Thread by @Coin98Analytics

Bitcoin Layer 2 Report | Q2 2024

Key Takeaways:

- CORE, Bouncebit, and Merlin closed Q2 with highest number of unique addresses
- BSquared, CORE, and BOB outperformed others in average daily transactions
- CORE, Merlin, and BEVM saw approximately 6x increases in TVL

(1/22)

Outline:

I. Addresses
II. Transactions
III. Money Flow
IV. TVL by Category
V. NFTs Overview

(2/22)

I. Addresses

1. Total Unique Addresses by Chain

Closing Q2 2024, CORE led by the highest number of unique addresses (19.2M)

Followed by BounceBit (2.4M), Merlin (2M), BSquared (1.8M) and BEVM (737K)

(3/22)

2. Daily New Unique Addresses Created by Chain

On daily average, the top 3 chains with highest frequency of new addresses being created are: CORE (40K), BounceBit (27K) and BSquared (20K)

On May 15, BounceBit saw 509K new addresses created within one day

(4/22)

Growth of New Unique Addresses in Q2 2024 of Bitcoin Layer 2 & Sidechains:

Highest growth rate: SatoshiVM (503%) and BEVM (116%)

(5/22)

Total New Addresses Created in Q2 2024

Chain with highest number of new addresses created: CORE (3.6M)

(6/22)

II. Transaction

1. Daily Transactions

Through the illustration, BSquared, CORE and BOB constantly led with high number daily transactions across Q2 2024, with a daily average of:

- BSquared: 595K transactions
- CORE: 278K transactions
- BOB: 71K transactions

(7/22)

2. Growth of Total Transactions in Q2 2024

BEVM and SatoshiVM witnessed the highest growth in Q2 total transactions, recording 655% growth and 293% growth respectively

(8/22)

3. Total Transactions

BSquared, CORE and BOB are the top 3 chains with highest number of transactions made in Q2 2024

(9/22)

III. Money Flow

1. TVL by Chain

Top 4 Sidechains with highest TVL by end of Q2 2024:

- Merlin
- Bitlayer
- Rootstock
- BSquared

(10/22)

2. TVL Growth

Closing Q2, CORE, Merlin and BEVM all recorded an approx. 6x increases in TVL compared to the beginning of the quarter

(11/22)

3. Net Flow

Total Net Flow across Bitcoin Sidechains in Q2 2024:

- Rootstock: +$4.4M
- BSquared: -$4.8M

(12/22)

IV. TVL by Category

1. TVL by Category - Merlin

As illustrated, Lending, DEX and Bridge are the 3 primary sectors that contributed to the majority of TVL within the Merlin network

(13/22)

Top Protocols leading each category on Merlin are:

- DEX: MerlinSwap
- Lending: Avalon Finance
- Bridge: Butter Network
- Derivatives: Surf Protocol
- Restaking: Pell Network

(14/22)

2. TVL by Category - Bitlayer

Top 3 main sectors in the Bitlayer ecosystem:

- Lending
- DEX
- Staking

(15/22)

Top Protocols leading each category on Bitlayer are:

- Lending: Avalon Finance
- DEX: Macaron
- Restaking: Pell Network
- Bridge: Meson
- Derivatives: YYEX
- CDP: bitSmiley

(16/22)

3. TVL by Category - Rootstock

Unlike the two chains above, the sector that contributed most TVL to Rootstock is Decentralized Stablecoin, followed by DEX and CDP

(17/22)

Top Protocols leading each category on Rootstock are:

- Decentralized Stablecoin: MoneyOnChain
- DEX: Sovryn AMM
- CDP: Sovryn Zero
- Lending: Tropykus RSK

(18/22)

V. NFTs Overview

Let’s take a look at some of the statistics regarding NFTs on Bitcoin in Q2 2024:

- Total Sales Volume: $1.016B
- Unique Sellers: 235K
- Unique Buyers: 246K
- Total Transactions: 745K

(19/22)

Top 10 NFT Collections on Bitcoin by 30D Volume

(20/22)

Top 10 Runes on Bitcoin by 30D Volume

(21/22)

Stay tuned for the upcoming report on the exciting landscape of Bitcoin Layer 2 & Sidechains!

(22/22)

https://x.com/Coin98Analytics/status/1814598272868364564