Blockchain Report & Market Insights for April 2024: What You Should Know

The cryptocurrency market thrives on constant innovation and change. Keeping pace with these developments can be a challenge, but fear not! Our monthly Blockchain Report is here to equip you with the knowledge you need.

So, welcome dear reader! This edition delves into the general performance of various blockchains, spotlighting Total Value Locked (TVL), dominance, and 30-day TVL movement. Additionally, our Comparative Analysis section scrutinises top blockchains based on economic activity, development and innovation, market performance and stability, and adoption and user interest.

By equipping yourself with this knowledge, you’ll be empowered to make informed decisions and capitalize on the exciting opportunities within the blockchain ecosystem.

So, dive in and unlock the valuable insights waiting within!

1. Blockchain Performance: A General Analysis  

A fundamental assessment of blockchain performance for a given month often begins with Total Value Locked (TVL).

Total Value Locked within a blockchain’s decentralized finance (DeFi) ecosystem signifies the cumulative value of assets secured in smart contracts. A growing TVL indicates increased adoption, economic activity, and user confidence, signifying a positive month of robust DeFi engagement, thus bolstering the blockchain’s overall performance.

1.1. Evaluating Blockchain Performance Through TVL and Dominance

Let’s delve into the top ten blockchains based on their respective TVL and Dominance data:

Ethereum leads with a dominance of 61.82%, followed by TRON and BNB Smart Chain at 9.73% and 7.38%, respectively. Solana and Arbitrum One secure the fourth and fifth positions with dominances of 4.59% and 3.05% respectively, while the dominance of every other blockchain remains below 2%.

Ethereum boasts a TVL of $55,067,039,877, while TRON and BNB Smart Chain command TVLs of $8,665,587,202 and $6,577,543,196 respectively.

Noteworthy is the rise in Ethereum’s dominance from 56.7% in the previous month to 61.82% presently, whereas TRON’s dominance has slightly dipped from 10.7% to 9.73%.

1.1.1. Analyzing Top Blockchains Based on 30-Day TVL Movement

Let’s now examine the leading blockchains with the highest TVLs by scrutinizing the 30-day change data to gauge the level of activity witnessed by these top chains in the past month.

As per the analysis, among the top blockchains, Base marks the highest positive 30-day change of +88.7%. Blast follows with +39.7%. BNB Smart Chain and Ethereum record +6.7% and +2.4%, respectively. Meanwhile, Arbiturm One is the one which registers the highest negative 30-day change of -32.4%. Avalanche, Tron and Polygon POS follow with -18.0%, -10.8% and -10.3%, respectively. 

Last month, Solana was the one which recorded the highest 30-day change of +99.55%. This time, it displays a negative 30-day change of -8.6%.   

1.2. Most Active Blockchains This Month By 30-Day TVL Movement 

Let’s analyse what are the most active blockchains of this month. We can use the 30-day TVL movement indicator to do this analysis. For this, here we consider all the blockchains irrespective of their TVL strength. 

Chiliz, Core, Linea, Base, Blast, opBNB, Scroll, Mantle, Near Protocol and BNB Smart Chains are the ten most active blockchain of the month based on 30-day change. 

Chiliz reports a 30-day change of +2050.1%. Core and Linea follow with +236.3% and +188.9%. Base records a change of +88.7%, and  Blast and opBNB display changes of +39.7% and +39.7%, respectively. The change value of every other blockchain is less than 20%. 

Last month, StarkNet, Solana, Base, Aptos and Sei Network were the five most active blockchains based on the 30-day change index. This time, only Base has a position in the top five list. Its one-month change per cent has been raised from +77.3% to +88.7%.    

2. Blockchain Comparative Analysis: How Top Blockchains Performed This Month 

Understanding how top blockchains perform each month provides valuable insights into their economic strength, development activity, market stability, and adoption potential.

2.1. Blockchain Analysis: Total Value Locked and Economic Activity

Let’s delve into the economic activity within each blockchain’s ecosystem, considering factors like Total Value Locked (TVL), transaction volume, fees, and revenue, which collectively signify the vibrancy and utilization of a blockchain.

Ethereum leads with the highest TVL of $55,067,039,877, followed by TRON and BNB Smart Chain with $8,665,587,202 and $6,577,543,196 respectively. Solana holds a TVL of $4,086,911,636, while Arbitrum One secures $2,720,785,338.

In terms of transaction volume, Ethereum tops the chart with $1.689B, closely followed by Solana with $1.493B. BNB Smart Chain, Arbitrum One, and Base record volumes of $650.78M, $476.05M, and $289.61M respectively.

Bitcoin registers the highest fees of $29.56M, while Ethereum follows closely with $5.35M. Solana and TRON exhibit fees of $1.41M and $1.31M respectively.

Ethereum also reports the highest revenue of $4.09M, with TRON following closely at $1.31M. Solana and Base record revenues of $706,364 and $292,095 respectively.

From this analysis, it’s evident that Ethereum, TRON, and Solana excel in terms of economic activity, while BNB Smart Chain and Base also demonstrate strong performance.

2.2. Assessing Blockchain Development and Innovation

Now, let’s delve into the development activity and innovation across various blockchains. A robust development community, active core developers, and a high number of commits indicate ongoing improvement and evolution within a blockchain ecosystem.

Ethereum leads with the highest number of core developers, boasting 362, surpassing its competitors such as Arbitrum One (48), BNB Smart Chain (37), and Avalanche (33). Solana and Base both have 16 core developers.

In terms of commits, Ethereum again stands out with 11.25K commits. Avalanche and Arbitrum One follow closely with 1.64K and 1.14K respectively. Solana displays 545 commits, while BNB Smart Chain records 428.

From this analysis, Ethereum demonstrates superior performance in both commits and core developer indices, indicating a strong commitment to development and innovation. Avalanche and Arbitrum One also showcase commendable performance.

2.3. Evaluating Blockchain Market Performance and Stability

Let’s now analyze the market performance and stability of each blockchain’s native cryptocurrency, considering factors like stablecoin market capitalization and token price.

Ethereum stands out with a token price of $3,194 and a stablecoin market capitalization of $83.096B, showcasing remarkable performance. TRON follows closely with a token price of $0.11 and a stablecoin market capitalization of $56.02B.

BNB Smart Chain, Arbitrum One, and Solana also exhibit satisfactory performance, with stablecoin market capitalizations of $4.868B, $3.439B, and $3.259B respectively.

2.4. Blockchain Analysis: Adoption and User Interest 

Finally, let’s examine the level of adoption and user interest across various blockchains, considering factors like net inflows, token price, and token market capitalization.

Among the top ten blockchains, Ethereum shows the highest net inflow of $23.29M. Base and Avalanche follow with $6.64M and $6.23M, respectively. Conversely, the highest negative net inflow is recorded by Polygon POS, which reports -$4.62M net inflow.  

Bitcoin registers an impressive token market cap of $1279B. Etheruem follows with $389.721B. 

From this analysis, Ethereum, Bitcoin, Avalanche, and Base exhibit satisfactory performance in terms of adoption and user interest.

Read Also: Stablecoin Performance and Analysis Update: An In-depth Monthly Report

Endnote 

The blockchain landscape continues to evolve at a rapid pace, with established players like Ethereum maintaining dominance while newcomers like Base surge in activity. This month’s report highlights the importance of considering various metrics – TVL, development activity, market performance, and user adoption – to gain a comprehensive understanding of blockchain health. As the industry matures, competition will undoubtedly intensify, fostering further innovation and potentially disrupting the current landscape.

Stay tuned for next month’s report!

Also Check Out: Decoding Growth: Bitcoin ETF Monthly Review and Analysis