Executive Summary
June 2024 witnessed significant market volatility in the cryptocurrency sector. Bitcoin faced sell-off pressures due to Mt. Gox reimbursements and government liquidations, while Ethereum showed resilience despite ETF progress. Key findings include:
- 7.7% decline in total public chain token market capitalization
- 18.7% drop in Total Value Locked (TVL) across chains
- Core Chain emerged as a standout performer with 227.7% TVL growth
- Layer 2 solutions showed divergent trends, with Scroll growing 42.8% while Arbitrum declined 10.5%
- Blockchain gaming maintained 1,580 active games across chains
- $71.5M raised across 11 public chain funding rounds
Market Overview
1. Crypto Market Correction
- Bitcoin price declined 7.3% ($67,730 → $62,795)
- Ethereum dropped 9.8% ($3,820 → $3,444)
Key pressure factors:
- Mt. Gox repayment announcements
- German government Bitcoin liquidation (~4,000 BTC moved)
- US government asset seizure transfers to Coinbase
2. Public Chain Performance
Token Market Dynamics:
| Chain | Performance Highlight |
|---|---|
| Toncoin | ATH at $8.20 (+106.8% TVL growth) |
| TRON | 10.8% price increase |
| Kaspa | 37.7% surge to $0.19 ATH |
TVL Landscape:
- Overall decline to $72.2B (-18.7% MoM)
- Ethereum dominance: 63.3% market share
- Core Chain exception: 227.7% TVL growth via BTCfi initiatives
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Layer 1 Developments
Notable Chain Updates
| Chain | Key Development |
|---|---|
| BNB Chain | Haber upgrade reduces gas fees by 90% |
| Solana | 21Shares files for Solana ETF |
| NEAR | $13M grant for Nuffle Labs |
| Sui | Testnet launch for Sui Bridge |
| Polygon | Privado ID spin-off from Polygon ID |
Layer 2 Sector Analysis
Ethereum Scaling Solutions
- Scroll: 42.8% TVL growth post-points program
- Optimism: OP Stack reaches Stage 1 maturity
- Starknet: Layer 3 announcement
Bitcoin Scaling Solutions
- Merlin Chain: $210M MERL incentive program
- Rootstock: SushiSwap expansion
- Despite market conditions, Bitcoin L2s maintain development momentum
Blockchain Gaming Ecosystem
- 1.58M active games across chains
- BNB Chain leads with 22.4% market share
Emerging chains:
- Saakuru Verse: 464K DAU (10-day growth)
- opBNB: 285K average weekly DAU
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Funding Landscape
- $71.5M raised across 11 rounds (-20.3% MoM)
Notable investments:
- Sonic (Solana L2 gaming): $12M Series A
- Decent Land Labs: $3M for WeaveVM development
FAQ Section
Q: Why did Bitcoin face selling pressure in June 2024?
A: Primarily due to Mt. Gox reimbursement preparations and government asset liquidations from Germany/US.
Q: Which Layer 2 solution showed the most growth?
A: Scroll demonstrated 42.8% TVL growth following its points incentive program launch.
Q: What made Core Chain's TVL grow 227%?
A: Successful BTCfi initiatives including Core Ignition Drop and BTCfi Summer hackathon attracted DeFi projects.
Q: How is blockchain gaming performing?
A: The sector maintains strong activity with 1.58M games, led by BNB Chain, Polygon, and emerging chains like Saakuru Verse.
Q: What's the investment trend in public chains?
A: June saw $71.5M across 11 rounds, with gaming infrastructure (like Sonic) receiving significant funding.
Conclusion
The public chain sector demonstrated resilience amid market corrections, with Layer 2 solutions and gaming ecosystems showing particularly dynamic developments. Core Chain's explosive growth and Scroll's Layer 2 performance highlight the ongoing innovation in blockchain scalability solutions. The coming months will reveal whether current gaming chain strategies and Bitcoin ecosystem developments can sustain their momentum.