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Report: L1 blockchain will slow down due to reduced activity in 2024.
Golden Finance reported that in 2024, on-chain and market activities of the first-layer (L1) blockchain networks, including Ethereum, Solana, and BTC, have significantly decreased. Researchers Tanay Ved and Matías Andrade from Coin Metrics emphasized the challenges faced by these networks, as total fees and token performance fell below the early year's highs. According to a report by Coin Metrics researchers Tanay Ved and Matías Andrade, the Layer 1 (L1) blockchain performed strongly in early 2024 but lost momentum thereafter. Data shows that the year-to-date returns of most L1 Tokens have fallen below 50%, leading to a decrease in volume and total fees.