Inventory of 8 mainstream public chains in the past 3 months: Ethereum’s return, and the data of Base and Hyperliquid soared

The crypto market has seen a significant rebound in the past three months. The performance of mainstream public chains has become the focus of the market. Ethereum has staged a return of the king with the dual boost of ETF funds and listed companies' buying. Prices for Solana, Sui, Hyperliquid, etc. have also risen sharply. Judging from the price trend, the market seems to be entering a long-lost copycat season. But behind the price, what is the development status of these public chains?

This article sorts out the core indicators of 8 major public chains with high TVL amount and popularity in the past three months - price, TVL, capital flow, on-chain activity and ecological progress - to outline the real situation of this round of public chain racing. The data cycle is from April 20 to July 20.

Ethereum: The Return of the King of Capital Catalytics


Ethereum has recently improved significantly in all data, which is also in line with its price performance. In the past three months, Ethereum prices have increased from $1,600 to a maximum of more than $3,800, an increase of more than 130%. Behind the soaring price, the TVL volume of the Ethereum ecosystem also increased by 61.34% during the same period. The net inflow of funds on the chain reached US$8.3 billion in the past three months, once again becoming the public chain with the largest inflow of funds. However, TVL's growth is mainly due to the rise in the price of ETH tokens. Judging from the number of ETH, the ETH volume of Ethereum ecosystem has been on a downward trend recently, from 28.39 million in April to about 22.28 million at present, and the ETH volume has decreased by 21%.

In terms of daily active users and transactions on the chain, the number of transactions increased by 11.94% and 16% in the past three months, respectively, without a particularly significant increase. In addition, Ethereum's spot ETF showed significant growth over the three-month period, with a net increase of about $5 billion. In addition, many US listed companies have followed the micro strategy and used Ethereum as a reserve token to provide Ethereum with more buying and market positive sentiment. Overall, capital-driven may be the main factor in the significant rise in Ethereum prices.

Solana: The headwind test of lower activity in market value recovery

Unlike Ethereum, although SOL's price has also increased significantly in recent times, rebounding from a maximum of $139 to $189. However, judging from the data of Solana ecosystem, many data have not only not improved significantly, but also have a downward trend. Among them, the net outflow of on-chain funds was about US$112 million within three months, and the number of daily active addresses also fell by 14%. The issuance of stablecoins also fell slightly, down about $1.5 billion.

The TVL amount increased during this period, rising from $7.3 billion to $9.237 billion. In terms of performance within the ecosystem, Pump.fun remains the platform with the largest trading volume in the Solana ecosystem, contributing $234 billion in trading volume in the past month. In addition, among the top-ranked DEXs, OKX DEX entered the top 10 with a monthly trading volume of $4.6 billion, which was quite unexpected.

In terms of MEME coins, the current daily issuance of new tokens on Solana is about 40,000 to 50,000, a significant drop from the level of 90,000 to 100,000 in January this year. However, overall, it remains relatively stable without a cliff-like decline.

Currently, Solana's staking rate is about 66%, but it is evident that the number of validators is decreasing, which means that large validators on Solana are gradually replacing small ones.

BSC: Alpha activities ignite on-chain revival

The data performance of BSC seems to be completely opposite to that of Solana. In terms of token price, BNB has not changed significantly in the past three months, rebounding by nearly 30%. However, there has been a significant increase in on-chain daily active users, transaction volume, and stablecoin issuance. Firstly, the number of daily active addresses increased from 25.2 million to 44 million, a rise of 74.6%; the daily number of transactions grew from 7.85 million to 16.82 million, an increase of about 114%; the issuance of stablecoins increased from $7.12 billion to $11 billion, a growth of 55%. Judging from these data, BSC has achieved relatively obvious data changes in the past three months, which may be attributed to the promotion of Alpha activities.

Although the on-chain activity has increased significantly, in terms of on-chain capital inflows, BSC had a net outflow of $950 million in the past three months. How to convert the active users attracted by the activities into沉淀资金 may be a difficult problem that BSC needs to solve next.

Base: Rapid expansion that transfuses blood to Ethereum

Base's on-chain data performance is also quite impressive. Its TVL grew from $2.4 billion to $4 billion in three months, an increase of 63%. The number of daily active addresses rose from 15.6 million to 33.6 million, an increase of 115%, and the daily number of transactions grew by 23%. Overall, Base's on-chain data have all improved significantly, but there has been a large outflow of on-chain funds, with a net outflow of $5.6 billion in three months, making it the public chain with the largest net outflow. Data show that these funds ultimately flowed to Ethereum. Base has also become the largest source of funds for the Ethereum mainnet recently.

In addition, the Base chain launched Flashblocks technology, shortening the block generation time from 2 seconds to 200 milliseconds, making it the fastest EVM chain currently. At the same time, Coinbase launched the Base App to build an one-stop social and trading platform, which will further promote the development of the Base ecosystem.

Arbitrum: A Period of Accumulation While Holding Firm as the Second-Largest L2

Overall, Arbitrum's data has not changed significantly. Except for a 34% growth in TVL and a 22% increase in transaction volume, the number of daily active addresses has remained almost unchanged at 4.6 million, the same as it was three months ago. However, the price of ARB has recently rebounded by 66%, showing relatively strong performance among several major public chains. This may be due to the driving effect of Ethereum's price increase. Although Arbitrum's data has not changed much, it still firmly holds the second position among Ethereum's L2s.

Sui: Both TVL and Token Price Take Off

The price of SUI has recently surged significantly, rising from $2.15 to a high of $4.24, an increase of 97%, nearly doubling. Behind this sharp rise, there is also some underlying data support. The main driver is the TVL data, which rose from $1.2 billion in April to $2.2 billion, an increase of over 84%. In addition, the issuance of stablecoins has exceeded $1 billion. In terms of daily active addresses, Sui experienced a roller-coaster ride from May to June: it first dropped from 1.5 million per day to 400,000 per day, then rebounded to around 1 million in early July. However, it has not yet returned to its previous peak.

Hyperliquid: Rocket-like Climb After Trust Turmoil

Hyperliquid has been almost the best-performing public chain in the past three months. Its token price soared from $18 to $49.9, with a market value exceeding $15 billion, ranking 13th among all tokens.

Reflected in on-chain data, the TVL also increased from $640 million to $1.943 billion, a surge of 202%. The issuance of stablecoins rose from $2.1 billion to $4.9 billion, quickly becoming the fifth-largest public chain in terms of stablecoin issuance. After the previous decentralized trust crisis, Hyperliquid's treasury HLP revenue has recently climbed again and exceeded $68 million, setting a new all-time high. Since entering July, the number of daily new users on Hyperliquid has once again risen to more than 3,000.

Aptos: A Lurker Amid Stalling Data

Compared with other public chains, Aptos has shown somewhat unsatisfactory performance both in on-chain data and price. The price has increased by 10% in three months, while several key data such as TVL, capital inflows, and daily active addresses are negative. The most notable change may be a 34% increase in daily transaction volume and a $300 million increase in stablecoin issuance. Compared with Sui, which also uses the MOVE language, Aptos seems to have fallen behind in multiple data dimensions.

Overall, the recent performance of public chain data is not as drastic as the market's reaction to token prices. Although driven by the market, networks such as Sui, Hyperliquid, and Base have also shown significant improvements in data, the magnitude of this improvement is obviously lower than the rise in token prices. It is clear that this is a stage of recovery where capital precedes the ecosystem. Behind this recovery, whether the token price performance can be transformed into the ecological prosperity of each public chain, and even drive practical application tracks such as DeFi and blockchain games like the previous bull market, may be the core factor determining whether this altcoin season can last longer. Therefore, although the current price and on-chain data seem to be out of sync, in the subsequent development, these data may become the decisive factor for the price.

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