A brief look at on-chain metrics of the largest L1s

Quick Take

  • Most of the projects with the highest market caps show very little on-chain activity
  • Other than Bitcoin and Ethereum (and perhaps TRON due to Tether), there is very little evidence that other L1 chains are getting meaningful traction
By looking at the largest crypto assets by market cap, it’s apparent that most of the projects that are worth the most are still Layer-1 blockchains. This is despite the fact that the vast majority of these blockchains have very little on-chain activity.  While it’s hard to distinguish between the real economic activity and inflated […]

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