As we get ready for another crypto bull market, with Bitcoin surging past $45,000 in anticipation of expected BTC ETF approvals, it’s worth taking a look back at key industry developments. The crypto industry has reflected on significant developments throughout 2023 and plans towards a new year.
To that end, Messari has recently launched its annual crypto theses capturing the “key trends, people, companies, and projects to watch across the crypto landscape, with predictions for 2024.”
Tenderly, which offers full-stack infrastructure for each step of the dapp development lifecycle, also just launched a report deep-diving into the above. Titled “2023 EVM Network Landscape Report,” and featuring contributions from 0x, Infura, MetaMask, Nodereal, The Graph, Blockscout, Chainstack, Enso Finance, Goldsky, and Hyperlane, Tenderly’s report outlines the following key insights:
- A multichain system of independent networks and appchains benefits Ethereum’s scalability, ecosystem resilience, growth and innovation, and blockchain adoption.
- Key data shows increasing on-chain activity on Optimism, Arbitrum, Polygon, BNB Chain, Avalanche, and Base for chain-specific use cases.
- OP Stack, Polygon zkEVM, and Avalanche Subnets offer ready-made components that facilitate and accelerate new L2 and rollup deployments.
- Tooling and infrastructure availability on the chains listed in the report points to their developing ecosystems.
As noted in the update shared with CI, a growing number of providers “offer their services on ecosystem networks and appchains, underscoring the importance of multichain support.”
While Ethereum TVL surpasses TVL “on individual L2 networks, the aggregate value of L2 TVL is much higher than on Ethereum.”
Nebojsa Urosevic, co-founder & SVP of R&D at Tenderly said:
“As the EVM network landscape expands, it’s witnessing a pivotal transformation with the integration of L2 networks and appchains, each contributing to a more interconnected and robust blockchain ecosystem. This evolution signifies a harmonious blend of innovation and efficiency, where diverse Ethereum-based networks coalesce, offering scalable, resilient solutions. It’s a testament to how Ethereum’s foundational technology is not just growing but thriving, through collaborative efforts that ensure its place at the forefront of blockchain innovation. At Tenderly, we strive to support Web3 innovators and blockchain adoption by bringing all infrastructural components together in the multichain ecosystem.”
The full report may be accessed here.