In 2024, the on-chain and market activity of Layer 1 (L1) blockchain networks, including Ethereum, Solana, and Bitcoin, will decrease significantly. Researchers TanayVed and Matías Andrade at CoinMetrics highlight the challenges these networks face as total fees and token performance fall below the highs of the beginning of the year. According to a report by CoinMetrics researchers TanayVed and Matías Andrade, the first-tier (L1) blockchain performed strongly in early 2024, but has since lost steam. The data shows that year-to-date returns for most L1 tokens have fallen below 50%, with lower transaction volumes leading to lower total fees.