Data Insight: As the tide recedes, who are the 15 headline public chains and eco-protocols performing the best?

The synergistic development of the underlying public chain and the upper layer protocol has jointly promoted the landing of blockchain technology from the virtual to the real. In the past two years when the market was upward, the public chain and protocols often complemented each other, and the public chain tokens and protocol tokens usually went up in tandem, and it can even be said that the development of DeFi promoted the progress of the public chain to a certain extent. But now that the market has gone downward, with the vast majority of assets falling and a liquidity crisis on the horizon, what situation will public chains and protocols face against this backdrop? Which is better or worse, the performance of public chain tokens or protocol tokens?

In this regard, PAData, a data news column of PANews, analyzed the liquidity performance of 15 public chains with high lockups and good development (hereinafter referred to as "head public chains"), as well as the five protocols on five public chains with the highest lockups (hereinafter referred to as "head protocols") in the first half of the year. (hereinafter referred to as "Head Protocols") in the first half of the year, and the changes in liquidity and the market performance of their tokens. The analysis found that:

(1) Stock funds gathered towards the head public chains, with the total lockup share of the 15 head public chains rising from 87% in January to 94% in June, and stock funds also gathered towards Ethereum, BSC and Tron among them, with the lockup share of these three public chains increasing by 0.037, 0.015 and 0.035 percentage points respectively.

(2) The stock of funds gathered to the head protocols, and the percentage of lockups of head protocols on Ethereum rose about 8 percentage points, while the percentage of lockups of head protocols on BSC, Tron, Avalanche and Solana rose 13 percentage points, 9 percentage points, 5 percentage points and 2 percentage points, respectively.

(3) The decline in the average lockups of header protocols is basically smaller than the decline in the total lockups of their underlying public chains, which, combined with the previous article, indicates that funds are converging towards the header protocols of header public chains. For example, in the first half of the year, the decline in the average lockup of Ethereum's header protocols was about 21 percentage points less than the decline in the total lockups of the underlying public chains, and similarly, the decline in the average lockups of the header protocols of BSC, Avalanche, and Solana was about 7, 1, and 3 percentage points less than the decline in the total lockups of the underlying public chains, respectively.

(4) In addition to the public chains and protocols that did not issue tokens, the coin price of the remaining 14 public chain tokens fell by an average of approximately 72.21% in the first half of the year, and the coin price of the 20 protocol tokens fell by an average of approximately 69.65% in the first half of the year. Overall, the performance of the coin prices of public chain tokens and protocol tokens in the first half of the year was basically comparable, with the protocol tokens performing slightly better with a slightly smaller decline.

5. However, for the 5 public chains with the highest lockups, among them, public chain tokens ETH, BNB, TRX and AVAX all performed better in the first half of the year with a smaller drop in coin price than the average drop in coin price of the head protocols on their public chains.

(6) The average highest theoretical return for the 14 public chain tokens was about 8.75%, while the average lowest theoretical return was about -82.05%. 20 protocol tokens had an average highest theoretical return of about 15.16%, while the average lowest theoretical return was about -79.57%. Overall, both have more room for loss and less room for profit. However, compared to the public chain tokens, the protocol tokens have almost 7 percentage points more room for profit and a slightly smaller 2 percentage points room for loss, with better potential return performance.