The blockchain landscape in June 2024 faced significant headwinds amid macroeconomic uncertainty and market-wide corrections. Despite a broad downturn in crypto asset valuations and total value locked (TVL), select Layer 1 and Layer 2 networks demonstrated resilience and growth. This report explores key developments across major public blockchains, Layer 2 ecosystems, blockchain gaming, and funding trends—highlighting divergent performance patterns, emerging innovations, and strategic shifts shaping the future of decentralized infrastructure.
Market Overview: Pressure Mounts on Bitcoin
June brought mounting pressure on Bitcoin, driven by anticipation of Mt. Gox creditor repayments and government-led asset liquidations. On June 24, the Mt. Gox bankruptcy trustee announced that Bitcoin and Bitcoin Cash distributions would begin in July, sparking concerns over potential large-scale sell-offs. Simultaneously, institutional outflows from U.S.-listed spot Bitcoin ETFs added downward momentum.
Government actions further intensified selling pressure. A German authority transferred nearly 4,000 BTC seized in 2013 to exchanges, while the U.S. government moved 3,940 BTC from a convicted drug trafficker’s wallet to Coinbase—raising market-wide supply concerns.
Although progress on U.S. spot Ethereum ETF approvals offered a positive signal, Bitcoin’s weakness cascaded across the broader market, affecting investor sentiment and capital allocation.
Public Chain Performance: Mixed Results Amid Declines
By the end of June, the total market capitalization of public chain tokens had declined by 7.7%, settling at $1.95 trillion. Bitcoin and Ethereum led the downturn, with BTC dropping from $67,730 to $62,795 (-7.3%) and ETH falling from $3,820 to $3,444 (-9.8%).
Despite the overall bearish trend, three top-tier public chain tokens defied the market: Toncoin, TRON, and Kaspa.
- Toncoin surged on the back of Telegram’s growing gaming ecosystem and the Open League Token incentive program, reaching an all-time high of $8.20 mid-month.
- TRON saw its token price rise 10.8%, continuing a rally that began in February 2024.
- Kaspa, leveraging its blockDAG architecture, posted an impressive 37.7% price increase and hit a new high of $0.19 on June 30. Its rising appeal was underscored by MARA, a major Bitcoin mining firm, expanding operations to include Kaspa—marking a strategic shift toward multi-chain mining.
Total Value Locked (TVL) Trends
The total TVL across public chains dropped 18.7% to $72.2 billion. Ethereum, TRON, and BNB Chain retained leadership positions in DeFi lockups.
Notably:
- TON was the only top-15 chain to grow TVL, increasing by 106.8%.
- Core Chain recorded explosive growth of 227.7%, fueled by Coinbase listing CORE and initiatives like the Core Ignition Drop and BTCfi Summer hackathon—driving developer interest and DeFi adoption.
Solana also advanced mainstream integration with new tools:
- Actions: Enables direct on-chain transactions from websites, apps, social media, and QR codes.
- Blinks: Converts transactions into shareable links, promoting viral adoption.
Together, these tools aim to turn the internet into a decentralized interaction layer built on Solana.
Key Layer 1 Developments in June 2024
BNB Chain
BNB reached a record high of $710 during the month. The network completed the Haber hard fork, which is expected to reduce gas fees by up to 90%, significantly improving scalability and user experience.
Solana
21Shares submitted an S-1 filing for a Solana ETF with the SEC—a major regulatory milestone that could pave the way for institutional investment.
NEAR Protocol
NEAR Foundation launched Nuffle Labs, backed by $13 million in funding, to accelerate innovation within its ecosystem.
Sui
Sui Foundation launched its Bridge Testnet with an accompanying incentive program to boost cross-chain interoperability.
Polygon
Polygon ID was spun off from Polygon Labs and rebranded as Privado ID, focusing on decentralized identity solutions.
Ronin
Ronin announced plans to build a Layer 2 solution using Polygon’s Chain Development Kit (CDK), signaling deeper integration with Polygon’s tech stack for future game scalability.
Layer 2 Ecosystems: Divergent Trajectories
While Ethereum’s Layer 2 networks felt the impact of broader market declines, performance varied widely.
- Arbitrum and Optimism, market leaders, saw TVL drop by 10.5% and 22.2% respectively.
- Blast lost 22.0% of its TVL following the conclusion of its Phase 1 airdrop.
- In contrast, Base and Linea maintained stable TVL levels compared to May.
However, Scroll stood out with a remarkable 42.8% increase in TVL—driven by the launch of its Scroll Sessions Points Program on June 21. Session One focused on rewarding DeFi users who provided liquidity on decentralized exchanges (DEXs).
👉 Explore how Layer 2 solutions are redefining scalability and user engagement in Web3.
Airdrop Dynamics: Hype vs. Community Sentiment
Airdrops remained central to user acquisition in June but sparked controversy:
- zkSync: Criticized for prolonged distribution timelines and perceived unfair allocation.
- LayerZero: Faced backlash over strict anti-Sybil measures and mandatory donation requirements for claim eligibility.
- Blast: Users expressed frustration over complex reward mechanics and lower-than-expected payouts.
Despite these challenges, airdrops remain powerful tools for community building when executed transparently and fairly. Future success depends on enhancing clarity, inclusivity, and simplicity.
Meanwhile, Bitcoin Layer 2 ecosystems continued their upward trajectory since Q4 2023. Networks like Merlin Chain, Bitlayer, and Rootstock gained traction amid growing interest in BTCfi (Bitcoin financialization).
Major Layer 2 Network Updates
Arbitrum
Experienced record daily revenue and profit due to ZRO (LayerZero) token claims processed through its network.
Optimism
Announced OP Stack had entered Stage 1, marking a key step toward decentralized governance and modular blockchain development.
Starknet
StarkWare revealed plans to launch Layer 3 architectures—enabling specialized app-chains with enhanced customization and performance.
Blast
Established the Blast Foundation and unveiled its long-term vision for sustainable DeFi growth.
Rootstock
Integrated SushiSwap, expanding DeFi access on this Bitcoin-anchored smart contract platform.
Merlin Chain
Launched a $210 million MERL ecosystem incentive program to attract developers and liquidity providers.
Blockchain Gaming: Shifting User Dynamics
In June, there were 1,580 active blockchain games, with BNB Chain (22.4%), Polygon (19.5%), and Ethereum (16.1%) leading in market share.
However, user metrics showed volatility:
- Ronin: DAU share fell from 29.8% to 18.4%, largely due to declining engagement in Pixels.
- Polygon: DAU dropped from 15.1% to 8.0% as Matr1x FIRE, its top game, saw a 31.6% decline in active users.
Emerging bright spots:
- Saakuru Verse (Oasys L2): DAU skyrocketed from 18,000 on June 21 to 464,000 on June 30, driven by PlayGround’s successful game launches (Copycat Killer, Panic, Parkour Battle). Weekly average DAU reached 379,000.
- opBNB: Achieved ~285,000 average DAU in its final week, capturing nearly 10% of total blockchain gaming activity.
Public chains are increasingly investing in gaming ecosystems through developer grants and dedicated L2s. Ronin’s move to use Polygon CDK mirrors strategies adopted by Avalanche, Oasys, and SKALE—aimed at hosting high-performance gaming environments tailored to popular titles like Axie Infinity and Pixels.
Funding Landscape: Cooling Investment Activity
The public chain sector recorded 11 funding rounds in June, totaling $71.5 million—a 20.3% decrease month-over-month. Three deals did not disclose amounts.
Notable raises:
- Decent Land Labs: Raised $3 million for WeaveVM, a novel sovereign Layer 1 combining EVM compatibility with Arweave’s scalable storage.
- Sonic: Secured $12 million in Series A funding to develop its Solana-based gaming Layer 2—transitioning from mobile games to infrastructure after identifying scalability bottlenecks.
Frequently Asked Questions (FAQ)
Q: Why did most public chain tokens decline in June?
A: Market-wide sell-offs were triggered by Mt. Gox repayment fears, government BTC liquidations, and ETF outflows—creating bearish sentiment despite positive developments like Ethereum ETF progress.
Q: Which networks showed growth during the downturn?
A: Toncoin, TRON, Kaspa (in price/market cap), TON (in TVL), and Core Chain (TVL +227.7%) outperformed peers amid broader declines.
Q: What drove Scroll’s TVL surge?
A: The launch of its Scroll Sessions Points Program incentivized liquidity provision on DEXs, attracting users and boosting locked value by 42.8%.
Q: Are airdrops still effective marketing tools?
A: Yes—but only when transparently designed. Controversies around zkSync, LayerZero, and Blast highlight the need for fairness, simplicity, and clear communication.
Q: How is blockchain gaming evolving?
A: Chains are launching game-specific L2s (e.g., Ronin + Polygon CDK) and funding developer grants to improve performance and retention—mirroring trends seen on Avalanche and Oasys.
Q: What’s next for Bitcoin Layer 2?
A: With rising interest in BTCfi, networks like Merlin Chain and Rootstock are expanding DeFi offerings—potentially unlocking new utility for Bitcoin beyond store-of-value use cases.
👉 Stay ahead of emerging trends in blockchain gaming and Layer 2 innovation—start exploring today.