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Analysis
TABLE OF CONTENTS

Solana is Leading Interest in Chain-Specific Narratives

4.5 | by Lim Yu Qian

The Solana ecosystem has emerged as the most popular blockchain ecosystem so far this year, accounting for 49.3% of global crypto investor interest in chain-specific narratives. Solana ecosystem’s dominant mindshare has been fueled by Solana’s continued rally back to 2021 highs, alongside the strong performance of key ecosystem project tokens such as Pyth and native meme coins such as dogwifhat.

Meanwhile, the Ethereum ecosystem has captured 12.7% of investor interest, ranking it as the second most popular blockchain ecosystem in 2024. This is likely because Ethereum is already well-established as an ecosystem and familiar to investors, such that it is no longer considered a new, trending crypto narrative. At the same time, attention towards the Ethereum ecosystem is increasingly dispersed across the layer 2 ecosystems building on top of it. 

The third most popular blockchain ecosystem is crypto exchange Binance’s BNB Smart Chain ecosystem, which holds a 5.4% share of investor interest year to date (YTD). As with the Solana ecosystem, the BNB Chain ecosystem has continued to capture mindshare on the back of BNB’s price rallying near to its all-time high. 

Investor Interest in Other Layer 1 Ecosystems

Two layer 1 blockchain ecosystems follow closely behind BNB Chain in popularity, with the Cosmos ecosystem accounting for 4.5% of investor interest and the Avalanche ecosystem accounting for 3.9% YTD. 

For the Cosmos ecosystem, recent successful airdrops from Celestia and Dymension have helped to drive greater mindshare towards Cosmos Hub’s interchain thesis. Chains built on the Cosmos SDK have also managed to rank among the most popular blockchain ecosystems, namely the Sei ecosystem and Injective ecosystem

Whereas for the Avalanche ecosystem, mindshare has been fueled by native meme coins like Coq Inu and its potential to lead crypto gaming, as demonstrated by its partnership to bring MapleStory on-chain.

Between the Move programming language blockchains, the Sui ecosystem is more popular with 2.1% of investor interest, which is four times of the Aptos ecosystem’s 0.5% mindshare.

The TON ecosystem accounts for 1.9% of ecosystem narrative interest and is the 11th most popular, benefiting from Toncoin’s affiliation with widely-used messaging app Telegram. Other popular layer 1 ecosystems include Cardano (1.3%) and Polkadot (1.1%), while Fantom, PulseChain and Hedera tied with mindshare around 0.5%.

Overall, the 20 most popular blockchain ecosystems represent a combined 97.4% of investor interest towards chain-specific narratives. The remaining 2.6% of interest is spread across another 38 blockchain ecosystems, including the Near Protocol ecosystem which narrowly missed the top 20 ranking.

The Arbitrum ecosystem and Base ecosystem have emerged as the most popular among Ethereum layer 2s, capturing 3.3% and 3.2% of investor interest in chain-specific narratives respectively YTD. The Arbitrum ecosystem’s mindshare is likely contributed by Arbitrum being the largest layer 2 in terms of total value locked (TVL), while the popularity of Base ecosystem has been driven by its affiliation with crypto exchange Coinbase and native meme coin activity. 

The Polygon ecosystem (2.0% share of investor interest), zkSync ecosystem (1.3%) and Metis ecosystem (0.9%) have also captured meaningful albeit smaller mindshare.

As such, only five Ethereum layer 2 ecosystems managed to rank in the top 20 most popular. The layer 2 ecosystems that have received relatively less attention so far this year include Optimism, Blast and Starknet, which ranked just outside the top 20.

In total, all of the Ethereum layer 2s account for 11.9% of investor interest in blockchain ecosystems YTD. This is comparable to the main Ethereum ecosystem’s 12.7% share of investor interest, perhaps indicating that scaling solutions have as much mindshare as Ethereum itself.

Out of 58 blockchain ecosystems, the 20 most popular blockchain ecosystems ranked by their share of investor interest in 2024 to date, are as follows:

Rank Blockchain Ecosystem Market Share
1 Solana 49.29%
2 Ethereum 12.73%
3 BNB Smart Chain 5.38%
4 Cosmos 4.51%
5 Avalanche 3.89%
6 Arbitrum 3.32%
7 Base 3.23%
8 Sei 2.16%
9 Sui 2.05%
10 Polygon 1.98%
11 TON 1.85%
12 zkSync 1.31%
13 Cardano 1.29%
14 Polkadot 1.08%
15 Metis 0.88%
16 Fantom 0.53%
17 Injective 0.50%
18 PulseChain 0.49%
19 Aptos 0.45%
20 Hedera 0.45%
- Others 2.64%

Methodology

The study examined interest in blockchain ecosystems based on CoinGecko’s non-botted global web traffic, from January 1 to March 18, 2024.


If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with data-led content that you may find useful.

Curious to find out more about our previous research studies & statistics? Check out this one we did on the most popular crypto narratives last year.

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Lim Yu Qian
Lim Yu Qian

Yuqian is a cryptocurrency writer and marketer who specializes in mainstream cryptocurrency insights. She's especially fascinated by the philosophical and socioeconomic aspects of crypto and also goes by the name of Q. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt

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