Original author:stella@footprint.network
November was filled with major events in the crypto market, from the buzz about a Bitcoin ETF to Binance’s $4 billion settlement, which gained a lot of attention. While Ethereum continues to dominate TVL and Layer 2 like Arbitrum takes the spotlight, weve also witnessed Solanas dramatic resurgence and Blasts meteoric rise. Together, these developments have fueled investor enthusiasm and heightened expectations for blockchain’s next bull run.
The data for this report comes from Footprint AnalyticsPublic chain research page. This page provides an easy-to-use dashboard containing the most critical statistics and indicators for understanding the public chain field, updated in real time.
Key points overview
Crypto Market Overview
Anticipations for the approval of a spot Bitcoin ETF have fueled bullish sentiment, while positive developments in the Middle East conflict have eased concerns about instability in the wider region.
The Binance settlement is generally optimistic because it reduces systemic risks in the crypto industry and enhances investor confidence.
Public chain overview
The market value of public chain cryptocurrencies has reached US$1.14 trillion, with Bitcoin, Ethereum and BNB leading the market with market shares of 64.7%, 21.6% and 3.1% respectively.
Solana ranked fifth, accounting for 1.7% of the market share, with a TVL of US$1.14 billion, an increase of 51.64% from October. Combined with the rise in its token price, Solana continues to show optimism about its recovery.
Layer 2
Of note is the rapid rise of Blast, a new player in the Layer 2 space, attracting approximately $700 million in TVL in just 10 days.
Blockchain games
The total market value of game tokens increased significantly in November, climbing from US$49.2 billion on November 1 to US$66.1 billion on November 30.
From the perspective of transaction market share, Solana performed well, with its market share increasing to 13.6%, far exceeding the 4.2% in October.
Ronin performed particularly well in November, with trading volume accounting for 21.2% of the market.
NFT
In November, Ethereum continued to dominate the NFT market, with transaction volume reaching $630 million, accounting for 98.5% of the total transaction volume, an increase of 50.4% from October.
The number of users of the BNB chain dropped by 4% to 17,000 compared to October, and dropped by 73.5% compared to 63,000 in July.
Investment and financing situation
A total of ten rounds of financing have been completed in the public chain field, raising a total of US$54.9 million.
Animoca Brands became TON’s largest validator through an undisclosed investment.
Sei Network has received strategic investment from Circle Ventures, which will support the network’s launch of native USDC.
Key news
As Bitcoin exceeded $38,000, Solana led the rise in Layer 1.
LayerZero will launch Layer 2 Public Goods Network (PGN).
Starknet performs a version upgrade and migrates the testnet to Sepolia.
Paradigm called Blasts explosive launch out of bounds.
Crypto Market Overview
Financial markets have reacted relatively modestly to a number of potential risks. Anticipations for the approval of a spot Bitcoin ETF have fueled bullish sentiment, while positive developments in the Middle East conflict have eased concerns about instability in the wider region. Similarly, the U.S. Consumer Price Index (CPI) maintained a downward trend, increasing the markets optimistic expectations that the Federal Reserve may cut interest rates and the U.S. economy may achieve a soft landing.
Changpeng Zhao (CZ) resigned as Binance CEO on November 21 as part of a $4 billion settlement with U.S. institutions. The settlement ends a wide-ranging investigation by multiple U.S. regulators including the Department of Justice into Binance’s alleged violations of anti-money laundering laws and other regulations. As soon as the Binance settlement news was released, the price of Bitcoin fell to $35,800, but stabilized to mid-$36,000 by the next morning. The market generally viewed the settlement positively, believing it reduced systemic risks in the crypto industry and increased investor confidence.
Public chain overview
As of November 30, the market value of public chain cryptocurrencies reached US$1.14 trillion, with Bitcoin, Ethereum and BNB leading the market with market shares of 64.7%, 21.6% and 3.1% respectively.
Data Sources:Total Chain Token Market Cap Share
The price of Bitcoin increased by 9.72% in November, closing at $37,848. Ethereum gained 12.06% to end the month at $2,028. At the same time, the price of BNB was more volatile, with a final decline of 0.36%. It is worth noting that the price of BNB dropped sharply by 10.02% on November 22, from $253.4 to $228.0, after reaching a settlement with US regulators.
In November, the price of Avalanche increased by 89.12%, closing at $21.37 at the end of the month. Solana also showed strong recovery momentum, with its price increasing by 54.19% to reach $59.21.
Data Sources:Chain Market Data
In November, the total TVL of the public chain was US$68.3 billion. Ethereum maintains its dominance with a 75.6% market share and a TVL of $50.25 billion. Tron holds the second place with a TVL of $7.2 billion, accounting for 10.8% of the market share. BNB chain ranks third with a market share of 4.4% and a TVL of US$2.91 billion.
Solana ranked fifth, accounting for 1.7% of the market share, with a TVL of US$1.14 billion, an increase of 51.64% from October. Combined with the rise in its token price, Solana continues to show optimism about its recovery.
Solana has faced a series of difficulties due to its association with FTX during the turmoil at FTX. Despite this, Solana has overcome these difficulties and is on the way to recovery in 2023. In August, Solana Pay announced an integration with Shopify, allowing millions of merchants to use its payment solution. Then in September, credit card giant Visa added support for Solana and launched the USDC settlement function on Solana. In addition, the Solana Foundation has been working hard to enhance network stability, promote decentralization, and inspire innovation through events such as the Hyperdrive Hackathon and expansion plans in the Asia-Pacific region. These targeted initiatives are critical to building a more robust and diverse Solana ecosystem.
Data Sources:Chain TVL Ranking
In Ethereums DeFi ecosystem, liquidity staking, DEX and lending protocols are the main active categories, accounting for 38.0%, 14.3% and 12.6% of the market share respectively. Lido and MakerDAO are the most prominent projects, accounting for 37.6% and 10.9% of the market respectively.
Data Sources:Ethereum Chain Stats
On the BNB chain, DEX and lending protocols dominate, with 52.3% and 23.8% market shares respectively. PancakeSwap and Venus are the leading projects on the chain, occupying 46.8% and 23.3% of the market share respectively.
Data Sources:BNB Chain Stats
Layer 2
As of the end of November, Arbitrum stands out in the Ethereum Layer 2 space, accounting for 55.97% of the market share with a TVL of $7.14 billion. Optimism ranks second with a TVL of $3.36 billion and a market share of 26.33%. Other chains with market shares below 6% form the second tier, with Blast accounting for 5.85%, Base accounting for 4.02%, zkSync Era accounting for 3.84%, etc. Of note is the rapid rise of Blast, a new player in the Layer 2 space, attracting approximately $700 million in TVL in just 10 days. (“TVL” here refers to the cumulative amount stored and locked in the Layer 2 smart contract.)
In terms of user engagement, zkSync Era leads the way with 2.77 million transactions and 2.31 million unique users. These users are those who interact from Ethereum and link funds to Layer 2. The surge in user activity can be attributed to the early airdrop campaign conducted by zkSync Era, which attracted a large number of users. Since then the zkSync Era has become the most active platform. Starknet is a close competitor in terms of transaction volume, with 1.78 million transactions.
Data Sources:Layer 2 Overview
The closed beta version of Blast launched on November 21st, setting off a frenzy on social media. One of the reasons Blast is so popular is its positioning as the first Ethereum Layer 2 solution with a native revenue model. Led by Tieshun Roquerre, co-founder of leading NFT trading marketplace Blur, Blast quickly garnered $745 million in TVL at the end of November.
Blurs dominance in the NFT market has provided strong support for Blasts rapid popularity. In addition, the background of the Blast development team also adds to its market position. Team members come from well-known institutions such as MakerDAO, MIT, Yale University, and Seoul National University, coupled with a $20 million financing led by Paradigm and Standard Crypto Blessed, these factors further strengthened Blast’s meteoric rise. Despite generating buzz on social media, Blast has also been criticized for its multi-signature contracts, withdrawal limits, and referral rules.
Blockchain games
The total market value of game tokens increased significantly in November, climbing from US$49.2 billion on November 1 to US$66.1 billion on November 30, reflecting the significant development of the Web3 gaming industry during this month. at the same time,Active walletThe number also increased by 18.7% in November, from 1.1 million on November 1 to 1.3 million on November 30, in line with the rapid growth trend of game token market value.
In terms of the number of games, the old public chains BNB Chain, Ethereum and Polygon are still in the leading position, with 964, 781 and 479 games respectively.
Over the past five months, overall gaming industry transaction volume has continued to decline. Specifically, transaction activity on the Wax blockchain was particularly affected. Compared to October, transaction volume fell by a whopping 89 million.
Data Sources:Monthly Txns Shared
From the perspective of transaction market share, Solana performed well, with its market share increasing to 13.6%, far exceeding the 4.2% in October. In addition, Ronin performed particularly well in November, with trading volume accounting for 21.2% of the market.
Data Sources:Monthly Volume Shared
If you want to learn more about the Web3 game industry trends and data performance in November, you can check the relevant report Novembers Web3 game industry overview: market recovery, future trends》。
NFT
In November, Ethereum continued to dominate the NFT market, with transaction volume reaching $630 million, accounting for 98.5% of the total transaction volume, an increase of 50.4% from October.
Data Sources:Monthly Volume by Chain./a>
In November, the number of Ethereum users (number of wallets) increased by 7.6% to 140,000. In contrast, the number of users of the BNB chain dropped by 4% from October to 17,000, and by 73.5% from 63,000 in July. At the same time, Polygons user count dropped significantly by 35.3%, totaling 92,000.
Data Sources:Monthly Uniques User by Chain
If you want to learn more about NFT industry trends and data performance in November, you can check out the related report NFT Trends in November: Transaction Volume Increases, Blurs Position Strengthens.
Investment and financing situation
In November, a series of investment actions highlighted capital’s growing interest in blockchain infrastructure. A total of ten rounds of financing have been completed in the public chain field, raising a total of US$54.9 million. This wave of capital has poured into a diverse group of innovative projects, including The Open Network (TON), Sei, Klever ($20 million in investment, the same below), Saga ($5 million) and Waterfall Network ($2 million). Layer 1 public chain projects including Blast (USD 20 million), Kinto (USD 5 million), Glacier Network (USD 2.9 million), Layer N and INTMAX. Among them, TON, Sei, Layer N and INTMAX have not disclosed their financing amounts.
Animoca Brands became TON’s largest validator through an undisclosed investment, aiming to strengthen TON’s GameFi field. The collaboration will support TON Play, a project that enables game development and integration with Telegram, as well as provide funding, research and analysis for applications in the TON ecosystem.
Sei Network received strategic investment from Circle Ventures. Circle Ventures is the issuer of USDC and will support the network’s launch of native USDC. The move is part of USDC’s expansion strategy, with the stablecoin joining other networks such as NEAR and Optimism back in August, with Sei being the latest blockchain to adopt it.
Kinto is an Ethereum Layer 2 network utilizing the OP technology stack. It announced it raised $5 million in funding. The platform is designed with built-in KYC protocols ensuring full compliance with anti-money laundering regulations. Kinto aims to link financial institutions and physical assets with DeFi infrastructure, and its mainnet will be fully launched in the first quarter of 2024.
The content of this article is for industry research and communication only and does not constitute any investment advice. Market risk, the investment need to be cautious.
This article was contributed by the Footprint Analytics community.
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