The blockchain landscape in September 2024 witnessed dynamic shifts, marked by a surge in Bitcoin Layer2 total value locked (TVL), the rise of Sui into the top 15 public blockchains by market cap, and ongoing evolution within the Ethereum ecosystem. Favorable macroeconomic developments and regulatory clarity fueled investor confidence, driving growth across multiple sectors — from DeFi to blockchain gaming.
This report leverages data from Footprint Analytics, offering real-time insights into key blockchain metrics including market capitalization, TVL, user activity, and funding trends.
Market Overview: Macro Tailwinds Fuel Crypto Rally
September delivered strong performance across major cryptocurrencies. Bitcoin opened the month at $57,429 and closed at $63,485 — a 10.5% increase. Ethereum followed with a solid 7.3% gain, rising from $2,426 to $2,603. Notably, the ETH/BTC ratio hit a cycle low of 0.0386 mid-month, reflecting Bitcoin’s outperformance.
Several macro and regulatory catalysts contributed to this bullish momentum:
- Monetary Policy Shifts: On September 18, the U.S. Federal Reserve surprised markets with a 50-basis-point rate cut — one of the most significant in years. Later in the month, China announced fiscal stimulus measures that boosted global risk assets.
- Regulatory Progress: The U.S. Securities and Exchange Commission (SEC) approved listing applications for spot Bitcoin ETP options, signaling a more accommodating regulatory stance.
- Institutional Adoption: BNY Mellon signaled its intent to offer crypto custody services, reinforcing institutional legitimacy.
- Political Endorsements: Former President Trump unveiled a new decentralized finance (DeFi) initiative, while Vice President Harris voiced support for digital assets — both moves strengthening public perception.
👉 Discover how macro trends are shaping blockchain adoption in 2025.
Layer 1 Ecosystem: Sui Breaks Into Top 15
The total market capitalization of public blockchains reached $1.9 trillion in September, up 6.9% from August. Dominance remained concentrated among top players: Bitcoin (67.3%), Ethereum (16.8%), BNB Chain (4.5%), and Solana (3.9%). While Bitcoin and BNB Chain held steady, Ethereum saw a slight dip of 0.6%, offset by Solana’s 0.3% gain.
Sui Emerges as a Rising Star
The standout performer was Sui, which surged 132.2% in market cap — entering the top 15 for the first time at #13. This growth was fueled by aggressive developer incentives from the Sui Foundation and strong traction from dApps like NAVI Protocol in DeFi and BIRDS, a Telegram-based game that rapidly attracted users.
Sui’s total value locked (TVL) rose 67.4% to contribute to a broader DeFi TVL increase of 6.4%, now totaling $68.1 billion.
Key Trends Driving Adoption
Vitalik Buterin’s appearance at TOKEN2049 highlighted the industry’s shift from early innovation to real-world usability. Three key trends are accelerating mainstream adoption:
1. Web3 Gaming Gains Momentum
Blockchain gaming continues to be a major adoption vector. Networks like TON, BNB Chain, Sui, and Aptos are leveraging Telegram’s massive user base to onboard new participants through "tap-to-earn" games such as Hamster Kombat and Notcoin.
2. Stablecoins Expand Financial Inclusion
Stablecoins are gaining traction in emerging markets. Celo’s success in Africa demonstrates their potential for financial inclusion. Meanwhile, Sui announced plans to integrate Circle’s USDC, enhancing its utility in cross-border transactions and DeFi.
3. Lowering Entry Barriers
User experience improvements are accelerating:
- BNB Chain launched a “Gas-Free Fest” offering zero gas fees for select transactions.
- Solana introduced the Solana Seeker, a Web3 smartphone.
- Ronin unveiled Ronin Waypoint — a universal, keyless wallet.
These innovations reflect a broader industry push toward frictionless onboarding and broader accessibility.
Bitcoin Layer 2: TVL Jumps 33% in One Month
Bitcoin Layer2 solutions (including sidechains) saw TVL soar to $1.5 billion in September — a 33% increase from August. This growth outpaced Ethereum Layer2’s 8.31% rise, signaling growing interest in expanding Bitcoin’s utility beyond store-of-value.
Market Leaders
- Core: $440M TVL (30.5% share), up over 100% due to the launch of Core Ignition Drop Season 2, which expanded into Web3 gaming and BTCFi.
- Bitlayer: $390M TVL (26.8%), growing 9.4%.
- Rootstock: $180M TVL (12.3%), +12.5% MoM.
- Merlin: $130M TVL (9.2%).
Core overtook Bitlayer as the largest Bitcoin L2 by TVL, driven by increased on-chain activity from its incentive program.
Other notable performers:
- BSquared: +42.8%
- Stacks: +26.5%
- BEVM: +6.3%
Upcoming Developments
- Babylon, a Bitcoin staking protocol, will launch Mainnet Phase-1 Cap-2 in mid-October after swiftly securing 1,000 BTC during Cap-1.
- Solv Protocol expanded its Bitcoin staking ecosystem by launching on Base and integrating with Pendle to offer the high-yield SolvBTC.BBN pool.
- Solv now operates across 9 blockchains and integrates with 35 protocols, including Avalanche and Base — becoming the first Bitcoin staking protocol in the Base ecosystem.
👉 See how Bitcoin is evolving beyond payments into DeFi and staking.
Ethereum Layer 2: Innovation Meets Scrutiny
Ethereum Layer2 TVL reached $23.2 billion (canonically bridged), up 8.31%. However, this growth lagged behind Bitcoin L2s, sparking community debate about scalability and decentralization.
Dominant Players
- Arbitrum One: 48.8% share
- Optimism: 19.7%
- Base: 8.1%
While their dominance remains strong, their combined share declined slightly — indicating momentum among alternative rollups.
Performance Highlights
- DeGate: +17.9% TVL growth (following +20.6% in August)
- Taiko: +7.0%
- Scroll: +7.4%
- Blast: -18.9%, continuing its downward trend
Vitalik Buterin Sets New Standards
In response to concerns over security and centralization, Vitalik Buterin announced a new classification system: starting in 2025, he will only publicly reference L2s that have reached Stage 1 or higher.
To qualify:
- Must implement fraud proofs or validity proofs.
- Must demonstrate operational decentralization.
Current status:
- Stage 2: DeGate, Fuel
- Stage 1: Arbitrum One, Optimism, dYdX V3
This framework elevates expectations for Ethereum’s L2 ecosystem, emphasizing long-term security and decentralization over short-term TVL gains.
Blockchain Gaming: opBNB Overtakes Ronin in DAU
The number of active blockchain games rose to 1,563 in September (+4.5%), with BNB Chain (22%), Polygon (18.6%), and Ethereum (14.8%) leading in game count.
Daily Active Users (DAU) Shift
- opBNB: 1.1M average DAU (+62% MoM), market share up to 28.2%
- Ronin: 1.1M DAU but down from prior dominance; share dropped to 20.1% due to declining activity in Pixels
- Nebula (SKALE subnet): 458K DAU, 9.2% share
opBNB’s surge was driven by SERAPH: In The Darkness and the launch of Elfin Metaverse, an open-world gaming platform.
Sui also saw strong growth with 92K DAU (+48.4%), powered by BIRDS — highlighting Telegram’s role as a powerful user acquisition channel.
Funding Trends: $170M Raised Across 11 Deals
Public blockchain funding rebounded in September with $170 million raised across 11 deals — a 47.3% increase from August.
Key highlights:
- Celestia Foundation raised $100 million led by Bain Capital Crypto, bringing its total funding to $155 million. However, controversy emerged over whether the round was actually an OTC token sale.
- TON Blockchain received a $30 million strategic investment from Bitget and Foresight Ventures to boost Telegram-based gaming projects.
- New funding rounds for L1s: Initia, Octra, Aptos
- L2s funded: Zulu Network (Bitcoin L2), RISE Chain, Kroma, t1 protocol, Hemi Network, AminoChain
Investor interest remains strong in modular architectures and scalable rollup solutions.
Frequently Asked Questions (FAQ)
Q: Why did Sui rise so quickly in market cap?
A: Sui’s surge was driven by strong developer incentives, successful dApp launches like NAVI Protocol and BIRDS, and upcoming integrations with major stablecoins like USDC.
Q: What is driving Bitcoin Layer2 growth?
A: Innovations like BTCFi, staking protocols (e.g., Babylon), and gaming incentives (e.g., Core Ignition) are expanding Bitcoin’s utility beyond simple transfers.
Q: What does Vitalik Buterin’s “Stage 1” requirement mean for L2s?
A: It sets a higher bar for security and decentralization, requiring rollups to implement fraud or validity proofs before gaining broader recognition.
Q: How is Telegram influencing blockchain adoption?
A: Telegram’s massive user base enables rapid onboarding via lightweight games like Hamster Kombat and BIRDS — lowering entry barriers for non-crypto natives.
Q: Is Ethereum losing ground to competitors?
A: While Ethereum remains dominant in TVL and developer activity, networks like Sui and opBNB are gaining traction in specific verticals like gaming and low-cost transactions.
Q: What role do stablecoins play in blockchain growth?
A: Stablecoins enable real-world use cases like remittances and DeFi lending — especially impactful in emerging markets where traditional banking is limited.
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