Messari: ETH circulation market value increased by 3% in the second quarter, and other mainstream L1 market values ​​decreased by an average of 23%

Messari researcher Peter Horton tweeted that among the 16 L1 networks in the second quarter of 2023, ETH outperformed other mainstream L1 tokens, the liquidity staking rate gradually increased, Cardano DeFi increased significantly, and Avalanche C-Chain network activity surged. Among them, driven by Shapella, Memecoins, the US Securities and Exchange Commission and ETF applications, the market value of ETH in circulation increased by 3% in the second quarter, while the market value of other mainstream L1s decreased by an average of 23%. Second, the liquidity pledge rate of each L1 is gradually increasing. As of the end of the second quarter, the liquidity staking rate of Ethereum has exceeded 50% (including cbETH), an increase of 25% year-on-year; other copycat L1s have some entrustment mechanisms, which reduce the reasons for staking liquidity. Cardano leads other L1s in terms of DeFi TVL, DEX volume, and quarterly growth in stablecoin market cap, with new protocols Indigo, Liqwid, and VyFinance driving growth. Avalanche C-Chain's transaction volume, active addresses, new addresses, and transaction fees have seen quarterly growth rates outpace mainstream L1, and LayerZero usage accounts for 45% to 60% of total C-Chain activity. Notably, LayerZero usage is high on Polygon, BNB Chain, Avalanche, but lower on Ethereum, suggesting airdrop farms are driving transaction activity. Many developers are still developing on top of LayerZero core technology and Stargate liquidity.