Important Information to Know: Blockchain Report & Market Insights for April 2024
Welcome, valued reader! In this edition of our Blockchain Report, we will explore the overall performance of different blockchains, focusing on Total Value Locked (TVL), dominance, and 30-day TVL movement. Additionally, our Comparative Analysis section will examine the top blockchains based on economic activity, development and innovation, market performance and stability, and adoption and user interest.
By equipping yourself with this knowledge, you will have the power to make informed decisions and take advantage of the exciting opportunities within the blockchain ecosystem. So, let’s dive in and uncover the valuable insights that await!
1. Blockchain Performance: A Comprehensive Analysis
When assessing the performance of a blockchain for a given month, it is essential to start with Total Value Locked (TVL). TVL within a blockchain’s decentralized finance (DeFi) ecosystem represents the total value of assets secured in smart contracts. An increasing TVL indicates higher adoption, economic activity, and user confidence, which signifies a positive month of robust DeFi engagement and boosts the overall performance of the blockchain.
1.1. Evaluating Blockchain Performance Through TVL and Dominance
Let’s dig into the top ten blockchains based on their respective TVL and Dominance data:
No. Blockchain Dominance TVL
1 Ethereum 61.82% $55,067,039,877
2 TRON 9.73% $8,665,587,202
3 BNB Smart Chain 7.38% $6,577,543,196
4 Solana 4.59% $4,086,911,636
5 Arbitrum One 3.05% $2,720,785,338
6 Base 1.84% $1,641,804,457
7 Blast 1.66% $1,481,634,198
8 Bitcoin 1.34% $1,192,483,301
9 Avalanche 1.14% $1,015,447,391
10 Polygon POS 1.08% $960,697,484
Others 6.37%
Ethereum leads the pack with a dominance of 61.82%, followed by TRON at 9.73% and BNB Smart Chain at 7.38%. Solana and Arbitrum One secure the fourth and fifth positions with dominances of 4.59% and 3.05% respectively, while all other blockchains have dominances below 2%.
Ethereum boasts a TVL of $55,067,039,877, while TRON and BNB Smart Chain command TVLs of $8,665,587,202 and $6,577,543,196 respectively.
It is worth noting that Ethereum’s dominance has increased from 56.7% in the previous month to 61.82% presently, while TRON’s dominance has slightly decreased from 10.7% to 9.73%.
1.1.1. Analyzing Top Blockchains Based on 30-Day TVL Movement
Now, let’s analyze the leading blockchains with the highest TVLs by examining the 30-day change data, which provides insights into the level of activity witnessed by these top chains in the past month.
No. Blockchain 30-Day Change (in %)
1 Ethereum +2.4%
2 TRON -10.8%
3 BNB Smart Chain +6.7%
4 Solana -8.6%
5 Arbitrum One -32.4%
6 Base +88.7%
7 Blast +39.7%
8 Bitcoin N/A
9 Avalanche -18.0%
10 Polygon POS -10.3%
According to the analysis, Base exhibits the highest positive 30-day change of +88.7% among the top blockchains. Blast follows closely with +39.7%. BNB Smart Chain and Ethereum record changes of +6.7% and +2.4% respectively. On the other hand, Arbitrum One experiences the highest negative 30-day change of -32.4%. Avalanche, TRON, and Polygon POS follow with changes of -18.0%, -10.8%, and -10.3% respectively.
Last month, Solana had the highest 30-day change of +99.55%. However, this time it displays a negative 30-day change of -8.6%.
1.2. Most Active Blockchains This Month Based on 30-Day TVL Movement
Now, let’s analyze the most active blockchains of this month using the 30-day TVL movement indicator. For this analysis, we will consider all blockchains regardless of their TVL strength.
No. Blockchain 30-Day Change (in %)
1 Chiliz +2050.1%
2 Core +236.3%
3 Linea +188.9%
4 Base +88.7%
5 Blast +39.7%
6 opBNB +39.7%
7 Scroll +17.3%
8 Mantle +14.5%
9 Near Protocol +8.5%
10 BNB Smart Chain +6.7%
Chiliz, Core, Linea, Base, Blast, opBNB, Scroll, Mantle, Near Protocol, and BNB Smart Chain are the ten most active blockchains of the month based on the 30-day change.
Chiliz reports a staggering 30-day change of +2050.1%. Core and Linea follow with changes of +236.3% and +188.9% respectively. Base records a change of +88.7%, while Blast and opBNB display changes of +39.7% each. The change value of every other blockchain is less than 20%.
Last month, StarkNet, Solana, Base, Aptos, and Sei Network were the five most active blockchains based on the 30-day change index. However, this time, only Base maintains a position in the top five list, with its one-month change percentage increasing from +77.3% to +88.7%.
2. Blockchain Comparative Analysis: Performance of Top Blockchains This Month
Understanding how top blockchains perform each month provides valuable insights into their economic strength, development activity, market stability, and adoption potential.
2.1. Blockchain Analysis: Total Value Locked and Economic Activity
Let’s delve into the economic activity within each blockchain’s ecosystem, considering factors like Total Value Locked (TVL), transaction volume, fees, and revenue, which collectively signify the vibrancy and utilization of a blockchain.
Blockchains Revenue Fees Volume TVL
Ethereum $4.09M $5.35M $1.689B $55,067,039,877
TRON $1.31M $1.31M $28.5M $8,665,587,202
BNB Smart Chain $59,105 $591,054 $650.78M $6,577,543,196
Solana $706,364 $1.41M $1.493B $4,086,911,636
Arbitrum One N/A N/A $476.05M $2,720,785,338
Base $292,095 $292,826 $289.61M $1,641,804,457
Blast N/A N/A $9.12M $1,481,634,198
Bitcoin N/A $29.56M $347,100 $1,192,483,301
Avalanche $40,922 $40,002 $58.87M $1,015,447,391
Polygon POS N/A N/A $92.6M $960,697,484
Ethereum leads with the highest TVL of $55,067,039,877, followed by TRON and BNB Smart Chain with TVLs of $8,665,587,202 and $6,577,543,196 respectively. Solana holds a TVL of $4,086,911,636, while Arbitrum One secures $2,720,785,338.
In terms of transaction volume, Ethereum takes the lead with $1.689B, closely followed by Solana with $1.493B. BNB Smart Chain, Arbitrum One, and Base record volumes of $650.78M, $476.05M, and $289.61M respectively.
Bitcoin registers the highest fees of $29.56M, closely followed by Ethereum with $5.35M. Solana and TRON exhibit fees of $1.41M and $1.31M respectively.
Ethereum also reports the highest revenue of $4.09M, with TRON following closely at $1.31M. Solana and Base record revenues of $706,364 and $292,095 respectively.
From this analysis, it is evident that Ethereum, TRON, and Solana excel in terms of economic activity, while BNB Smart Chain and Base also demonstrate strong performance.
2.2. Assessing Blockchain Development and Innovation
Now, let’s delve into the development activity and innovation across various blockchains. A robust development community, active core developers, and a high number of commits indicate ongoing improvement and evolution within a blockchain ecosystem.
Blockchains Commits Core Developers
Ethereum 11.25K 362
TRON 16 3
BNB Smart Chain 428 37
Solana 545 16
Arbitrum One 1.14K 48
Base 101 16
Blast N/A N/A
Bitcoin N/A N/A
Avalanche 1.64K 33
Polygon POS 158 12
Ethereum leads with the highest number of core developers, boasting 362, surpassing its competitors such as Arbitrum One (48), BNB Smart Chain (37), and Avalanche (33). Solana and Base both have 16 core developers.
In terms of commits, Ethereum again stands out with 11.25K commits. Avalanche and Arbitrum One follow closely with 1.64K and 1.14K respectively. Solana displays 545 commits, while BNB Smart Chain records 428.
From this analysis, Ethereum demonstrates superior performance in both commits and core developer indices, indicating a strong commitment to development and innovation. Avalanche and Arbitrum One also showcase commendable performance.
2.3. Evaluating Blockchain Market Performance and Stability
Now, let’s analyze the market performance and stability of each blockchain’s native cryptocurrency, considering factors like stablecoin market capitalization and token price.
Blockchains Price Stablecoins Market Cap
Ethereum $3,194 $83.096B
TRON $0.11 $56.02B
BNB Smart Chain N/A $4.868B
Solana $153.28 $3.259B
Arbitrum One $1.14 $3.439B
Base N/A $127.55M
Blast N/A $337.99M
Bitcoin $64,819 N/A
Avalanche $37.31 $1.772B
Polygon POS $0.72 $1.584B
Ethereum stands out with a token price of $3,194 and a stablecoin market capitalization of $83.096B, showcasing remarkable performance. TRON follows closely with a token price of $0.11 and a stablecoin market capitalization of $56.02B.
BNB Smart Chain, Arbitrum One, and Solana also exhibit satisfactory performance, with stablecoin market capitalizations of $4.868B, $3.439B, and $3.259B respectively.
2.4. Blockchain Analysis: Adoption and User Interest
Finally, let’s examine the level of adoption and user interest across various blockchains, considering factors like net inflows, token price, and token market capitalization.
Blockchains Token Price Token Market Cap Net Inflows
Ethereum $3,194 $389.721B $23.29M
TRON $0.11 $9.918B N/A
BNB Smart Chain N/A N/A -$0.76M
Solana $153.28 $68.879B -$0.05803M
Arbitrum One $1.14 $3.033B -$1.24M
Base N/A N/A $6.64M
Blast N/A N/A $0.60553M
Bitcoin $64,819 $1279B N/A
Avalanche $37.31 $14.135B $6.23M
Polygon POS $0.72 $6.706B -$4.62M
Among the top ten blockchains, Ethereum shows the highest net inflow of $23.29M. Base and Avalanche follow with $6.64M and $6.23M respectively. Conversely, Polygon POS reports the highest negative net inflow of -$4.62M.
Bitcoin registers an impressive token market cap of $1279B, with Ethereum following at $389.721B.
From this analysis, Ethereum, Bitcoin, Avalanche, and Base exhibit satisfactory performance in terms of adoption and user interest.
Endnote
The blockchain landscape continues to evolve rapidly, with established players like Ethereum maintaining their dominance while newcomers like Base surge in activity. This month’s report emphasizes the importance of considering various metrics – TVL, development activity, market performance, and user adoption – to gain a comprehensive understanding of blockchain health. As the industry matures, competition will undoubtedly intensify, fostering further innovation and potentially disrupting the current landscape.
Stay tuned for next month’s report!
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