Market Overview
June 2024 witnessed significant pressure on Bitcoin, leading to a decline in the total market capitalization of public blockchain tokens. However, select cryptocurrencies defied the trend with positive growth, while Total Value Locked (TVL) dropped overall. Layer 2 solutions exhibited mixed performances.
Key Trends:
- Bitcoin Downturn: Mt. Gox repayments and government sell-offs intensified market volatility.
- Ethereum ETF Progress: U.S. spot Ethereum ETF approvals provided bullish signals amid broader market declines.
- TVL Contraction: Overall TVL fell by 18.7%, though Core Chain emerged as a standout performer.
- Layer 2 Divergence: Ethereum’s Layer 2 solutions and Bitcoin scaling protocols showed uneven results, while Solana’s gaming-focused Layer 2, Sonic, entered the arena.
Public Blockchain Performance
Market Capitalization
- 7.7% Decline: Public chain tokens’ aggregate市值 dropped to $1.95 trillion, led by Bitcoin (-7.3%) and Ethereum (-9.8%).
- Outliers: Toncoin (TON), TRON, and Kaspa bucked the trend with gains of 10.8%–37.7%, driven by ecosystem incentives and mining expansions.
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TVL Metrics
- $722B Total TVL: Representing an 18.7% monthly decrease.
- TON’s 106.8% Surge: The only top-15 chain to grow, fueled by Telegram’s Open League rewards.
- Core Chain’s 227.7% Boom: Post-Coinbase endorsement, its BTCfi initiatives attracted DeFi projects.
Layer 2 Solutions
Ethereum Layer 2
- Arbitrum (-10.5%) & Optimism (-22.2%): Leading rollups faced TVL declines.
- Scroll’s 42.8% Growth: Scroll Sessions’ liquidity incentives spurred activity.
- Airdrop Controversies: zkSync and LayerZero faced backlash over allocation fairness and "anti-sybil" measures.
Bitcoin Scaling
- Merlin Chain & Bitlayer: TVL surged despite June’s correction, highlighting Bitcoin’s summer innovation wave.
Blockchain Gaming
- 1,580 Active Games: BNB Chain (22.4%), Polygon (19.5%), and Ethereum (16.1%) dominated.
- DAU Shifts: Ronin’s share fell to 18.4% as Pixels’ popularity waned, while Oasys’ Saakuru Verse saw a late-month DAU spike to 464K.
- Emerging Chains: opBNB captured 10% of DAUs in June’s final week.
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Funding Landscape
- $71.5M Raised: Down 20.3% MoM across 11 rounds.
Notable Deals:
- Decent Land Labs ($3M): For Arweave-integrated Layer 1 WeaveVM.
- Sonic ($12M): Solana-based gaming Layer 2.
FAQ
Q: Why did Toncoin outperform in June?
A: TON’s Open League rewards and Telegram game integrations drove demand.
Q: What caused Bitcoin’s price drop?
A: Mt. Gox repayments and German/U.S. government BTC liquidations created sell pressure.
Q: How did Core Chain achieve 227% TVL growth?
A: Coinbase’s CORE endorsement and BTCfi hackathons spurred DeFi adoption.
Q: Are airdrops still effective for user acquisition?
A: Yes, though transparency and simplified processes are critical to mitigate backlash.
Q: Which Layer 2 solution grew fastest?
A: Scroll’s TVL surged 42.8% post-Sessions Points launch.
Data sourced from Footprint Analytics and crypto-fundraising.info. For real-time insights, visit the original dashboard.