June ‘24 L1 Landscape Recap

Crypto markets continued to stagnate in June as part of a broader trend of declining protocol valuations and user activity beginning in Q2 this year. Since BTC reached a new all-time high (ATH) in mid-March, most layer 1 (L1) and layer 2 (L2) protocols have failed to follow suit, indicating ongoing investor uncertainty in the market. This sentiment has also been reflected in private markets, where monthly venture funding in June fell to its lowest level since January. 

Overall, private funding has remained generally stable since the start of 2023, in contrast to the volatility of liquid public markets. In this report, we will take a broad look at the L1 landscape in June and highlight the key trends that are emerging in this period of relatively subdued investor and user activity.