Report: L1 Blockchain will slow down in 2024 due to reduced activity
In 2024, the on-chain and market activities of Layer 1 (L1) blockchain networks including Ethereum, Solana, and Bitcoin significantly decreased. CoinMetrics researchers TanayVed and MatíasAndrade highlighted the challenges these networks faced as total fees and token performance fell below their highs at the beginning of the year. According to a report by CoinMetrics researchers TanayVed and MatíasAndrade, L1 blockchains performed strongly at the beginning of 2024 but lost momentum thereafter. The data shows that since the start of this year, returns for most L1 tokens have fallen below 50%, with transaction volume declines leading to lower overall fees.
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