2024公链行业报告：从技术竞争到实际应用

2024年是公链行业的重要分水岭，行业焦点从技术竞争转向实际应用。

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年是公链行业的关键转折点，行业焦点从技术竞争转向实际应用。这一年，公链市值增长105.3%，达到2.8万亿美元，比特币价格突破10万美元，通过ETF实现机构采用，以太坊二层网络扩展到200多条链，比特币层2 TVL增长了1,277.6%，这都表明该行业已从技术实验转向实际应用。公链行业正逐步从技术驱动发展转向应用需求驱动发展。

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

注：除非另有说明，本报告中所有数据均截至2024年12月20日。

Market Dynamics: Growth and Transformation

市场动态：增长与转型

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

2024年，公链行业实现了前所未有的增长，多项关键指标呈现显着扩张。

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%.

公链总市值增长105.3%，达到2.8万亿美元。比特币的主导地位上升至 69.8%，而以太坊的份额从 20.4% 下降至 15.2%。 BNB Chain和Solana的份额保持稳定在3.5%和3.3%，其他平台占比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领域也呈现出强劲的增长势头，年底总锁定价值（TVL）达到1028亿美元，同比增长88.6%。 TVL排名前10的公链中，比特币和TON增长最为显着，均超过2000%。 Aptos、Sui和Solana也表现出色，分别增长了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 生态系统在 2024 年经历了明显的中心化。Arbitrum 以 106 亿美元的 TVL 保持领先地位，市场份额为 41.1%，低于 2023 年的 50.8%。Base 成为年度黑马，跃居第二位其 TVL 为 58 亿美元（22.5%），而 Optimism 则以 40 亿美元的 TVL（15.8%）排名第三。这三个平台合计占以太坊 L2 DeFi TVL 的 79.1%，而之前的竞争对手 Blast、zkSync 和 Starknet 等市场份额均出现下降。

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.

与此同时，生态系统规模不断扩大。目前主网上运行着 50 个 Rollups 和 70 个 Validium & Optimium，再加上约 90 条即将上线的链，以太坊 L2 总数超过 200 条。

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.

比特币 Layer 2 和侧链生态系统经历了爆炸性增长，总锁定价值达到 26 亿美元，较 2023 年大幅增长 1,277.6%。Core 以 7.9 亿美元的 TVL 领先（市场份额 30.3%），其次是 Bitlayer（5 亿美元，19.4%）股份）和 BSquared（3.3 亿美元，股份 12.7%）。这种增长不仅体现在TVL上，全年活跃连锁店数量增加了一倍多，目前已有近20家连锁店。

Competitive Landscape: Leaders and Challengers

竞争格局：领导者和挑战者

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，公链生态竞争格局发生显着变化，主要表现为比特币主导地位增强、Solana复苏以及新兴挑战者崛起。

Bitcoin: From Store of Value to Financial Infrastructure

比特币：从价值存储到金融基础设施

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:

比特币在 2024 年出现了惊人的增长，价格上涨 129.2%，市值上涨 131.7%。这一增长是由机构采用现货 ETF、四月份减半事件以及美国大选后的积极情绪推动的。除了突破 10 万美元的价格里程碑之外，比特币生态系统还取得了两项关键进展：

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.

机构采用率增加：1 月份现货 ETF 的成功推出彻底改变了机构准入格局，贝莱德的产品迅速达到 200 亿美元。比特币超越白银和沙特阿美公司，成为全球第七大资产，标志着从投机资产向公认的价值储存手段的转变。

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 上涨：通过创新的金融产品，比特币生态系统已经超越了价格增长的范畴。 Babylon的比特币质押项目、Solv Protocol的跨链解决方案、Core的Fusion