November 2024 Public Chain Industry Report: Bitcoin Hits New Highs Leading Market Big Pump

In November 2024, the blockchain industry will usher in a "big bull market". Bitcoin continues to set new price highs, approaching the 100,000 USD mark, with a market cap surpassing that of silver and other major traditional assets. Ethereum also achieves a strong rebound, with altcoins performing remarkably. Bitcoin Layer 2 maintains strong growth, while Ethereum Layer 2 growth is relatively moderate.

Market Overview

In November, the cryptocurrency market made history, with Bitcoin soaring from $69,386 to $96,427, a rise of 39.0%. Ethereum increased by 47.8%, climbing from $2,511 to $3,711. Bitcoin's market capitalization surpassed silver and Saudi Aramco, stabilizing at seventh place among global assets after approaching the $100,000 mark on November 23.

The results of the US election have become a catalyst for the growth of the crypto market, potentially affecting cryptocurrency legislation and regulation. The market reacted positively, especially reflected in the performance of hot sectors such as memecoins, decentralized artificial intelligence, and decentralized science.

The broader financial markets are also performing strongly. The financial sector is leading the stock market in the wake of expectations for tax reform and deregulation in the United States. International markets are experiencing volatility, with the Renminbi under pressure due to concerns over potential increased tariffs from the U.S., and gold prices falling as election uncertainties dissipate.

Layer 1

In November, the total market value of blockchain surged by 41.1% to $2.8 trillion. Bitcoin maintained a dominant share of 68.1%, down from 70.1% in October. Ethereum's market share reached 15.9%, while Solana surpassed BNB Chain with a share of 4.0%.

Altcoins performed exceptionally well. Stellar (XLM) led with a 466.8% rise, followed by Hedera (HBAR) with a 269.7% increase, Cardano (ADA) rising 201.5%, and Polkadot (DOT) increasing by 130.7%. The surge in Stellar reflects growing market attention towards its cross-border remittance infrastructure and CBDC capabilities.

The TVL in the DeFi sector increased by 43.0% to 90.8 billion USD. Ethereum leads with a growth rate of 61.6%, followed by Tron and Solana in second and third place respectively. Most of the top 15 chains saw growth, but Polygon decreased by 5.9%, and TON continues its downward trend.

The Move technology stack blockchain maintains strong momentum. The price and market value of Sui tokens reach new highs, with a strategic partnership established with Franklin Templeton. Aptos promotes on-chain activity growth through Emojicoin. Movement is about to launch its mainnet, with impressive testnet data.

Stablecoins remain one of the focal points. USDS, as the first major DeFi native stablecoin, has launched on Solana, and Ripple is reportedly about to receive NYDFS approval for RLUSD. Tether's CEO stated that the company will remain neutral rather than launching its own blockchain.

Bitcoin Layer 2 and Sidechains

In November, the TVL of Bitcoin Layer 2 and sidechains reached 2.4 billion USD, a growth of 34.6%. Competition among major platforms has intensified.

Core TVL rose by 55.7% to $890 million, with market share expanding to 37.4%. The November Fusion upgrade introduced dual staking and LstBTC, enhancing user yields.

Bitlayer ranks second with a TVL of $580 million, with a market share dropping to 24.4%. BSquared grew by 53.1% to $260 million, rising to third place, while Rootstock holds fourth place with $240 million.

In terms of the BTCfi project, Pell Network leads with a TVL of $400 million, followed by Avalon Finance and DeSyn, each exceeding $200 million in TVL.

Ethereum Layer 2

In November, the total TVL of Ethereum Layer 2 solutions reached $27.5 billion, an increase of 2.0%, lagging behind Bitcoin expansion solutions.

Arbitrum One maintains its lead with a TVL of $11.3 billion and a share of 41.0%. Base surpasses Optimism to take second place with a TVL of $5.1 billion and a share of 18.6%. Optimism's share has dropped to 17.3%.

Starknet TVL increased by 5.1%, surpassing Blast to rank fourth. World Chain performed excellently, with TVL rising by 131.4% to $570 million.

The Ethereum Foundation released the 2024 report to strengthen financial transparency. Vitalik Buterin emphasized that future developments include the implementation of DAS to enhance Layer 2 scalability and improve infrastructure to support diverse applications.

Blockchain Game Public Chain

In November, the number of active blockchain games increased by 4.6% to 1,696. BNB Chain, Polygon, and Ethereum lead in game distribution, with shares of 20.9%, 15.4%, and 13.4%, respectively.

User engagement patterns have changed, with opBNB, Ronin, and Nebula leading with average DAU of 1.8 million, 900,000, and 400,000 respectively. OpBNB DAU grew by 46.1%, and Ronin showed strong recovery.

The Telegram-based gaming environment is a mixed bag. The TON ecosystem's DAU dropped by 41.9% to 116,400, while Sui saw a counter-trend growth of 23.1% to 233,300, mainly due to the success of BIRDS.

Financing Situation

In November, the blockchain sector recorded 12 financing events, totaling $79.8 million, a decrease of 23.3% compared to October.

Zero Gravity Labs secured $40 million in seed funding and a $250 million token purchase commitment, transforming into a crypto AI startup.

Multiple Layer 1 blockchains have received funding, including Cytonic, Pharos, Talus Network, EtraPay, and Datalayer. AvaCloud acquired EtraPay to gain a privacy technology team and the eERC standard.

The Layer 2 ecosystem remains active, with six projects receiving new funding, including Bitcoin Layer 2's Bitfinity and Lnfi Network, Ethereum Layer 2's Heurist and Corn, as well as Akave and AgentLayer.