Overview of the Public Chain Industry in November 2024

In November 2024, the blockchain industry welcomed a bull market, with Bitcoin prices continuously reaching new historical highs, approaching the $100,000 mark. Meanwhile, its market value surpassed that of major traditional assets like silver. Ethereum also experienced a strong rebound, and the altcoin market performed actively as well. While the Bitcoin scaling layer maintained strong growth, the Ethereum scaling layer faced more intense competition, with relatively moderate growth.

Market Overview

In November, the cryptocurrency market reached a historic high, with Bitcoin soaring 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 outstanding performance allowed its market value to surpass that of silver and Saudi Aramco, firmly securing the seventh position among global assets after nearing $100,000 on November 23.

The results of the U.S. election have become an important factor in the growth of the cryptocurrency market, potentially affecting future cryptocurrency legislation and regulation. The market has reacted positively, particularly reflected in the performance of popular sectors such as meme coins, decentralized artificial intelligence, and decentralized science.

The broader financial markets also performed strongly. The financial sector led the stock market under expectations of U.S. tax reform and deregulation. However, there was some volatility in international markets, with the Renminbi under pressure amid concerns about potential increased tariffs in the U.S., while gold prices fell as election-related uncertainties eased.

Layer 1 Public Chain

In November 2024, the total market value of blockchain surged by 41.1% to $2.8 trillion. Bitcoin maintained its dominant position with a 68.1% share, but this was a decrease from 70.1% in October as altcoins also performed strongly. Ethereum's market share reached 15.9%, while Solana surpassed BNB Chain with a share of 4.0%.

In the context of Bitcoin continuously reaching new highs, altcoins have shown outstanding performance. Stellar (XLM) leads with a surge of 466.8%, followed by Hedera (HBAR) with an increase of 269.7%, Cardano (ADA) rising by 201.5%, and Polkadot (DOT) up by 130.7%. The surge of Stellar reflects the market's attention to its cross-border remittance infrastructure and CBDC capabilities, possibly influenced by the expectation of clearer regulatory frameworks after the U.S. elections.

The total locked value in the DeFi sector ( TVL ) grew by 43.0% to $90.8 billion in November. Ethereum led with a 61.6% increase, while Tron and Solana ranked second and third, respectively. Although most of the top 15 chains saw growth, Polygon fell by 5.9% due to outflows from a certain prediction market platform. The downward trend of TON since October continues, attributed to the waning momentum of a certain instant messaging platform's game and meme activities.

The Move technology stack in blockchain continues to maintain a strong development momentum. Sui has reached new heights in token price and market capitalization, while establishing strategic partnerships with well-known financial institutions. Aptos is driving on-chain activity growth through its meme launch platform. Meanwhile, Movement is about to launch its mainnet, with impressive testnet data: over 6.6 million accounts and 153 million transactions.

Stablecoins remain one of the focal points of the industry. USDS, as the first major DeFi native stablecoin, has launched on Solana, and it has been reported that a certain payment company is about to receive approval from the New York Department of Financial Services for its stablecoin. As the influence of stablecoins continues to grow, the industry is paying attention to whether some companies will issue their own blockchains. The CEO of a major stablecoin issuer stated that their company will remain neutral rather than launch its own blockchain, responding to industry concerns.

Bitcoin Expansion Layer and Sidechains

In November 2024, the Bitcoin scaling layer and sidechains experienced significant growth, with a total TVL reaching 2.4 billion USD, an increase of 34.6% compared to October. The competition for Bitcoin liquidity among major platforms intensified.

A certain platform has strengthened its market leadership position, with TVL increasing by 55.7% to $890 million and market share expanding to 37.4%. This growth is attributed to the upgrade in November, which introduced dual staking and liquidity Bitcoin staking, allowing users to earn higher returns while maintaining platform liquidity.

Another platform maintains the second position with a TVL of $580 million, but its market share has dropped to 24.4%. The third platform continues to grow, with a monthly increase of 53.1% to a TVL of $260 million, rising to third place, while the fourth place holds a TVL of $240 million.

In the Bitcoin financial project sector, a certain network has become the leader with a TVL of $400 million, followed by two projects that are performing strongly across multiple chains, each with over $200 million in TVL.

Ethereum Layer 2

In November 2024, the total TVL (in the standard bridging section) of Ethereum's scaling layer solutions reached $27.5 billion, growing by 2.0% compared to October, continuing to lag behind the growth rate of Bitcoin's scaling solutions.

A certain layer 2 maintains its leading position with a TVL of $11.3 billion and a market share of 41.0%, while another layer 2 surpasses the third place to take the second position with a TVL of $5.1 billion and a share of 18.6%. This is attributed to the surge in activity brought by a meme deployment platform based on a certain social network and an AI agent creation and deployment platform. Meanwhile, the market share of the third place has dropped to 17.3%.

The fourth-ranked TVL increased by 5.1%, surpassing the fifth-ranked position to claim fourth place, while the fifth-ranked continued to decline, dropping by 14.5%. The growth of the fourth rank is attributed to the token staking launched on November 26 and the CEO's commitment to significantly improve performance in the next quarter. Meanwhile, another scaling layer performed excellently, with a TVL increase of 131.4% to $570 million.

In November, the Ethereum Foundation enhanced financial transparency by releasing the 2024 report, while outlining its core values and funding strategies. The founder of Ethereum emphasized the future development of Ethereum, including the implementation of data availability sampling to enhance scalability of the layer, as well as infrastructure improvements to support a diverse range of applications from domain name systems to consumer payments.

Blockchain Gaming Public Chain

In November, the number of active blockchain games increased by 4.6% to 1,696, with the three major public chains maintaining market leadership in game distribution, holding shares of 20.9%, 15.4%, and 13.4%, respectively.

User engagement patterns have undergone new changes, with three emerging public chains leading with an average daily active user (DAU) count of 1.8 million, 900,000, and 400,000 respectively. The first place DAU grew by 46.1%, thanks to the promotion of two new games and the migration of some games from a certain public chain to this chain. Meanwhile, the second place has demonstrated a strong recovery, driven by the launch of new games and the resurgence of another game.

Games based on a certain instant messaging platform have shown mixed results. Although the ecosystem of a certain public blockchain is facing challenges, with DAU dropping by 41.9% to 116,400, another public blockchain has gone against the trend, with DAU increasing by 23.1% to 233,300, mainly thanks to the success of a certain game and significant user retention metrics.

Financing Status

In November 2024, the blockchain sector recorded 12 financing events, with a total amount of $79.8 million, a decrease of 23.3% compared to October, marking the lowest monthly figure since August. Among these, five events did not disclose specific financing amounts.

A certain laboratory has become the largest recipient of financing this month, announcing a $40 million seed round financing and a $250 million token purchase commitment. The company has shifted its initial positioning as a modular blockchain provider to that of a crypto AI startup, developing a decentralized AI operating system for building AI applications on-chain.

Several layer-1 blockchains secured funding this month. Notably, a custody blockchain service provider acquired a project, gaining a team of renowned privacy technology experts and an innovative cryptocurrency token standard.

The extension layer ecosystem continues to maintain investment activity, with six projects receiving a new round of financing, including multiple projects for the Bitcoin extension layer and Ethereum extension layer.