Analysis of Recent Data Performance of Mainstream Public Chains: Ethereum Returns to Its Peak, Emerging Public Chains Welcome a Rise

In the past three months, the cryptocurrency market has seen a significant rebound. The performance of mainstream public chains has become the market focus, with Ethereum making a strong comeback amid multiple positive factors. The prices of emerging public chains like Solana, Sui, and Hyperliquid have also surged significantly. From the price trends, it seems the market is entering a new cycle of small-cap token rises. But behind the prices, what is the actual development status of these public chains?

This article sorts out the core indicators of 8 major public chains with high TVL and high popularity in the past three months, including price, TVL, capital flow, on-chain activity and ecological development, etc., aiming to outline the real situation of this round of public chain racing. The data period is from April 20 to July 20.

Ethereum: A Strong Comeback Driven by Capital

Ethereum has recently seen a significant rise in various metrics, which is relatively synchronized with its price performance. Within three months, the price of Ethereum rose from $1600 to a peak of over $3800, an increase of over 130%. During the same period, the TVL of the Ethereum ecosystem grew by 61.34%, with a net inflow of $8.3 billion, becoming the public chain with the highest inflow of funds once again. However, the growth in TVL is mainly attributed to the rise in the price of ETH tokens. In terms of the number of ETH, the amount of ETH in the Ethereum ecosystem continues to decline, from 28.39 million in April to about 22.28 million now, a decrease of 21%.

In terms of on-chain daily active users and transaction volume, there was a rise of 11.94% and 16% respectively over the past three months, which is not significant. In addition, the net growth of Ethereum spot ETFs is approximately 5 billion USD. Several listed companies are following the example of a well-known company by using Ethereum as a reserve asset, which provides more buying pressure and positive market sentiment. Overall, capital-driven factors may be the main reason for the significant rise in Ethereum prices.

Solana: Market Cap Rises but Activity Declines

The price of SOL has rebounded significantly recently, rising from a high of $139 to $189. However, several indicators of the Solana ecosystem have declined instead of rising. In the past three months, there has been a net outflow of approximately $112 million in on-chain funds, and the number of daily active addresses has decreased by 14%. The issuance of stablecoins has slightly decreased, with a reduction of about $1.5 billion.

The TVL amount has risen from 7.3 billion dollars to 9.237 billion dollars. A certain trading platform within the ecosystem remains the platform with the highest trading volume, contributing a trading amount of 234 billion dollars in the past month. In addition, a certain exchange's DEX entered the top ten with a monthly trading volume of 4.6 billion dollars, which was unexpected.

In terms of MEME coins, the daily issuance of new tokens on Solana is about 40,000 to 50,000, significantly down from 90,000 to 100,000 in January of this year, but still relatively stable. Currently, the staking rate on Solana is about 66%, but the number of validators is decreasing, with large validators gradually replacing small ones.

BSC: Activities Drive Increase in On-Chain Activity

The data performance of BSC and Solana is completely different. The price of BNB has not changed much in three months, rebounding nearly 30%. However, indicators such as daily active users on the chain, transaction volume, and stablecoin issuance have clearly risen. The number of daily active addresses increased from 25.2 million to 44 million, a rise of 74.6%; daily transaction volume increased from 7.85 million to 16.82 million, a rise of 114%; stablecoin issuance increased from 7.12 billion to 11 billion, a rise of 55%. This may be attributed to the promotion of a certain activity.

Despite a significant increase in on-chain activity, BSC has seen a net outflow of $950 million in three months. How to convert the active users brought in by the activity into deposited funds might be a problem that BSC needs to address next.

Base: A High-Speed Expansion Fund Transfer Station

The on-chain data of Base shows outstanding performance. The TVL rose from 2.4 billion USD to 4 billion USD in three months, an increase of 63%. The number of daily active addresses increased from 15.6 million to 33.6 million, a rise of 115%, and daily transaction counts rose by 23%. However, there was a significant outflow of funds from the chain, with a net outflow of 5.6 billion USD over three months, making it the public chain with the highest net outflow. These funds ultimately flowed to Ethereum, with Base becoming the largest source of funds for the Ethereum mainnet recently.

In addition, Base has launched new technology, reducing the block generation time from 2 seconds to 200 milliseconds, becoming the fastest EVM chain currently. At the same time, a certain exchange has launched the Base App, creating a one-stop social and trading platform, which will further promote the development of the Base ecosystem.

Arbitrum: Steadily Holding the Position of L2 Runner-up

The overall data of Arbitrum has not changed much. TVL has risen by 34%, and the number of transactions has increased by 22%. The number of daily active addresses has remained basically unchanged at 4.6 million. However, the price of ARB has recently rebounded by 66%, performing strongly among major public chains. This may be attributed to the rise in the price of Ethereum. Although there are not significant changes in Arbitrum's data, it still firmly holds the second position among Ethereum L2.

Sui: TVL and coin price both rise

The price of SUI has recently surged, rising from $2.15 to a maximum of $4.24, an increase of 97%. TVL increased from $1.2 billion in April to $2.2 billion, a rise of over 84%. The issuance of stablecoins has exceeded $1 billion. The number of daily active addresses experienced fluctuations from May to June, dropping from 1.5 million per day to 400,000, then rebounding to around 1 million in early July, but not returning to the previous peak.

Hyperliquid: Rapid rebound after the trust crisis

Hyperliquid has seen the most significant rise in the past three months, with the token price soaring from 18 dollars to 49.9 dollars, and its market value exceeding 15 billion dollars, ranking thirteenth among all tokens.

On-chain data shows that TVL rose from $640 million to $1.943 billion, a rise of 202%. The issuance of stablecoins increased from $2.1 billion to $4.9 billion, quickly becoming the fifth largest public chain in terms of issuance. After experiencing a decentralized trust crisis, Hyperliquid's treasury earnings reached a new high, surpassing $68 million. After July, the daily number of new users exceeded 3,000 again.

Aptos: A Contender Amidst Weak Data

Compared to other public chains, Aptos has underperformed in terms of on-chain data and price. The price has only risen 10% in three months, with several key metrics such as TVL, capital inflow, and daily active addresses showing negative results. The biggest change is a 34% increase in daily transaction volume, with a stablecoin issuance increase of 300 million USD. Compared to Sui, which also uses the MOVE language, Aptos has lagged behind in multiple data dimensions.

Overall, the recent performance of public chain data is not as intense as the rise in token prices. Although the data from networks like Sui, Hyperliquid, and Base has significantly improved, the extent is lower than the increase in token prices. Clearly, this is a phase where capital is ahead of ecological recovery. Whether token prices can translate into the prosperity of various public chain ecosystems and drive applications in DeFi, on-chain games, and other sectors may be the key to whether this round of small-cap coin uptrend can be sustained. Currently, prices and on-chain data seem out of sync, but these data may become a decisive factor for prices in the future.