May 2024 Public Chain Report: Regulatory Shifts and Market Trends
Tags: blockchain
Published: 2024-06-17 06:24:33

<img src="https://statichk.footprint.network/article/dca3b292-7abf-4d05-b5d2-f470ff37f186.png">
<span style="font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">June2024, </span><a href="mailto:stella@footprint.network"><span style="font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">stella@footprint.network</span></a><span style="font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> </span>
<span style="font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Data Source: </span><a href="https://www.footprint.network/public/research/chain/chain-ecosystem/chain-overview?series_date=past90days"><span style="font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Public Chain Research Page</span></a>

<br>
<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">May saw significant regulatory and political developments impacting the crypto market. The U.S. SEC's approval of initial filings for spot Ethereum ETFs boosted the performance of Ethereum and its Layer 2 solutions. The Trump campaign's announcement to accept cryptocurrency donations suggested potential market impacts from the upcoming U.S. presidential election. Solana continued its upward trajectory with key integrations and adoption by major platforms like PayPal. TON attracted significant attention with Pantera Capital's “largest investment” to date, alongside surging TVL and increasing on-chain activities.</span>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Data for this report was obtained from Footprint Analytics’ </span><a href="https://www.footprint.network/public/research/chain/chain-ecosystem/chain-overview?series_date=past90days"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">public chain research page</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> \- an easy\-to\-use dashboard containing the most vital stats and metrics to understand the public chain industry\, updated in real\-time\.</span>

<h2><span style="font-size:13.999999999999998pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Crypto Macro Overview</span></h2><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">In May 2024, significant regulatory developments contributed to market dynamics, with the U.S. Securities and Exchange Commission (SEC) approving the initial filings for spot Ethereum ETFs. This breakthrough helped Ethereum outperform the broader crypto market, supported by a shift in regulatory attitudes towards cryptocurrencies.</span>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Additionally, the political landscape influenced market sentiment as the Trump campaign announced it would accept cryptocurrency donations. This move suggests potential impacts of the upcoming U.S. presidential election on the crypto market, akin to shifts driven by Federal Reserve monetary policies.</span>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Conversely, the ongoing resolution of Mt. Gox's bankruptcy slightly restrained Bitcoin's price. The exchange, which has been in bankruptcy for a decade, announced last September that creditor repayments would begin in October 2024, raising concerns about potential market impacts from coin sell-offs. </span>

<h2><span style="font-size:13.999999999999998pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Public Chain Overview</span></h2><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">By the end of May, the total market cap of public chain cryptocurrencies rose 10.5% from April to $1.9 trillion. Bitcoin, </span><a href="https://www.footprint.network/public/research/chain/chain-stats/ethereum-overview?chain=Ethereum&amp;amp;amp;amp;series_date-85136=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Ethereum</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">, </span><a href="https://www.footprint.network/public/research/chain/chain-stats/bnb-chain-overview?chain=BNB%20Chain&amp;amp;amp;amp;filter_the_data_of_recent_days_below_to_exclude_the_current_day-85146=7&amp;amp;amp;amp;series_date-85152=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">BNB Chain</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">, and Solana led with market shares of 62.9%, 21.4%, 4.1%, and 3.6%, respectively. Notably, Ethereum’s share increased from 19.7% to 21.4%, while Solana’s from 3.1% to 3.6%. </span>
<img src="https://statichk.footprint.network/article/74b118aa-27cc-4064-9a69-1ca1b4df6680.png"><em><span style="font-size:9pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Source:</span> <a href="https://www.footprint.network/@Higi/All-Chain-Overview?series_date=2024-05-01~2024-05-31&amp;amp;amp;amp;channel=EN-673"><span style="font-size:9pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Public Chain Token Market Cap Share</span></a></em>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">In May 2024, Bitcoin rebounded from its April-end lows to register a gain, climbing from $60,653 at the start of the month to $67,606 by its close, an increase of 11.5%. Similarly, Ether showed a robust recovery, with its price moving from $3,011 to $3,778 over the same period, an uplift of 25.5%. </span>
<img src="https://statichk.footprint.network/article/d8636d55-2032-4399-aa38-a230e6c72f60.png"><em><span style="font-size:9pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Source:</span> <a href="https://www.footprint.network/@KikiSmith/BTC-ETH-Decentralized-Stablecoin-Market-Analysis?date_filter=2024-01-01~2024-05-31&amp;amp;amp;amp;channel=EN-673"><span style="font-size:9pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">BTC Price & ETH Price</span></a></em>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Supported by broader crypto market trends, public chain cryptocurrencies recovered from April's poor performance. Besides Bitcoin and Ethereum, Solana's market cap increased by 34.5%, NEAR by 19.0%, and </span><a href="https://www.footprint.network/public/research/chain/chain-stats/avalanche-overview?chain=Avalanche&amp;amp;amp;amp;filter_the_data_of_recent_days_below_to_exclude_the_current_day-85163=7&amp;amp;amp;amp;series_date-85168=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Avalanche</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> by 14.8%. </span>
<img src="https://statichk.footprint.network/article/43718a9d-4441-44aa-bedd-0d218e2aff0b.png"><em><span style="font-size:9pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Source:</span> <a href="https://www.footprint.network/@Higi/All-Chain-Overview?series_date=2024-05-01~2024-05-31&amp;amp;amp;amp;channel=EN-673"><span style="font-size:9pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Public Chain Token Market Cap and Price</span></a></em>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Toncoin's price rose by 23.0%, but its market cap fell by 14.6%. On May 30, The Open Network (TON) </span><a href="https://t.me/s/tonblockchain"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">announced</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> an update to the circulating supply of Toncoin on data aggregators, excluding Toncoin held by Telegram, The Open Network Foundation, and the TON Believers Fund. This update caused an immediate drop in Toncoin's market cap.</span>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Total Value Locked (TVL) in the public chain sector reached $87.2 billion at the end of May, marking a 14.7% increase from April, with Ethereum, Tron, and BNB Chain leading the way. Notably, TON’s TVL surged by 106.4% within the month.</span>
<img src="https://statichk.footprint.network/article/1339e6b6-6c19-4bb5-bca8-ea24c6d745a5.png"><em><span style="font-size:9pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Source:</span> <a href="https://www.footprint.network/@Higi/All-Chain-Overview?series_date=2024-05-01~2024-05-31&amp;amp;amp;amp;channel=EN-673"><span style="font-size:9pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Public Chain TVL Ranking</span></a></em>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Solana continued its upward trend in May, driven by ongoing meme coin activities and significant developments. LayerZero added Solana to its cross-chain bridge network, connecting it to seven chains: Ethereum, Avalanche, Polygon, Arbitrum, BNB Chain, Optimism, and Base, with plans to expand to over 70 blockchains. Additionally, PayPal chose the Solana blockchain to expand its stablecoin, PayPal USD (PYUSD), marking its first move beyond the Ethereum ecosystem.</span>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">TON also attracted significant attention. In early May, Pantera Capital, managing over $5 billion in assets, announced its “</span><a href="https://panteracapital.com/blockchain-letter/ton-our-largest-investment-ever/"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">largest investment ever</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">” in TON. Moreover, Telegram gaming bot projects like Tapswap and Hamster Kombat are gaining traction amid the Notcoin hype, bringing more users to TON and increasing on-chain activities.</span>

<h3><span style="font-size:12pt;font-family:Arial,sans-serif;color:#434343;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Developments within Major Layer 1 Blockchains in May 2024</span></h3><h4><span style="font-size:12pt;font-family:Arial,sans-serif;color:#666666;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Bitcoin</span></h4><ul><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Blackrock's Bitcoin ETF has become the fastest ETF to reach $20 billion. </span></li><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Animoca Brands has announced its plans to enter the Bitcoin ecosystem by leveraging the Opal Protocol.</span></li></ul>

<h4><span style="font-size:12pt;font-family:Arial,sans-serif;color:#666666;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Ethereum</span></h4><ul><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Spot ETH ETFs could see 25% of the demand of BTC counterpart – Bloomberg analysts.</span></li><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">A group of prominent Ethereum developers, including Vitalik Buterin, has proposed a new transaction type (EIP-7702) to enhance the functionality and security of Externally Owned Accounts (EOAs). </span></li></ul>

<h4><span style="font-size:12pt;font-family:Arial,sans-serif;color:#666666;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">BNB Chain</span></h4><ul><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">BNB Chain announced 4 hardforks on opBNB testnet and the cas cost on opBNB will be 10x lower.</span></li><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">BNB Chain introduced its latest trading volume incentive program. </span></li></ul>

<h4><span style="font-size:12pt;font-family:Arial,sans-serif;color:#666666;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">NEAR</span></h4><ul><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">NEAR increased its shards from 4 to 6 to handle more transactions smoothly.</span></li><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">NEAR announced the launch of NEAR AI, a new research and development lab.</span></li></ul>

<h4><span style="font-size:12pt;font-family:Arial,sans-serif;color:#666666;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Sui</span></h4><ul><li><a href="https://www.footprint.network/public/research/chain/chain-stats/sui-overview?chain=Avalanche&amp;amp;amp;amp;series_date-85907=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Sui</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> refuted criticism of the tokenomics around the distribution and control of its SUI token.</span></li><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Sui's social login primitive zkLogin adds multi-signature recovery and support for Apple accounts.</span></li></ul>

<h4><span style="font-size:12pt;font-family:Arial,sans-serif;color:#666666;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Polygon</span></h4><ul><li><a href="https://www.footprint.network/public/research/chain/chain-stats/polygon-overview?chain=Polygon&amp;amp;amp;amp;filter_the_data_of_recent_days_below_to_exclude_the_current_day-85180=7&amp;amp;amp;amp;series_date-85182=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Polygon</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> Labs announced SP1 would be used to create pessimistic proofs for the AggLayer to help guarantee the security of an aggregated network.</span></li></ul>

<h4><a href="https://www.footprint.network/public/research/chain/chain-stats/core-overview?chain=Core&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Core Chain</span></a></h4><ul><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Core DAO’s Gaming Summer Jam - Summer 2024 began on May 20. </span></li></ul>

<h4><a href="https://www.footprint.network/public/research/chain/chain-stats/gala-chain-overview?chain=GalaChain&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">GalaChain</span></a></h4><ul><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">An unidentified hacker breached Gala Games' internal controls, minting 5 billion new GALA tokens on May 20. The Gala Games team detected the breach and deployed their blocklist functionality to isolate the attacker’s address.</span></li></ul>

<h2><span style="font-size:13.999999999999998pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Layer 2</span></h2><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">In May, the SEC’s approval of initial filings for spot Ethereum ETFs boosted the performance of </span><a href="https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview?%253E%253D_date-84008=2023-08-01&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Ethereum Layer 2s</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">. </span><a href="https://www.footprint.network/public/research/chain/chain-stats/arbitrum-overview?chain=Arbitrum&amp;amp;amp;amp;series_date-85559=2010-01-01~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Arbitrum</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> led the market with a 44.8% share and a 19.6% increase in TVL. </span><a href="https://www.footprint.network/public/research/chain/chain-stats/optimism-overview?chain=Optimism&amp;amp;amp;amp;filter_the_data_of_recent_days_below_to_exclude_the_current_day-85191=7&amp;amp;amp;amp;series_date-85202=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Optimism</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> followed with a 22.2% market share and a 13.1% increase in TVL. Blast saw a 22.3% increase in TVL, and Base experienced a 27.2% rise.</span>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Linea’s TVL surged by 82.9% due to its DeFi event, Linea Surge, which attracted more DeFi enthusiasts and significantly increased TVL on the network. Manta Pacific’s TVL increased by 17.4% following the successful launch of Manta CeDeFi, a new product offering rewards from both CeFi and DeFi yields.</span>
<img src="https://statichk.footprint.network/article/9029d8cd-9271-4438-a798-b2b0a5a5e476.png"><em><span style="font-size:9pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Source:</span>  <a href="https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview?%253E%253D_date-84008=2023-08-01&amp;amp;amp;amp;single_date-86180=2024-05-31"><span style="font-size:9pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Layer 2 Overview</span></a></em>

<h3><span style="font-size:12pt;font-family:Arial,sans-serif;color:#434343;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Developments within Major Layer 2 Blockchains in May 2024</span></h3><h4><span style="font-size:12pt;font-family:Arial,sans-serif;color:#666666;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Arbitrum</span></h4><ul><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Arbitrum is the first Layer 2 to pass $150B in swap volume according to Uniswap Labs.</span></li><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Injective plans to launch its own layer-3 network "inEVM " based on Arbitrum's Orbit toolkit.</span></li></ul>

<h4><span style="font-size:12pt;font-family:Arial,sans-serif;color:#666666;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Optimism</span></h4><ul><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Layer 3s can join the Superchain by building on the OP Stack and sharing revenue with the Collective.</span></li></ul>

<h4><a href="https://www.footprint.network/public/research/chain/chain-stats/starknet-overview?series_date-80244=past90days&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Starknet</span></a></h4><ul><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">StarkWare has introduced a new scaling framework based on ZK execution sharding called ZKThreads.</span></li></ul>

<h4><span style="font-size:12pt;font-family:Arial,sans-serif;color:#666666;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Blast</span></h4><ul><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Blur launches on Blast, offering Blast Points and 2 million in GOLD rewards. </span></li></ul>

<h4><span style="font-size:12pt;font-family:Arial,sans-serif;color:#666666;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Taiko</span></h4><ul><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Taiko goes live on mainet on May 27.</span></li></ul>

<h4><span style="font-size:12pt;font-family:Arial,sans-serif;color:#666666;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Rootstock</span></h4><ul><li><a href="https://www.footprint.network/public/research/chain/chain-stats/rootstock-overview?chain=rootstock&amp;amp;amp;amp;%253E%253D_date-84854=2023-01-01&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Rootstock</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> founder said Bitcoin's Ethereum-style programmability could come in 12 months.</span></li></ul>

<h4><span style="font-size:12pt;font-family:Arial,sans-serif;color:#666666;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Merlin Chain</span></h4><ul><li><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Merlin’s Seal was available to unstake according to </span><a href="https://www.footprint.network/public/research/chain/chain-stats/merlin-overview?chain=Merlin&amp;amp;amp;amp;series_date-85559=2010-01-01~&amp;amp;amp;amp;series_date-93099=2010-01-01~&amp;amp;amp;amp;past_days-96438=7&amp;amp;amp;amp;series_date_1-96421=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Merlin</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> Developer Update on May 10th. </span></li></ul>

<h2><span style="font-size:13.999999999999998pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Web3 Gaming</span></h2><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">In April, 1,525 games were active across various blockchains, with </span><a href="https://www.footprint.network/public/research/gamefi/game-overview/single-chain?chain=BNB%20Chain&amp;amp;amp;amp;series_date-79659=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">BNB Chain</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">, </span><a href="https://www.footprint.network/public/research/gamefi/game-overview/single-chain?chain=Polygon&amp;amp;amp;amp;series_date-79659=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Polygon</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">, and </span><a href="https://www.footprint.network/public/research/gamefi/game-overview/single-chain?chain=Ethereum&amp;amp;amp;amp;series_date-79659=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Ethereum</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> leading with market shares of 23.3%, 19.7%, and 15.7% respectively.</span>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Among the 3.3 million DAUs in May, </span><a href="https://www.footprint.network/public/research/gamefi/game-overview/single-chain?chain=Ronin&amp;amp;amp;amp;series_date-79659=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Ronin</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">, Polygon, and </span><a href="https://www.footprint.network/public/research/gamefi/game-overview/single-chain?chain=Near&amp;amp;amp;amp;series_date-79659=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Near</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> continued to lead the sector, similar to the previous month. Ronin maintained its dominance with approximately 29.0% market share. Near saw its share increase from 12.1% at the beginning of May to 14.8% by the end of the month. </span><a href="https://www.footprint.network/public/research/gamefi/game-overview/single-chain?chain=Flow&amp;amp;amp;amp;series_date-79659=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Flow</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> also experienced growth, with its share rising from 0.7% to 3.3%. Conversely, BNB Chain's share declined from 8.0% to 5.9%.</span>
<img src="https://statichk.footprint.network/article/49fed017-d404-46e6-bda9-653659c9b1ff.png"><em><span style="font-size:9pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Source:</span> <a href="https://www.footprint.network/@DamonSalvatore/Gamers-Reasearch?series_date=2024-05-01~2024-05-31&amp;amp;amp;amp;channel=EN-673"><span style="font-size:9pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Daily Active Users by Chain</span></a></em>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">On May 24th, the </span><a href="https://www.footprint.network/public/research/gamefi/game-overview/single-chain?chain=Arbitrum&amp;amp;amp;amp;series_date-79659=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Arbitrum</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> community initiated voting on the 200 million ARB Gaming Catalyst Plan, set to conclude on June 8th, aimed at bolstering gaming on the network. At the time of this report, the proposal has secured </span><a href="https://www.tally.xyz/gov/arbitrum/proposal/53472400873981607449547539050199074000442490831067826984987297151333310022877"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">majority support</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">, with 80.6% in favor. Concurrently, Arbitrum is developing a Layer 3 game-specific chain ecosystem, with the multi-chain NFT game ecosystem Polychain Monsters announcing a similar initiative through Altlayer.</span>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">The </span><a href="https://www.footprint.network/public/research/gamefi/game-overview/single-chain?chain=Starknet&amp;amp;amp;amp;series_date-79659=past90days~&amp;amp;amp;amp;channel=EN-673"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Starknet</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> Foundation awarded a 2 million STRK grant to the on-chain metaverse game, Realms.World, as part of a broader strategy to distribute 50 million STRK tokens to enhance Starknet’s gaming ecosystem, announced in March.</span>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">The iconic Web2 soccer game Captain Tsubasa debuted on Oasys in May, developed by Mint Town, Co., Ltd. and BLOCKSMITH&Co., subsidiaries of mobile gaming giant KLab Inc. Oasys is actively pursuing further collaborations with Mint Town and other developers to integrate premium intellectual properties(IP) into blockchain games.</span>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">For more data insights, you can get it from the May Web3 gaming report: </span><a href="https://www.footprint.network/article/may-2024-web3-game-report-growth-trends-and-evolving-user-engagement-f2kEfCvI"><span style="font-size:12pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">May 2024 Web3 Game Report: Growth Trends and Evolving User Engagement</span></a><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">.</span>

<h2><span style="font-size:13.999999999999998pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Investment & Funding</span></h2><span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">In May, the public chain sector recorded 17 funding events totaling $89.7 million, a 14.3% decrease from April. However, 7 of these events did not disclose detailed funding amounts. Notably, Pantera Capital announced its investment in TON as its “largest investment ever.” Previously, Pantera's largest investment was $250 million, used to purchase Solana (SOL) at a discount from the estate of the bankrupt FTX exchange.</span>
<img src="https://statichk.footprint.network/article/4d208ff7-ceb6-4ddd-933e-6eb396beedc5.png"><em><span style="font-size:9pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Public Chain Funding Events in May 2024 (Source:</span> <a href="http://crypto-fundraising.info"><span style="font-size:9pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">crypto-fundraising.info</span></a><span style="font-size:9pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">）</span></em>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Technology advancement remains a key focus within the blockchain infrastructure sector, drawing significant investor interest. One of the key advancements is the integration of Real World Assets (RWA) in crypto applications. In May, Layer 1 blockchain E Money Network and Ethereum Layer 2 Plume Network both secured new funding rounds to integrate RWA with their networks.</span>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Humanity Protocol is another notable example, having raised $30 million at a $1 billion valuation. The startup is developing a blockchain-based identity system that uses palm scans to recognize individuals, aiming to verify online identities in an era of artificial intelligence deepfakes. This funding event propelled Humanity Protocol to unicorn status in less than a year.</span>

<span style="font-size:12pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Interestingly, identifying a Layer 2 as specifically a Bitcoin or Ethereum Layer 2 is becoming more challenging, as many Layer 2 solutions are now building on multiple Layer 1s or supporting the scaling of multiple chains. For instance, Lumoz, a modular compute layer and ZK-RaaS platform, simplifies ZK-Rollup usage and promotes wider adoption. It supports several networks, including those built on Ethereum, Bitcoin, and BNB Chain.</span>

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<span style="font-size:12pt;font-family:Arial,sans-serif;color:#333333;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_</span>
<span style="font-size:12.499999999999998pt;font-family:Arial,sans-serif;color:#24292f;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">What is Footprint Analytics?</span>

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<span style="font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Footprint Analytics is a blockchain data solutions provider. We leverage cutting-edge AI technology to help analysts, builders, and investors turn blockchain data and combine Web2 data into insights with accessible visualization tools and a powerful multi-chain API across 30+ chains for NFTs, games, wallet profiles, and money flow data.</span>

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<a href="https://www.footprint.network/"><span style="font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Website</span></a><span style="font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> \| </span><a href="https://twitter.com/Footprint_Data"><span style="font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">X / Twitter</span></a><span style="font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> \| </span><a href="https://t.me/Footprint_Analytics"><span style="font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Telegram</span></a><span style="font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span"> \| </span><a href="https://discord.gg/3HYaR6USM7"><span style="font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;" data-raw-html="span">Discord</span></a>

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