Research Report on Blockchain: Important Metrics and Comparative Insights
Welcome to our monthly Blockchain Report! In this edition, we will delve into the overall performance of various blockchains, focusing on metrics such as Total Value Locked (TVL), dominance, and 30-day TVL movement. Our Comparative Analysis section will also examine top blockchains based on economic activity, development and innovation, market performance and stability, adoption, and user interest.
Join us as we navigate the intricate web of blockchain metrics, providing valuable insights into the evolving landscape of decentralized technologies.
1. Blockchain Performance: A General Analysis
To analyze the performance of a blockchain for a specific month, we can utilize Total Value Locked (TVL). TVL reflects the total value of assets locked in a blockchain’s decentralized finance ecosystem. An increasing TVL indicates adoption, economic activity, and user trust, suggesting a positive month of robust DeFi participation and enhancing the overall performance of the blockchain.
1.1. Blockchain Performance Analysis Using TVL and Dominance
Let’s take a look at the top ten blockchains based on their TVL and Dominance:
No.
Blockchain
TVL
Dominance
1
Ethereum
$52.236 billion
56.7%
2
Tron
$9.854 billion
10.7%
3
Binance Smart Chain (BSC)
$5.709 billion
6.2%
4
Solana
$4.114 billion
4.47%
5
Arbitrum
$3.407 billion
3.7%
6
Bitcoin
$2.729 billion
2.96%
7
Avalanche
$1.196 billion
1.3%
8
Polygon
$1.065 billion
1.15%
9
Blast
$1.043 billion
1.13%
10
Optimism
$0.97783 billion
1.06%
Others
10.62%
Total Value Locked and dominance are crucial metrics for evaluating blockchain performance. Ethereum leads the pack with a TVL of $52.236 billion, capturing 56.7% dominance. This indicates Ethereum’s strong network effect and widespread adoption. Tron follows with a TVL of $9.854 billion (10.7% dominance), showcasing its significant presence in the blockchain space. Binance Smart Chain (BSC) holds a TVL of $5.709 billion (6.2% dominance), reflecting its growing popularity among developers and users.
Solana, with a TVL of $4.114 billion (4.47% dominance), demonstrates its emergence as a competitive blockchain platform. Other contenders like Arbitrum, Bitcoin, Avalanche, Polygon, Blast, and Optimism also contribute to the ecosystem with varying degrees of TVL and dominance. This analysis highlights Ethereum’s strong dominance but also signals the increasing diversity and competition within the blockchain landscape.
1.1.1. Analyzing Top Blockchains Using 30-Day TVL Movement
Now let’s analyze the top blockchains with the highest TVLs using the 1-month change data to understand the movements in the last 30 days:
No.
Blockchain
30-Day Change (in %)
1
Ethereum
+23.94%
2
Tron
+9.20%
3
Binance Smart Chain (BSC)
+41.21%
4
Solana
+99.55%
5
Arbitrum
+11.55%
6
Bitcoin
+62.66%
7
Avalanche
+29.42%
8
Polygon
+6.27%
9
Blast
N/A
10
Optimism
+8.93%
Over the past 30 days, among the top ten blockchains with the highest year-to-date TVL, Solana exhibited the highest growth rate in Total Value Locked at +99.55%, followed by Bitcoin with +65.66% and Binance Smart Chain (BSC) at +41.21%. This indicates a surge in user activity and investment across these platforms.
Although Ethereum experienced a positive 30-day change of +23.94%, it lags behind in growth compared to its main competitors. Other Layer 1 solutions like Avalanche and Arbitrum also showed notable increases in TVL, suggesting growing interest in alternative blockchain ecosystems. However, networks such as Tron, Optimism, and Polygon saw relatively smaller gains, indicating less robust growth or possibly increased competition.
1.2. Blockchain Monthly Performance Analysis Using 30-Day TVL Movement
Now let’s see how the performance analysis looks solely based on the 30-day TVL movement data:
No.
Blockchain
30-Day Change (in %)
1
StarkNet
387.4%
2
Solana
103.1%
3
Base
77.3%
4
Aptos
60.8%
5
Sei Network
56.1%
6
Aurora
48.8%
7
Boba Network
46.7%
8
ZetaChain
45.4%
9
Binance Smart Chain (BSC)
41.5%
10
Scroll
40.4%
The 30-day Total Value Locked movement provides insights into blockchain performance. StarkNet leads with an impressive surge of 387.4%, indicating heightened activity and capital influx. Solana follows suit with a substantial increase of 103.1%, suggesting growing user adoption and network utilization.
Base and Aptos show significant growth at 77.3% and 60.8%, respectively, reflecting positive market sentiment and project developments. Sei Network and Aurora exhibit moderate gains, indicating steady progress. Boba Network, ZetaChain, Binance Smart Chain (BSC), and Scroll also show promising increases, showcasing resilience and utility.
2. Blockchain Comparative Analysis: How Top Blockchains Performed This Month
By focusing on four aspects, we can gain insights into the economic strength, development activity, market stability, and adoption potential of each blockchain.
2.1. Blockchain Analysis: Total Value Locked and Economic Activity
Let’s assess the economic activity within each blockchain’s ecosystem. A higher TVL, transaction volume, and revenue may indicate a more vibrant and utilized blockchain.
Blockchains
Revenue
Fees
Volume
TVL
Ethereum
$8.4 million
$9.37 million
$2,409 million
$52.236 billion
Tron
$1.74 million
$1.74 million
$36 million
$9.854 billion
Binance Smart Chain (BSC)
$100.27k
$1 million
$1,337 million
$5.709 billion
Solana
$2.47 million
$4.95 million
$3,450 million
$4.114 billion
Arbitrum
$123.2k
$0.127 million
$731.33 million
$3.407 billion
Bitcoin
N/A
$2.89 million
$600.6 million
$2.729 billion
Avalanche
$142.49k
$0.142 million
$810.94 million
$1.196 billion
Polygon
$14.8k
$0.0562 million
$158.09 million
$1.065 billion
Blast
N/A
N/A
$9.35 million
$1.043 billion
Optimism
$83.33k
$0.844 million
$48.77 million
$0.97783 billion
Blockchain analysis focusing on Total Value Locked reveals Ethereum dominating with a TVL of $52.236 billion, showcasing its robust ecosystem and widespread usage. Tron and Binance Smart Chain (BSC) follow with TVLs of $9.854 billion and $5.709 billion, respectively, reflecting significant economic activity and user engagement. Solana’s TVL of $4.114 billion underscores its emergence as a prominent blockchain platform. Arbitrum and Bitcoin also demonstrate substantial economic activity.
Blockchain economic activity analysis focusing on Volume reveals Solana leading with $3,450 million, indicating high transactional throughput and network usage. Ethereum follows closely with $2,409 million, showcasing its established position in the blockchain space. Binance Smart Chain (BSC) and Avalanche demonstrate substantial volume, reflecting active user participation and network activity. Bitcoin’s relatively low volume suggests a focus on value storage rather than transactional use.
Blockchain economic activity analysis focusing on Fees highlights Ethereum as the leader with $9.37 million, reflecting its high network usage and demand for transactions. Solana follows with $4.95 million, indicating significant activity and value transfer. Bitcoin and Tron also demonstrate notable fee revenues, reflecting transactional demand. Lower fee revenues from Optimism, Avalanche, Arbitrum, and Polygon suggest lower transaction volumes or lower fee structures.
Blockchain economic activity analysis focusing on Revenue reveals Ethereum as the leader with $8.4 million, indicative of its significant ecosystem value and transactional activity. Solana follows with $2.47 million, reflecting growing network utility. Tron demonstrates substantial revenue, showcasing active network usage. Avalanche and Arbitrum exhibit moderate revenue, while Binance Smart Chain (BSC) and Optimism show lower revenue, suggesting varying levels of network activity and monetization strategies.
Overall economic activity analysis across TVL, Volume, Fees, and Revenue metrics showcases Ethereum as the dominant force, boasting a TVL of $52.236 billion, $2,409 million in Volume, $9.37 million in Fees, and $8.4 million in Revenue. Solana emerges as a strong contender with $3,450 million in Volume, $4.95 million in Fees, and $2.47 million in Revenue. Tron and Binance Smart Chain (BSC) follow suit, reflecting notable economic engagement. Ethereum’s consistent leadership across these key indicators cements its position in the blockchain landscape.
2.2. Blockchain Analysis: Development and Innovation
Let’s evaluate the development activity and innovation within each blockchain. A blockchain with a strong development community, active core developers, and a higher number of commits may suggest ongoing improvement and evolution.
Blockchains
Commits
Core Developers
Ethereum
8690
291
Tron
36
5
Binance Smart Chain (BSC)
374
32
Solana
598
25
Arbitrum
1140
36
Bitcoin
N/A
N/A
Avalanche
1800
37
Polygon
133
7
Blast
N/A
N/A
Optimism
1400
36
Blockchain development and innovation analysis focusing on Core Developers reveals Ethereum as the frontrunner with 291 core developers, indicating a robust and continuously evolving ecosystem. Avalanche follows with 37 developers, showcasing a growing focus on innovation. Optimism and Arbitrum both have 36 developers each, indicating substantial efforts towards scaling solutions.
Binance Smart Chain (BSC) boasts 32 developers, reflecting its commitment to ecosystem expansion. Solana’s 25 developers signify dedicated work on enhancing the platform’s capabilities. Polygon and Tron, with 7 and 5 developers, respectively, highlight ongoing development efforts but on a comparatively smaller scale.
Blockchain development and innovation analysis focusing on Commits highlights Ethereum as the most active platform with 8690 commits, indicative of its vibrant development community and continuous improvement efforts. Avalanche follows with 1800 commits, demonstrating a strong commitment to advancing its technology.
Optimism and Arbitrum show significant activity with 1400 and 1140 commits, respectively, emphasizing their dedication to scalability solutions. Solana’s 598 commits reflect ongoing enhancement to its network. Binance Smart Chain (BSC), Polygon, and Tron exhibit fewer commits, with 374, 133, and 36, respectively, suggesting comparatively lesser development activity.
Overall blockchain development and innovation analysis integrates Core Developers and commit data. Ethereum emerges as the leader with 291 core developers and 8690 commits, showcasing a vibrant ecosystem and continuous improvement efforts. Avalanche follows closely with 37 developers and 1800 commits, highlighting a growing focus on innovation and technology advancement.
Optimism and Arbitrum demonstrate significant commitment to scalability solutions with 36 developers each and 1400, 1140 commits, respectively. Solana’s 25 developers contribute to 589 commits, indicating dedicated work on enhancing the platform’s capabilities. This analysis underscores Ethereum’s prominent position.
2.3. Blockchain Analysis: Market Performance and Stability
Let’s analyze the market performance and stability of each blockchain’s native cryptocurrency. The prevalence and usage of stablecoins within the ecosystem can measure stability and potential as a medium of exchange.
Blockchains
Price
Stablecoins Market Cap
Ethereum
$3530
$77.252 billion
Tron
$0.1
$53.094 billion
Binance Smart Chain (BSC)
$554.2
$4.768 billion
Solana
$196.3
$2.751 billion
Arbitrum
$3530
$2.582 billion
Bitcoin
$67710
N/A
Avalanche
$60.4
$22.814 billion
Polygon
$1
$1.469 billion
Blast
N/A
N/A
Optimism
$3530
$0.7064 billion
Blockchain market performance and stability analysis reveals Ethereum as the top performer with a price of $3530 and a stablecoin market cap of $77.252 billion, indicating its robust ecosystem and stability. Tron follows with a lower price of $0.1 but a substantial stablecoin market cap of $53.094 billion, showcasing its market influence despite the lower price.
Avalanche shows a lower price of $60.4 but a significant stablecoin market cap of $22.814 billion, indicating market strength. Binance Smart Chain (BSC) demonstrates a higher price of $554.2 and a moderate stablecoin market cap of $4.768 billion, indicating a strong market presence but with lesser stability.
Solana and Arbitrum exhibit moderate prices of $196.3 and $3530, respectively, with stablecoin market caps of $2.751 billion and $2.582 billion, reflecting their growing market stability. Polygon and Optimism exhibit mixed price trends with stablecoin market caps of $1.469 billion and $0.7064 billion, suggesting emerging stability within their ecosystem.
2.4. Blockchain Analysis: Adoption and User Interest
Let’s examine the level of adoption and user interest by looking at inflows, coin price, and market capitalization. A blockchain with increasing user interest and growing market capitalization may indicate a higher level of adoption.
Blockchains
Token Price
Token Market Cap
Net Inflows
Ethereum
$3530
$423.583 billion
$17.82 million
Tron
$0.1
$10.892 billion
N/A
Binance Smart Chain (BSC)
$554.2
N/A
-$0.31 million
Solana
$196.3
$87.207 billion
-$0.56 million
Arbitrum
$1.6
$4.328 billion
-$19.61 million
Bitcoin
$67710
$1332 billion
N/A
Avalanche
$60.4
$22.814 billion
-$5.56 million
Polygon
$1
$9.57 billion
$1.02 million
Blast
N/A
N/A
N/A
Optimism
$3.3
$3.325 billion
-$0.86 million
Blockchain adoption and user interest analysis focusing on Net Inflows reveals Ethereum as the leader with a positive net inflow of $17.82 million, showcasing sustained user interest and adoption. Polygon follows with a smaller positive inflow of $1.02 million.
Arbitrum, despite its negative net inflow of -$19.61 million, still reflects substantial user engagement. Avalanche and Optimism show negative net inflows of -5.56 million and -$0.86 million, respectively, indicating some user disengagement. Solana and Binance Smart Chain (BSC) exhibit marginal negative net inflows, suggesting relatively stable user activity.
Blockchain adoption and user interest analysis focusing on Token Price and Market Cap reveals Bitcoin as the leader with a token price of $67.71k and a market cap of $1.332 trillion, showcasing immense user interest and adoption.
Ethereum follows with a lower token price of $3.53k but a significant market cap of $423.583 billion, indicating a strong user base and ecosystem. Solana exhibits a higher token price of $196.3 and a substantial market cap of $87.207 billion, reflecting growing adoption. Avalanche, Tron, and Polygon show lower token prices but notable market caps. Arbitrum and Optimism exhibit lower token prices and market caps.
Overall blockchain adoption and user interest analysis combines Net Inflows with Token Price and Market Cap data. Ethereum leads with positive net inflows, a lower token price, and a significant market cap, showcasing sustained user interest and adoption. Polygon follows with positive net inflows, indicating growing interest despite a lower token price and market cap.
Avalanche and Optimism exhibit negative net inflows but notable market caps, suggesting some user disengagement. Solana shows marginal negative net inflows despite a higher token price and substantial market cap, reflecting stable user activity. Bitcoin remains a leader with its high token price and immense market cap, indicating strong user interest and adoption.
Endnote
In conclusion, this monthly report serves as a compass for navigating the ever-changing terrain of blockchain technology. By examining key metrics such as TVL, dominance, and 30-day TVL movement, we gain a deeper understanding of the performance dynamics within the blockchain ecosystem.
Furthermore, our comparative analysis sheds light on the nuanced differences between top blockchains, offering valuable insights into economic activity, development, market performance, and adoption trends. As blockchain continues to redefine industries and shape the future of finance and technology, may this report serve as a valuable resource for stakeholders and enthusiasts alike.
Tags: Blockchain, Monthly Report