2024公鏈產業報告：從技術競爭到實際應用

2024年是公鏈產業的重要分水嶺，產業焦點從技術競爭轉向實際應用。

2024 marks a key turning point for the public chain industry, shifting the industry focus from technology competition to practical application. In this year, the market value of public chains increased by 105.3% to reach $2.8 trillion, the price of Bitcoin exceeded $100,000, and institutional adoption was achieved through ETFs, the Ethereum Layer 2 network expanded to more than 200 chains, and the Bitcoin Layer 2 TVL increased by 1,277.6%, all indicating the industry's transition from technical experiments to practical real-world applications. The public chain industry is gradually shifting from technology-driven development to application demand-driven development.

2024年是公鏈產業的關鍵轉捩點，產業焦點從技術競爭轉向實際應用。這一年，公鏈市值成長105.3%達到2.8兆美元，比特幣價格突破10萬美元，透過ETF實現機構採用，以太坊二層網路擴展到200多條鏈，比特幣層2 TVL成長了1,277.6 %，這都表明該行業已從技術實驗轉向實際應用。公鏈產業正逐步從技術驅動發展轉向應用需求驅動發展。

Note: Unless otherwise stated, all data in this report is as of December 20, 2024.

註：除非另有說明，本報告中所有數據均截至2024年12月20日。

Market Dynamics: Growth and Transformation

市場動態：成長與轉型

In 2024, the public chain industry achieved unprecedented growth, and multiple key indicators showed significant expansion.

2024年，公鏈產業實現了前所未有的成長，多項關鍵指標呈現顯著擴張。

The total market value of public chains increased by 105.3% to $2.8 trillion. Bitcoin dominance rose to 69.8%, while Ethereum's share fell from 20.4% to 15.2%. BNB Chain and Solana's shares remained stable at 3.5% and 3.3%, and other platforms accounted for 8.1%.

公鏈總市值成長105.3%，達到2.8兆美元。比特幣的主導地位上升至 69.8%，而以太坊的份額從 20.4% 下降至 15.2%。 BNB Chain和Solana的份額維持穩定在3.5%和3.3%，其他平台佔8.1%。

The DeFi sector also showed strong growth momentum in 2024, with the total locked value (TVL) reaching US$102.8 billion at the end of the year, an increase of 88.6% year-on-year. Among the top 10 public chains in terms of TVL, Bitcoin and TON had the most significant growth, both exceeding 2,000%. Aptos, Sui and Solana also performed well, increasing by 754.4%, 677.1% and 321.3% respectively. However, the TVL of Tron and Avalanche both declined.

2024年，DeFi領域也呈現強勁的成長勢頭，年底總鎖定價值（TVL）達到1,028億美元，較去年同期成長88.6%。 TVL排名前10的公鏈中，比特幣和TON成長最為顯著，均超過2000%。 Aptos、Sui和Solana也表現出色，分別成長了754.4%、677.1%和321.3%。然而，Tron 和 Avalanche 的 TVL 均有所下降。

The Ethereum Layer 2 ecosystem experienced significant centralization in 2024. Arbitrum maintained its leading position with a TVL of $10.6 billion and a market share of 41.1%, down from 50.8% in 2023. Base became the dark horse of the year, jumping to second place with $5.8 billion TVL (22.5% share), while Optimism ranked third with $4 billion TVL (15.8%). Together, these three platforms accounted for 79.1% of Ethereum L2 DeFi TVL, while previous competitors such as Blast, zkSync, and Starknet all saw their market share decline.

以太坊Layer 2 生態系統在2024 年經歷了明顯的中心化。位其 TVL 為 58 億美元（22.5%），而 Optimism 則以 40 億美元的 TVL（15.8%）排名第三。這三個平台合計佔以太坊 L2 DeFi TVL 的 79.1%，而先前的競爭對手 Blast、zkSync 和 Starknet 等市佔率均出現下滑。

At the same time, the scale of the ecosystem continues to expand. Currently, there are 50 Rollups and 70 Validium & Optimium running on the mainnet, plus about 90 chains that are about to be launched, the total number of Ethereum L2 exceeds 200.

同時，生態系統規模不斷擴大。目前主網上運行著 50 個 Rollups 和 70 個 Validium & Optimium，再加上約 90 條即將上線的鏈，以太坊 L2 總數超過 200 條。

Bitcoin Layer 2 and sidechain ecosystems have experienced explosive growth, with total locked value reaching $2.6 billion, a significant increase of 1,277.6% from 2023. Core leads with $790 million TVL (30.3% market share), followed by Bitlayer ($500 million, 19.4% share) and BSquared ($330 million, 12.7% share). This growth is not only reflected in TVL, the number of active chains has more than doubled throughout the year, with nearly 20 chains now.

比特幣Layer 2 和側鏈生態系統經歷了爆炸性增長，總鎖定價值達到26 億美元，較2023 年大幅增長1,277.6%。億美元，19.4%）股份）和 BSquared（3.3 億美元，股份 12.7%）。這種成長不僅體現在TVL上，全年活躍連鎖店數量增加了一倍多，目前已有近20家連鎖店。

Competitive Landscape: Leaders and Challengers

競爭格局：領導者與挑戰者

In 2024, the competitive landscape of the public chain ecosystem has changed significantly, mainly manifested in the increased dominance of Bitcoin, the recovery of Solana, and the rise of emerging challengers.

2024年，公鏈生態競爭格局發生顯著變化，主要表現為比特幣主導地位增強、Solana復甦以及新興挑戰者崛起。

Bitcoin: From Store of Value to Financial Infrastructure

比特幣：從價值儲存到金融基礎設施

Bitcoin has seen exceptional growth in 2024, with a 129.2% price increase and a 131.7% market cap increase. This growth was driven by institutional adoption of spot ETFs, the April halving event, and positive post-election sentiment in the US. In addition to breaking the $100,000 price milestone, there were two key developments in the Bitcoin ecosystem:

比特幣在 2024 年出現了驚人的成長，價格上漲 129.2%，市值上漲 131.7%。這一增長是由機構採用現貨 ETF、四月減半事件以及美國大選後的積極情緒所推動的。除了突破 10 萬美元的價格里程碑之外，比特幣生態系統還取得了兩個關鍵進展：

Institutional adoption increased : The successful launch of spot ETFs in January completely changed the institutional access landscape, with BlackRock's product quickly reaching $20 billion. Bitcoin surpassed silver and Saudi Aramco to become the world's seventh largest asset, marking a shift from a speculative asset to a recognized store of value.

機構採用率增加：1 月現貨 ETF 的成功推出徹底改變了機構准入格局，貝萊德的產品迅速達到 200 億美元。比特幣超越白銀和沙烏地阿美公司，成為全球第七大資產，標誌著從投機資產轉向公認的價值儲存手段的轉變。

BTCfi rises : The Bitcoin ecosystem has expanded beyond price growth through innovative financial products. Babylon’s Bitcoin staking project, Solv Protocol’s cross-chain solution, and Core’s Fusion

BTCfi 上漲：透過創新的金融產品，比特幣生態系統已經超越了價格成長的範疇。 Babylon的比特幣質押專案、Solv Protocol的跨鏈解決方案、Core的Fusion