List of 15 head public chains and ecological protocols lock-up status and token performance

The coordinated development of the underlying public chain and the upper-layer protocol has jointly promoted the implementation of blockchain technology from virtual to real. When the market was on the rise in the past two years, the public chain and the protocol often complemented each other. The public chain token and the protocol token usually both rose. It can even be said that the development of DeFi has promoted the progress of the public chain to a certain extent. But now that the market is going down, most assets are falling, and a liquidity crisis is imminent. In this context, what kind of situation will the public chain and protocol face? Are public chain tokens and protocol tokens better or worse?

To this end, PAData, the PANews data news column, analyzed 15 public chains with high lock-up amount and good development (hereinafter referred to as “head public chain”), and the 5 public chains with the highest lock-up amount on their respective lock-ups The liquidity changes of the top 5 protocols (hereinafter referred to as “head protocols”) and the market performance of their tokens in the first half of the year. The analysis found:

  1. The stock funds gathered in the top public chains. The total lock-up amount of the 15 top public chains increased from 87% in January to 94% in June, and the stock funds also went to Ethereum, BSC and Tron among them. Aggregation, the proportion of locked positions of these three public chains increased by 0.037, 0.015 and 0.035 percentage points respectively.
  2. Existing funds have gathered towards the top protocols, and the proportion of locked positions of the top protocols on Ethereum has increased by about 8 percentage points. The proportion of top protocols locked up on BSC, Tron, Avalanche and Solana increased by 13 percentage points, 9 percentage points, 5 percentage points and 2 percentage points respectively.
  3. The drop in the average lock-up amount of the head protocol is basically smaller than the drop in the total lock-up amount of the underlying public chain. Combined with the previous article, it shows that the funds are gathered to the head protocol of the head public chain. For example, in the first half of the year, the average lock-up value of Ethereum’s top protocols decreased by about 21 percentage points compared with the total lock-up value of the public chain. The situation of BSC, Avalanche, and Solana is similar. The average lock-up value of the top protocols is about 7%, 1%, and 3% less than the total lock-up value of the public chain.
  4. Except for the public chains and protocols that have not issued tokens, the average price of the remaining 14 public chain tokens decreased by about 72.21% in the first half of the year, and the average price of the 20 protocol tokens in the first half of the year decreased by about 69.65%. In general, the performance of the public chain tokens and protocol tokens in the first half of the year was basically the same, while the decline of the protocol tokens was slightly smaller and the performance was slightly better.
  5. However, for the five public chains with the highest lock-up volume, the price drops of the public chain tokens ETH, BNB, TRX and AVAX in the first half of the year were all smaller than the average price drops of the top protocols on their public chains. better.
  6. The average maximum theoretical return of the 14 public chain tokens is about 8.75%, and the average minimum theoretical return is about -82.05%. The average maximum theoretical return of the 20 protocol tokens is about 15.16%, and the average minimum theoretical return is about -79.57%. Overall, both have more room for loss and less room for profit. However, compared with the public chain token, the profit margin of the protocol token is nearly 7 percentage points higher, while the loss margin is slightly smaller by 2 percentage points, and the potential income performance is better.

01 Funds are concentrated in the top public chains and top protocols, and the top protocol TVL of the five major public chains accounts for an average of 65%

Currently, Ethereum, BSC, Tron, Avalanche, Solana, Polygon, Cronos, Fantom, Waves, Arbitrum, Klaytn, Near, Gnosis, Cardano and Algorand are the top public chains with high lock-up volume and good development. Among them, Ethereum has the highest lock-up amount, reaching $48 billion, far exceeding other public chains. Secondly, the lock-up volume of BSC and Tron is also relatively high, about 6.37 billion US dollars and 5.24 billion US dollars respectively. In addition, Avalanche, Solana, Polygon, and Cronos have all locked up more than $1 billion.

However, the lock-up amount of these top public chains has basically dropped significantly this year. For example, the lock-up amount of Ethereum has dropped by more than 67% this year, and the lock-up volume of Avalanche, Solana, Polygon, and Fantom has all dropped by more than 70% this year. The only three public chains whose lock-up amount has increased this year are Tron, Cardano and Near. Among them, Tron’s lock-up amount rose slightly by less than 1%, basically unchanged, and Near’s lock-up amount rose by 154%, a significant increase. The highest increase is Cardano, whose lock-up volume has increased by as much as 6475% since January 9 this year. Although this is due to the fact that Cardano has just started ecological construction and the base of locked positions is small, the fact that it can still complete the cold start under the downward market trend also shows that its development momentum is good.

List of 15 head public chains and ecological protocols lock-up status and token performance

From the perspective of the market share of the public chain, in the first half of the year, the average amount of locked positions of Ethereum accounted for about 59.12% of the total locked positions, ranking first. Followed by BSC, Avalanche and Solana, the average proportion of locked amount is about 6.68%, 4.73% and 3.67% respectively. The average amount of other public chains locked up is less than 3%.

From the perspective of changing trends, there are two aspects of data changes that deserve attention. First, from the perspective of the selected 15 top public chains, the three public chains with the highest lock-up amount are Ethereum, BSC and Tron. The proportion showed an overall growth trend in the first half of the year, with an increase of 0.037, 0.015 and 0.035 percentage points respectively, which means that the stock funds are gathered in these three public chains. In addition, the proportion of other top public chains’ lock-up amount has a smaller increase or decrease, and many public chains with relatively small lock-up amount have slightly expanded their market share, while some lock-up amount has a relatively large base. public chains such as Avalanche, Solana, and Fantom have also lost market share. Second, from the perspective of all public chains, the ratio of the total lock-up amount of the 15 leading public chains to the TVL of all public chains also showed an overall growth trend in the first half of the year, rising from 87% in January to 10% in June. Compared with 94%, an increase of nearly 7 percentage points, and the increase is more obvious than that of the top public chains, which shows that the stock funds are more concentrated in these top public chains.

List of 15 head public chains and ecological protocols lock-up status and token performance

In order to observe the different changes of public chains and protocols, PAData also selected the top 5 protocols with the highest lock-up amount on Ethereum, BSC, Tron, Avalanche, and Solana for observation. In general, the top protocols on Ethereum have more than $5 billion locked up, of which Maker Dao has more than $7.9 billion, much higher than other top protocols. Secondly, PancakeSwap on BSC, JustLend and JustStables on Tron, and AAVE on Avalanche have all locked up more than $1 billion. In addition, the lock-up amount of other top protocols is basically between $200 million and $400 million. Judging from the changes in the lock-up amount in the first half of the year, except for Platypus Finance on Avalanche and JustLend on Tron, which achieved growth of 1629% and 53% respectively, other leading protocols have “shrinked” to varying degrees. Among them, Curve on Ethereum, Benqi and Trader Joe on Avalanche, and Marinade Finance, Raydium, and Serum on Solana have fallen more than 70%.

However, from the perspective of the head protocol as a whole, the decrease in the average lock-up amount is basically smaller than the decrease in the total lock-up amount of the underlying public chain, which means that funds flow to the head protocol of the head public chain. For example, in the first half of the year, the average lock-up value of Ethereum’s top protocols dropped by about 46%, which was less than the 67% drop in the total lock-up value of the public chain. The situation is similar for BSC, Avalanche, and Solana. The average lock-up value of the top protocols on these three public chains is about 7%, 1%, and 3% less than the total lock-up value of the public chain.

List of 15 head public chains and ecological protocols lock-up status and token performance

From the perspective of changing trends, like the “gold-absorbing” ability shown by the head public chain, the head protocol has also gathered more stock funds. The share of top protocol lock-ups on Ethereum to the chain’s total lock-ups rose from 43% in January to 55% in June, an increase of about 8 percentage points. The increase is also obvious in BSC and Tron, whose top protocol lock-up ratios increased by about 13 percentage points and 9 percentage points respectively in the first half of the year. The increase in the proportion of lock-up of top protocols on Avalanche and Solana is slightly lower, about 5 percentage points and 2 percentage points respectively. Moreover, as of June, the proportion of the lock-up amount of the top protocols on the five top public chains has reached an average of 64.55%, which means that the top protocols have an obvious advantage.

List of 15 head public chains and ecological protocols lock-up status and token performance

02 The average decline of protocol tokens is smaller than that of public chain tokens, but the five major public chain tokens perform better

Judging from the market performance of tokens, except for the public chains and protocols that have not issued tokens, the average price of the remaining 14 public chain tokens fell by about 72.21% in the first half of the year, and the price of 20 protocol tokens in the first half of the year. The average decline is about 69.65%. In general, the performance of the public chain tokens and protocol tokens in the first half of the year was basically the same, while the decline of the protocol tokens was slightly smaller and the performance was slightly better. From the perspective of specific tokens, among the public chain tokens, TRX had the smallest decline in the first half of the year, only less than 12%. , AVAX, KLAY, CRO, MATIC and SOL also fell by more than 80%. The king of the public chain, ETH, also fell by 69% in the first half of the year. Among the protocol tokens, UNFI had the smallest decline in the first half of the year, less than 27%. Second, the declines of SST and JST were also smaller, about 33% and 46%, respectively. All other protocol tokens fell by more than 50%, of which the highest TIME fell by 99%, and CRV, JOE, LDO, PTP, RAY and SLND all fell by more than 80%.

List of 15 head public chains and ecological protocols lock-up status and token performance

However, if you only observe the average decline of the top 5 top public chain tokens and the top protocol tokens on top of them, the situation is slightly different. The price drops of ETH, BNB, TRX and AVAX in the first half of the year were all smaller than the average price drops of the top protocols on their public chains, and performed better. Among them, ETH fell by nearly 69% in the first half of the year, but the top protocol tokens on Ethereum fell by an average of 74%, a difference of 5 percentage points. The situation is similar for BNB, TRX and AVAX, which fell by about 55%, 12% and 83% respectively in the first half of the year, but the top protocol tokens on BSC, Tron and Avalanche fell by an average of 67% and 35% respectively. and 91%, with a difference of 12 percentage points, 23 percentage points and 8 percentage points respectively. However, the opposite is true for SOL, where protocol tokens still outperformed public blockchain tokens, with SOL down 79% in the first half of the year, while the top protocol token on Solona dropped 76%.

List of 15 head public chains and ecological protocols lock-up status and token performance

In general, the decline of protocol tokens in the first half of the year was slightly smaller than that of public chain tokens, but the daily average maximum amplitude of protocol tokens was significantly larger than that of public chain tokens. According to statistics, the daily average maximum amplitude of 20 protocol tokens is about 13.46%, and the daily average maximum amplitude of 14 public chain tokens is about 10.11%. Among the protocol tokens, ALPACA, CRV, LDO and UNFI have the largest daily average amplitude exceeding 25%, and the highest LDO reaches nearly 40%. Among the public chain tokens, FTM, NEAR and SOL have the largest daily average amplitude of more than 12%, and the highest FTM reaches about 19%.

List of 15 head public chains and ecological protocols lock-up status and token performance

If the opening price on January 1 this year is used as the purchase price, and the currency has been held so far, then the theoretical holding income of each token can be estimated based on the highest intraday price and the lowest intraday price during the year. According to statistics, the average maximum theoretical return of 14 public chain tokens is about 8.75%, and the average minimum theoretical return is about -82.05%. Overall, there is more room for loss and less room for profit. Among them, the public chain tokens with the highest theoretical returns are WAVES, NEAR and FTM, about 329%, 40% and 49% respectively, and the lowest theoretical returns are FTM, AVAX, MATIC, about – 91.32% respectively , -87.39% and -87.24%.

The average maximum theoretical return of the 20 protocol tokens is about 15.16%, and the average minimum theoretical return is about -79.57%. In general, there is also more room for loss and less room for profit. However, compared with the public chain token, the profit margin of the protocol token is nearly 7 percentage points higher, while the loss margin is slightly smaller by 2 percentage points, and the potential income performance is better. Among them, the protocol tokens with the highest theoretical returns are PTP, UNFI and SST, which are about 886%, 394% and 220% respectively, and the ones with the lowest theoretical returns are TIME, PTP, JOE, RAY and CRV, which are about 886%, 394% and 220% respectively. – 99%, -94%, -92%, -91% and -90%.

List of 15 head public chains and ecological protocols lock-up status and token performance

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