TVL growth of 131.4% to $570 million.

The Ethereum Foundation has released its 2024 report to strengthen financial transparency, outlining core values and funding strategies. Vitalik Buterin emphasized the future development of Ethereum, 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, with BNB Chain, Polygon, and Ethereum leading in game distribution, holding shares of 20.9%, 15.4%, and 13.4%, respectively.

User engagement patterns have changed, with opBNB, Ronin, and Nebula leading with an average of 1.8 million, 900,000, and 400,000 daily active users respectively. OpBNB's DAU increased by 46.1%, thanks to the launch of new games and the migration of some games from the BNB chain. Ronin achieved a strong recovery through the re-growth driven by new games Fableborne and Lumiterra.

The performance of Telegram-based games is mixed. The DAU of the TON ecosystem decreased by 41.9% to 116,400, while Sui saw an increase, with DAU rising by 23.1% to 233,300, mainly due to the success of BIRDS and significant user retention.

Financing Status

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 received $40 million in seed funding and a $250 million token purchase commitment, making it the largest funding recipient this month. The company is pivoting from a modular blockchain provider to a crypto 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 investment, with six projects receiving a new round of funding, including Bitcoin Layer 2's Bitfinity and Lnfi Network, Ethereum Layer 2's Heurist and Corn, as well as other Layer 2 projects Akave and AgentLayer.