2023 Crypto Market Review: Public Chain Coins Lead the Rise, Decentralized Finance Develops Steadily, NFT Market Capitalization Shrinks

The crypto market in 2023 experienced a significant rise at the end of the year after a long period of fluctuation, with market hotspots constantly changing and various sub-sectors facing new developments. The public chain has once again attracted attention due to the craze for inscriptions; the Decentralized Finance market is developing steadily, with the locked value fluctuating around $50 billion; the market capitalization of NFTs shrank by 31%, with several blue-chip projects seeing their transaction prices halved; SocialFi has become a temporary trend.

Secondary Trading Market

• Among the top 100 mainstream tokens by market capitalization, the average rise of the top 30 is 512.75%. INJ has the highest rise, exceeding 2994%, KAS and RNDR have rises exceeding 1000%. BTC has a rise of 153%, ranking 28th.

• The top 30 tokens by market capitalization generally rank between 30-50. Among them, 10 belong to Layer 1 concepts, 4 belong to Layer 2 concepts, and 6 belong to Decentralized Finance concepts.

Public Chain

• The highest average daily active addresses are Tron, BNB Chain, and Bitcoin; the highest average daily transaction counts are Solana, Tron, and Avalanche.

• The highest annual increase in active addresses is Avalanche, followed by Solana; the highest annual increase in transaction counts is NEAR, followed by Bitcoin and Avalanche.

Decentralized Finance

• In the top 30 protocols by TVL, Lido ranks first with approximately $20.52 billion, followed by Maker, AAVE, and JustLend.

• Protocols with a high rise in TVL include Spark, Blast, EigenLayer, Jito, Marginfi, and others. Solana and Avalanche also have a place.

NFT

• In the Top 30 of NFT trading volume, BAYC exceeds $1.7 billion, MAYC exceeds $1.2 billion, and Azuki exceeds $900 million.

• In the top 30 of NFT transaction price rises, Opepen Edition, OnChainShiba, and Checks all have rises of over 5000%, and there are another 20 projects with rises exceeding 100%.

• In the Top 30 of NFT transaction price declines, several well-known blue-chip projects, such as Doodles with a decline of over 74%, MAYC over 63%, BAYC over 61%, and Azuki over 52%.

Gaming and Social DApps

Highly active games and social applications have two characteristics:

1. Lack of sustainability, most projects can only maintain high activity levels in the short term;

2. Strong explosive growth, most projects complete explosive cold starts by the end of the year, with significant increases in annual active addresses and transaction counts.