While Bitcoin and Ethereum take center stage, there are other notable layer-1 solutions as well.
Bitcoin has seen a notable increase in its market cap and activity following the approval of the BTC ETF on the spot market, attracting over 14 billion with a daily flow close to 122 million. Furthermore, following the April 2024 halving, the Runes protocol was launched, which introduces a new method of creating fungible tokens on the Bitcoin network. This has opened the door for fungible tokens and NFTs on Bitcoin, such as Ordinals, which have gained relevance since their appearance in 2023.
It is important to remember that ORD is free software that runs on any Bitcoin node, allowing each Satoshi to be tracked individually by assigning it a unique identifier. To date, $ORDI, the first BRC-20 token, has reached a market cap of over 600 million, representing more than 50% of the entire BRC-20 market.
Ethereum has had a banner year, driven by the growth of restaging protocols, reaching a TVL (total value locked) of approximately 16 trillion. Additionally, the EIP-4844 upgrade (or proto-danksharding) has significantly reduced gas costs on layer 2 solutions. However, despite the recent approval of the ETH ETF, which was expected to generate a considerable positive flow, a significant outflow of ETH by large funds has been observed.
BNB Chain has established itself as an essential Layer 1 in the ecosystem, standing out with opBNB and the increase in data storage capacity with BNB Greenfield. Despite market fluctuations, BNB Chain maintains a TVL of 7 billion, with PancakeSwap as its main Dapp.
Solana experienced a strong rally in the first half of the year, driven by the development of numerous memecoins on its network, reaching a return of approximately 279%.
Among other innovations, Avalanche has launched Teleporter to improve communication between subnets, while Cosmos continues to expand its app chain with more zones.
TON Chain, meanwhile, managed to transform its market capitalization from $8 trillion to $18 trillion by June, thanks to its wide acceptance and integration with Telegram.
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