The year 2024 marked a transformative chapter in the evolution of blockchain technology. From the historic approval of Bitcoin ETFs to the explosive rise of Solana and the growing mainstream recognition of crypto as a legitimate asset class, Layer 1 and Layer 2 networks faced intensified competition. This article provides a comprehensive review of the performance of 22 leading blockchains throughout 2024, analyzing key metrics such as Total Value Locked (TVL), daily active addresses, transaction volume, token price, and market capitalization.
Data spans from January 1 to December 29, 2024, with sources including Defillama for TVL, Token Terminal and official explorers for daily activity and transaction data, and CoinGecko for price information. The analysis covers prominent Layer 1 chains like Ethereum, Solana, BNB Chain, TON, and Hyperliquid, as well as emerging Layer 2 solutions including Base, Arbitrum, zkSync, and Taiko.
Layer 1 TVL Grows 7x on Average; Hyperliquid and TON Lead the Surge
In terms of Total Value Locked (TVL), the blockchain ecosystem saw robust growth in 2024. Collectively, the analyzed networks experienced a 117.7% increase in TVL. Layer 1 blockchains averaged a staggering 707.69% growth, while Layer 2 networks recorded an even more dramatic 8,515.22% average increase—though this figure is heavily influenced by Taiko’s early-stage growth, which surged by 82,500% from launch to year-end.
Excluding outliers like Taiko, the average TVL growth for Layer 2s was still strong at 294.69%, led by Base with a 721.51% rise. Among Layer 1s, Hyperliquid, TON, and Aptos stood out with over 10x TVL increases. Hyperliquid’s TVL grew by 4,407% since its launch, signaling strong early adoption in decentralized finance.
However, not all chains thrived. zkSync saw the steepest decline with a 41.25% drop in TVL, followed by Optimism (-16.69%), Fantom (-13.95%), Tron (-9.17%), and Polygon (-1.67%). These declines suggest potential challenges in user retention or ecosystem development post-airdrop.
User Activity Declines on Half of Blockchains; Solana Emerges as Most Active
Despite overall TVL growth, network activity told a more nuanced story. Nine out of the 22 blockchains analyzed experienced a decline in daily active addresses—a surprising trend that highlights the disconnect between capital inflows and real user engagement.
The biggest gainers in user activity were Hyperliquid (+13,381%), Sui (+3,350%), and TON (+2,409%). Base, Aptos, and Solana also saw over 10x increases in daily active users. Solana, in particular, rose from 8th place at the start of the year to become the most active chain with 4 million daily users, peaking at 8.8 million on high-activity days.
Conversely, zkSync and StarkNet suffered catastrophic drops—both losing over 90% of their daily active users after initial air drops faded. Other chains like Near, Blast, Polygon, Avalanche, Cardano, Optimism, and Tron also saw meaningful declines in user engagement.
Transaction volume mirrored this trend. Hyperliquid led with a 248,900% increase in daily transactions, followed by Taiko (+4,471%) and Base (+1,948%). Avalanche’s transaction count dropped sharply by 90.71%, though this was partly due to an anomalous spike on January 1. zkSync also saw a 90% drop in transaction volume post-airdrop.
Token Performance: Mixed Results with HYPE Leading Gains
When it comes to token price performance, the results were split—exactly half of the tracked blockchains saw gains, while the other half declined (excluding Base and Linea, which had not launched tokens by year-end).
Hyperliquid’s HYPE token was the standout performer, rising 1,272% with a peak gain of 1,648%—the only chain to surpass 10x returns. However, it’s worth noting that HYPE launched in late November, giving it a shorter time frame and lower initial price base.
Other strong performers included Sui (+441%), TON (+350%), Tron (+180%), and BNB Chain (+150%). Solana’s SOL token rose 92.26%, underperforming relative to its massive user growth—a reminder that user adoption doesn’t always immediately translate to price momentum.
On the downside, StarkNet (STRK) and Blast (BLAST) saw devastating losses of 75% and 65%, respectively—highlighting risks associated with speculative air drops and delayed utility.
In market capitalization, Ethereum maintained its dominance, growing from $274 billion to $409 billion—a 49.28% increase. BNB held second place with slightly higher growth than SOL.
Ethereum Stays Steady While Solana Dominates User Growth
While Ethereum remained the foundational layer for DeFi and NFTs, its on-chain activity was relatively flat in 2024. Daily active addresses grew only 9%, and transaction volume remained nearly unchanged. Its TVL increased by 127%, but much of this can be attributed to ETH’s own price appreciation rather than new capital inflows.
This stagnation may reflect successful Layer 2 scaling—many users now transact on Arbitrum, Base, or zkSync rather than directly on Ethereum. As a result, Ethereum’s role is evolving into a settlement layer rather than a primary user-facing network.
In contrast, Solana experienced explosive growth across all metrics. It moved from fourth to second in TVL and from eighth to first in daily active users. Fueled by meme coin mania and low transaction fees, Solana became the go-to chain for retail participation.
Hyperliquid vs Sui: Rising Stars in the Blockchain Race
Hyperliquid emerged as the breakout star of 2024—a true “crypto supernova.” It ranked first in daily active user growth and transaction volume increase, second in TVL growth among Layer 1s, and delivered the highest token returns.
Yet its total user base remains small at just 286,500 cumulative users, far behind Solana’s daily counts. Its $1.7 billion TVL is also only one-fifth of Solana’s. While momentum is strong, sustained growth will require deeper ecosystem development.
Sui, meanwhile, solidified its position as Solana’s most credible competitor. It achieved a 7x increase in TVL, a 33.5x surge in daily active users, and single-day transaction volumes exceeding 300 million—rivaling major networks. Its token price rose 441%, second only to HYPE.
Sui’s challenge in 2025 will be maintaining momentum amid rising competition from Hyperliquid, Aptos, and new entrants.
Emerging Trends: AI Integration and Brand Reinvention
Beyond performance metrics, several blockchains pursued strategic pivots. Near Protocol repositioned itself around AI integration, aiming to bridge decentralized computing with machine learning applications. Fantom rebranded to Sonic, signaling a fresh start with improved scalability and lower fees.
In the Layer 2 space, the narrative shifted dramatically. Many high-profile L2s like Arbitrum and Optimism saw significant user drop-offs after air drops ended—suggesting reliance on short-term incentives rather than organic demand.
Meanwhile, chains like Base—which has yet to launch a token—outperformed expectations through organic growth driven by Coinbase’s ecosystem support. Similarly, Taiko built quietly but delivered strong on-chain metrics despite limited market attention.
Final Insights: Users Trump All
One clear pattern emerged in 2024: the blockchains with the strongest token performance were also those with the highest user growth. Whether it’s Hyperliquid’s meteoric rise or Solana’s sustained momentum, real adoption—not just capital—is proving to be the most reliable indicator of long-term success.
For investors and developers alike, the lesson is clear: focus on ecosystems where users are actively transacting and building.
Frequently Asked Questions (FAQ)
Q: Which blockchain had the highest TVL growth in 2024?
A: Among Layer 1s, Hyperliquid led with a 4,407% increase in TVL since launch. Among Layer 2s, Taiko saw an extraordinary 82,500% growth from its early stages.
Q: Why did some blockchains lose active users despite high initial hype?
A: Many projects like zkSync and StarkNet experienced sharp declines after air drop events ended. Without continuous utility or incentives, users often migrated elsewhere—highlighting the importance of sustainable ecosystem development.
Q: Is Ethereum losing relevance due to stagnant on-chain activity?
A: Not necessarily. Ethereum's flat activity reflects successful scaling via Layer 2s. Most user transactions now occur off-chain but are still secured by Ethereum—evolving its role into a foundational settlement layer.
Q: How did Solana achieve such high user numbers?
A: Solana’s combination of low fees, fast transactions, and vibrant meme coin culture attracted massive retail participation—making it the most active blockchain by daily users in 2024.
Q: What makes Hyperliquid stand out among new blockchains?
A: Hyperliquid delivered record-breaking growth across nearly every metric—user activity (+13k%), transactions (+248k%), TVL (+4.4k%), and token price (+1.2k%)—making it the most dynamic new entrant despite its small current scale.
Q: Will Base continue growing without launching a token?
A: Early data suggests yes. Base has grown steadily through integration with Coinbase’s user base and product ecosystem—proving that strong infrastructure and organic adoption can thrive even without immediate token incentives.
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