BTC price reaches a new high: evaluating the core indicators of top Blockchain.

Bitcoin has just set a new all-time high, reaching $123,000. With venture capital in the crypto assets sector surpassing $10 billion in the second quarter, marking the strongest quarterly performance since early 2022, new funds are flowing back into the field. However, with a dozen major blockchains competing for market attention, builders and investors must conduct due diligence. The blockchain rating project led by the Wyoming government provides data-driven assessment dimensions, which comprehensively evaluate various blockchain networks based on core indicators such as transaction speed, system security, and adoption rate.

We use a revised optimization model to conduct an analysis of various Blockchain projects under equal benchmarks. This model aims to comprehensively evaluate their core indicators under equal conditions; at the same time, it explains the reasons why well-known blockchains like XRP and Tron are not included in the review scope.

Analyze Core Assessment Indicators

To clarify the scoring criteria, the following is a brief explanation of the definitions of various indicators in the Blockchain rating system:

● Network stability duration: Measures the continuous operation time of the public chain without major reorganizations or technical failures. The operating duration reflects reliability and serves as the foundation for institutional users to establish trust.

● Daily Active Users: Based on the dynamic monitoring of the average daily active wallet addresses within the quarter, reflecting the actual user scale and ecosystem participation.

● Total Value Locked (TVL): The total dollar value of assets locked in on-chain DeFi applications. A high TVL reflects capital confidence and the depth of the ecosystem.

● Stablecoin Market Cap: Total value of on-chain stablecoins. This metric reflects the actual utility scale of Blockchain as a financial settlement layer.

● Transaction Throughput (TPS): Measured network throughput. High TPS public chains can support the transaction needs of real-world scenarios such as payments and gaming.

● Single transaction fee: The dollar cost required to complete basic transactions. Low fees enhance accessibility for retail users and small payments.

● Block generation time: The time it takes to produce a new Block. A shorter time means faster transaction confirmation and a better user experience.

● Transaction Finality: The time required for a transaction to become irreversible. Quick finality is essential for settlement, as it can prevent double spending and delay risks.

● Privacy Protection Mechanism: Assess whether to configure optional enhanced privacy modules, balancing the needs of sensitive scenarios with regulatory compliance.

● Cross-chain interoperability: Multi-chain communication capabilities achieved through native bridging or protocols like CCIP, supporting asset flow across chains.

● Smart Contract Functionality: The level of support for complex on-chain logic and programmability. This is the foundation for DeFi, automation, and customized application layers.

● Application scenario scale: The number and scale of actual deployment cases related to stablecoins, verifying the capability of technology implementation.

● Institutional Collaboration: Actively collaborate with payment companies or the government to reflect recognition in the physical sector.

● Entity Compliance Record: Assess the past legal/regulatory violations of the operating entity. Having no violation record can enhance credibility.

● Team Background: Core team legal background review. A clear history can reduce governance and reputation risks.

● Resistance to technological threats: Assess the history of vulnerabilities, downtime, or major hacking attacks. The security chain earns more trust.

● Network Availability: Tracking runtime and performance stability. This is the key guarantee for the continuous operation of stablecoins.

● Vulnerability Reward Mechanism: Is there a white hat hacker reward mechanism in place? It encourages proactive security reinforcement and reflects a forward-looking approach to protection.

● Code maintenance intensity: Assess the vitality of technological iteration through the frequency of code repository updates and developer activity.

Evaluation of Ranking Update: Leading Blockchain Projects Ranking and Core Advantage Analysis

Figure 1: Mainstream Blockchain Comprehensive Score Update (Higher scores represent better overall performance) data source: Bitfox.ai

Based on the revised assessment model and excluding two non-applicable indicators, Solana ranks first with a total score of 32 points, followed by Aptos with 29 points in second place. The current rankings are: Solana (32 points), Aptos (29 points), Sei and Avalanche (27 points), Arbitrum and Ethereum (26 points). This scoring comprehensively reflects the speed, cost, security, and usage of public chains. It should be noted that some data sources may show Aptos scoring 32 points, but this is due to the inclusion of two additional indicators not used in the early assessments of chains like Solana. To ensure a fair comparison, we have uniformly adjusted the scores of public chains like Aptos by excluding the impact of these two indicators.

The core reason why Solana and Aptos occupy the top spots in the scoring chart is their outstanding balance in transaction speed, cost-effectiveness, and ecological scalability. Solana's high score benefits from its exceptional throughput (thousands of TPS) and ultra-low fees, along with a large user base (peak TVL exceeding $10 billion) and DeFi ecosystem; while the newer Aptos, although operational for only about two years (stability score slightly lower than Solana), has its technology architecture based on the Move secure programming language, approximately 1-second transaction finality speed, and rapidly expanding developer ecosystem, pushing it to the second place with a score of 29. Avalanche and Sei perform excellently in specific areas: Avalanche achieves scalability with rapid finality and a unique subnet architecture, while Sei is built specifically for high-speed trading with instant finality—both earning high scores of 27 in performance. However, limited by Avalanche's current activity level and TVL being lower than Solana, and Sei's ecosystem still under construction, their total scores fall slightly short of the leaders.

Despite having a nine-year history of stable operation, excellent security, and a large ecosystem (leading in this dimension), Ethereum faces throughput bottlenecks (around 15 TPS) and high transaction costs (averaging >2 USD) due to current technical conditions, which restricts its performance evaluation dimension, resulting in a comprehensive score of 26 points. This result highlights the emphasis of this assessment system on technical efficiency and cost indicators, both of which are considered key elements in the development of the developer ecosystem. Among L2 solutions, Arbitrum scores 26 points due to low fees and a considerable number of users, but its transaction finalization speed is limited by Ethereum's ten-minute settlement mechanism, and it has only two years of operational history; other public chains like Polygon, Sui, Base, and Stellar fall within the 20-25 points range, with each chain displaying differentiated strengths and weaknesses in the evaluation indicators.

Figure 2: Ethereum dominates the DeFi market, but due to low technical efficiency, it still lags behind. Data source: Bitfox.ai

In summary, within the current evaluation system, public chain platforms that combine high performance (processing speed and throughput capacity), low transaction costs, and continuous user growth generally have comprehensive scores that surpass those of projects with high maturity but limited performance or high costs. Solana and Aptos are prime examples of this balance. Although Ethereum remains the public chain that has undergone the most thorough practical testing and has the highest degree of decentralization, it scores lower on the "performance" metrics. It is noteworthy that this scoring model also includes some "additional" factors (beyond core speed and usage metrics), such as support for compliance functions and completeness of development tools—these factors have previously provided extra points for Stellar and Solana (as well as early Aptos). It should be specifically noted that the latest revised model has eliminated two additional metrics from the initial assessment that are no longer applicable (such as compliance support tools and completeness of the developer ecosystem), which adjustment reduced Aptos's score by 3 points, ensuring Solana occupies the top position. The evaluation results highlight the core conclusion: in the market environment following Bitcoin's historic peak, builders should place high importance on fundamental metrics such as throughput, transaction finality, and user growth when choosing a public chain.

Figure 3: Comprehensive scoring dimension breakdown structure of various public chain projects

In-depth Comparison of the Five Major Public Chains: Multi-dimensional Evaluation and Analysis

This section provides an in-depth analysis of the top five public chains—Solana, Aptos, Avalanche, Sei, and Ethereum—based on the scoring data from Wyoming for the fourth quarter of 2024 to the first quarter of 2025, examining broader dimensions such as compliance, privacy features, development tools, and ecosystem maturity.

Figure 4: Key metrics of the five major Blockchains (Solana, Aptos, Avalanche, SEI, Ethereum). data source: Bitfox.ai

1. Solana: High performance, low cost, and a vast ecosystem

● Technical Advantages: Leading the industry with a throughput of over 1000 TPS and ultra-low transaction fees of approximately $0.003, while also achieving transaction finality in about 13 seconds and sub-second block generation speed.

● Users and Adoption: The number of quarterly active addresses exceeds 480 million, making it the highest user activity among all evaluated public chains; with a TVL (Total Value Locked) of 6.6 billion USD, it ranks second, showcasing strong user trust.

● Compliance and Expansion: Meets core regulatory-friendly requirements (support for analytical tools, on-chain data traceability), but does not include asset freezing functionality. Additional points are gained through the completeness of developer tools, integration of analytical systems, and maturity of the ecosystem.

● Privacy and Risks: Privacy features have not been a primary focus, and there have been historical instances of network interruptions; however, recent upgrades have significantly improved network stability.

2. Aptos: Instant finality speed, emerging ecosystem rise

● Technical Highlights: Setting the industry benchmark with sub-second finality of 0.9 seconds and block generation speed of 0.13 seconds, with transaction fees as low as $0.0001, achieving full marks in fees, finality, and smart contract capabilities.

● Adopted and Ecosystem: Active users exceeded 904,000, the decentralized finance ecosystem continues to expand, receiving support from top venture capital, with over 1,000 active developers.

● Compliance and Rewards: APTOS continues in the decentralized finance ecosystem.

● Privacy and Risks: Lack of built-in privacy features, and a shorter operational time (end of 2022) affects stability rating.

Maintained a zero record of major security incidents to date.

3. Avalanche: Fast Settlement and Customized Architecture

● Core technical advantages: The use of the Snowman consensus mechanism achieves an approximate block time of 2 seconds and an approximate transaction finality of 1 second, with actual TPS stabilizing at 5-10, but throughput can be elastically expanded through subnet architecture.

● Ecosystem status: Approximately 43,000 active users, TVL maintained at the level of 1.2 billion USD, the user base and stablecoin metrics are limited by the current adoption rate.

● Compliance Features: Provides asset freezing functionality and a robust governance toolkit, with cross-chain interoperability and customizable subnet architecture receiving extra points, while development tool support and data analysis compatibility perform well.

● Privacy and Risk: No native privacy mechanism, 1500 validator nodes represent moderate decentralization, and the technical robustness has been validated through practice.

4.SEINetwork: Professional Level Public Blockchain for Financial Scenarios

● Technical Advantages: SEI has near-instant finality (about 400 milliseconds) and negligible fees (<$0.0005). It is tailored for high-frequency trading applications.

● Ecosystem maturity: Approximately 426,000 quarterly users and $400 million TVL, the ecosystem is still growing.

● Compliance and Features: SEI scores high on other standards such as stability, analytical compatibility, and lack of reorganization. Its institution-centric design complies with regulatory use.

● Privacy and Risks: Lack of privacy features but maintaining 100% availability, limited verification nodes, and short online time (2023), reducing decentralization and stability ratings.

5.Ethereum: Security Giant, Performance Limited

● Technical Advantages: Ethereum scores lower in performance (15–30 TPS, 12S block interval, $1 gas fee), but is unparalleled in decentralization and security.

● Ecosystem Scale: Still the number one in DEFI, with approximately $49 billion in TVL and a wide range of application ecosystems, having tens of millions of users on the mainnet and secondary networks.

● Compliance and Development Ecosystem: Lacks freezing functionality at the basic layer, but excels in auditability, openness, and development tools, with comprehensive hosting and analysis support.

● Privacy and Risks: Not natively supporting privacy transactions, rated with the highest reliability as the most stable and transparent platform.

Analysis of the reasons for some mainstream public chains being eliminated

Not all popular public chains can pass the admission screening in Wyoming. The state employs a strict binary filtering mechanism - public chains must fully meet all core requirements to enter the scoring phase, otherwise, they are directly eliminated. These admission requirements aim to ensure the regulatory compliance, operational transparency, and foundational decentralization level of the projects. The core screening criteria include:

●Permissionless Network: Any user can conduct transactions or deploy applications without approval.

●Open access for validators: Validation nodes must support free entry, rather than selective designation.

●On-chain analysis support: Public chains must support transaction tracking and integrate with analysis tools.

●Supply Transparency: The total token supply and issuance mechanism must be publicly accessible.

● Asset freezing/seizure function: The protocol layer needs to have asset control capabilities in legal scenarios.

●Custody and Compliance Support: Requires technical support from mainstream custody service providers or compliance analysis platforms.

According to Wyoming standards:

● Tron ( is excluded due to the centralization of validators (27 fixed representatives) and lack of compliance analysis and custodial service support. Its protocol layer's lack of asset freezing tools also does not meet the requirements.

●XRP Ledger was disqualified due to its validator admission mechanism (Unique Node List UNL) violating the principle of openness, despite supporting token freezing and transparent supply.

●Cardano was mainly excluded due to the lack of asset freezing/seizure functionality at the protocol layer, with its architecture overly emphasizing decentralization at the expense of compliance.

●Monero's complete privacy model results in transactions being untraceable, making it impossible to meet on-chain analysis requirements.

● Other public chains such as Cronos, EOS, etc. have not passed the screening due to restrictions on validator admission or the lack of transparency tools.

This screening mechanism does not assess technical parameters or user scale, but rather focuses on whether the public chain can support public sector and compliant stablecoin applications. The framework in Wyoming indicates these core conditions that institutional-level public chains must meet in the future.

Conclusion: Breakthrough irrational market follow, the value of underlying infrastructure returns to core.

As Bitcoin reaches a new all-time high (ATH), attracting capital into the crypto space, the actual performance metrics of the technical infrastructure become key selection benchmarks. As this assessment shows, core parameters such as throughput, scalability, cost-effectiveness, transaction finality speed, and reliable operating records have a decisive impact on the practical usability of public chain technology. The leading advantages of Solana and Aptos indicate that the new generation of architecture significantly surpasses traditional networks in these key dimensions—providing a better user experience and expansion potential for decentralized applications (DApps). Meanwhile, the universality and security value of Ethereum's ecosystem are fully recognized, but builders must face its existing performance bottlenecks (which is the fundamental reason for the existence of layer 2 solutions). However, as shown by the ratings of arbitration chains like Arbitrum and Optimism, such solutions also exhibit technical trade-off characteristics.

More importantly, institutional factors (governance structure, compliance capability, and supporting ecosystem) have an undeniable weight in evaluation value. Several high-profile public chain projects have been completely excluded from the evaluation system due to the lack of key characteristics expected by physical enterprises and regulatory agencies. This provides key insights for builders and investors: the choice of public chains should not be limited to quantifiable indicators such as throughput (TPS) or total locked value (TVL), but should also consider their openness, operational transparency, and system expansion potential. Blockchain architectures that lack the ability to integrate compliance analysis tools or audit feasibility will imply systemic risks in the medium to long-term operational phase.

During the subsequent historical peak (ATH) cycle, the focus of the blockchain industry is shifting from irrational arbitrage to the construction of application layers that can support a user scale of millions. The establishment of the Wyoming assessment system reflects this trend evolution—it emphasizes replacing the market speculation-dominated assessment paradigm with technology efficiency indicators (transaction speed, security mechanisms, cost structures, and community ecology). For decision-makers in smart contract deployment and ecological strategic layout, public chain projects with comprehensive performance ranking at the top (such as Solana, Aptos, etc.) demonstrate outstanding performance across four core dimensions. By adopting a homogenous data analysis framework and combining it with key defect analysis of projects that did not pass the screening (such as the centralization of Tron’s verification mechanism and the lack of audit feasibility for Monero), project parties and investors can accurately select blockchain infrastructure with successful carrying capacity in the new phase of the market cycle.