Original Article Title: "Checking the Performance Data of 8 Mainstream Public Chains in the Past 3 Months: Ethereum's Return to Dominance, Base, Hyperliquid Data Soaring"
Original Author: Frank, PANews

Over the past three months, the crypto market has seen a significant rebound. The performance of mainstream public chains has become the focus of the market, with Ethereum staging a comeback to dominance fueled by ETF inflows and buying pressure from listed companies. Prices of Solana, Sui, Hyperliquid, and others have also seen substantial increases. From the price trend perspective, the market seems to be entering a long-lost season of altcoins. But behind the prices, what is the development status of these public chains?

This article summarizes the core indicators of 8 major public chains with high TVL and popularity in the past three months—price, TVL, capital flow, on-chain activity, and ecosystem progress—in an attempt to outline the real competition of this round of public chain racing. The data period is from April 20 to July 20.

Ethereum: Dominance Fueled by Capital

Ethereum has recently seen significant improvements in all data metrics, which also align with its price performance. Over the past three months, Ethereum's price has risen from $1,600 to a peak of over $3,800, representing a more than 130% increase. Behind the price surge, the TVL of the Ethereum ecosystem also grew by 61.34% during the same period, with a net inflow of on-chain funds reaching $8.3 billion in the past three months, once again becoming the public chain with the largest inflow of funds. However, the growth in TVL is mainly due to the rise in the price of ETH. In terms of ETH quantity, the amount of ETH in the Ethereum ecosystem has been on a downward trend, decreasing from 28.39 million in April to around 22.28 million currently, a 21% decrease.

Regarding on-chain daily activity and transaction volume, they have increased by 11.94% and 16%, respectively, over the past three months, showing no particularly significant improvements. In addition, Ethereum's spot ETF has shown significant growth over these three months, increasing by approximately $5 billion. Furthermore, several U.S. listed companies have followed MicroStrategy's lead in using Ethereum as a reserve asset, providing Ethereum with more buying pressure and positive market sentiment. Overall, capital drive may be the main factor behind Ethereum's significant price increase.

Solana: Market Cap Recovery Faces Wind Test of Reduced Activity

Unlike Ethereum, SOL's price has also seen a significant increase recently, rebounding from $139 to $189. However, looking at data from the Solana ecosystem, several metrics have not shown a clear improvement and have even exhibited a decline. Within the past three months, on-chain funds have experienced a net outflow of approximately $1.12 billion, the number of daily active addresses has decreased by 14%, and the supply of stablecoins has slightly decreased by around $1.5 billion.

The Total Value Locked (TVL) has grown during this period, increasing from $7.3 billion to $9.237 billion. Regarding ecosystem performance, Pump.fun remains the platform with the highest trading volume within the Solana ecosystem, contributing approximately $234 billion in trading volume in the past month. Additionally, among the leading DEXs, OKX DEX has entered the top ten with a monthly trading volume of $46 billion, which has been quite unexpected.

As for MEME coins, the current daily new token issuance on Solana is approximately between 40,000 and 50,000 tokens, showing a significant decrease compared to January's levels of 90,000 to 100,000 tokens. Nevertheless, the situation remains relatively stable overall, without a cliff-like drop.

Currently, Solana's staking rate is around 66%. However, it is noticeable that the number of validators is decreasing, indicating that large validators on Solana are gradually replacing small validators.

BSC: Alpha Activity Ignites On-Chain Revival

The data from BSC seems to be entirely opposite to that of Solana. In terms of token price, BNB has not shown a significant change in the past three months, rebounding by nearly 30%. However, there has been noticeable growth in on-chain metrics such as daily active addresses, transaction volume, stablecoin issuance, etc. First, the number of daily active addresses has increased from 25.2 million to 44 million, marking a 74.6% rise; the daily transaction volume has grown from 7.85 million transactions to 16.82 million transactions, representing an approximately 114% increase; stablecoin issuance has risen from $7.12 billion to $11 billion, a 55% increase. From these data points, it is evident that BSC has undergone more pronounced data changes in the past three months, possibly driven by Alpha activity.

Despite the significant increase in on-chain activity, BSC has experienced a net outflow of $950 million in the past three months. Converting the active users attracted by activity into retained funds may be a challenge that BSC needs to address moving forward.

Base: High-Speed Expansion Nourishing Ethereum

Base's on-chain data performance is also quite impressive. TVL has grown from $24 billion to $40 billion in three months, a 63% increase. The daily active addresses have increased from 15.6 million to 33.6 million, a 115% increase, and daily transactions have increased by 23%. Overall, Base's on-chain data has shown significant improvement, but there has been a large outflow of funds from the chain, with a net outflow of $5.6 billion over three months, making it the chain with the highest net outflow. The data shows that these funds eventually flowed to Ethereum. Base has also become the largest source of funds for the Ethereum mainnet in recent times.

Furthermore, Base has implemented Flashblocks technology on-chain, reducing block generation time from 2 seconds to 200 milliseconds, making it the fastest EVM chain currently. Additionally, Coinbase has launched the Base App, creating an all-in-one social and trading platform, which will further drive the development of the Base ecosystem.

Arbitrum: The Steady Second Place Holder in the L2 Race

Overall, Arbitrum's data has not changed much, except for a 34% increase in TVL and a 22% increase in the number of transactions. The daily active addresses data has remained almost unchanged, at 4.6 million both three months ago and currently. However, ARB's price has rebounded by 66% recently, showing relative strength compared to other major public chains. This may be due to the impact of the rising Ethereum price. Although Arbitrum's data has not changed significantly, it still firmly holds the second position in the Ethereum L2 ecosystem.

Sui: TVL and Token Price Soaring Together

Sui's price has experienced a significant surge recently, rising from a low of $2.15 to a high of $4.24, a 97% increase, almost doubling. Behind this sharp rise, there is also some underlying data support, mainly from the TVL data, which has increased from $1.2 billion in April to $2.2 billion, an increase of over 84%. In addition, the stablecoin supply has also surpassed $1 billion. Regarding daily active addresses, from May to June, Sui's daily activity went through a rollercoaster, first dropping from 1.5 million per day to 400k per day, then rising back to around 1 million in early July. However, it has not yet returned to its previous peak.

Hyperliquid: Rocketing Growth After Trust Crisis

Hyperliquid has seen one of the best price surges among public chains in the past three months. The token price has soared from $18 to $49.9, and the market cap has exceeded $15 billion, ranking thirteenth among all tokens.

From the perspective of on-chain data, the TVL also increased from $640 million to $1.943 billion, representing a growth of 202%. The supply of stablecoins increased from $2.1 billion to $4.9 billion, rapidly becoming the fifth largest in terms of supply. After experiencing the previous decentralized trust crisis, the treasury HLP earnings of Hyperliquid have also recently climbed again, surpassing $68 million and reaching a new all-time high. Upon entering July, Hyperliquid's daily new user count has also risen again to over 3,000.

Aptos: The Sleeper in Data Lag

Compared to other public chains, Aptos seems somewhat underwhelming in both on-chain data and price. The price has risen by 10% in 3 months, while TVL, inflow of funds, daily active addresses, and other key data are all negative. The most significant change may be the 34% increase in daily transaction volume, with a $300 million increase in stablecoin supply. Compared to Sui, which also uses the MOVE language, Aptos appears to be falling behind across multiple data dimensions.

Overall, the recent performance of public chain data is not as intense as the market's perception of token prices. Although, driven by the market, networks like Sui, Hyperliquid, and Base have shown significant improvements in data, the magnitude of this improvement is clearly lower than the rise in token prices. Clearly, this is a phase where capital is recovering ahead of ecosystems. Whether the token price performance behind this recovery can translate into the prosperity of the various public chains, or even drive practical applications such as DeFi and blockchain gaming as seen in the previous bull run, may be the core factor that will sustain this altcoin season for longer. Therefore, although the current prices and on-chain data may not seem in sync, in the subsequent development, this data may also become a decisive factor in prices.

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