The first half of 2020 marked a pivotal turning point for public blockchain projects. After enduring the prolonged "crypto winter" that followed the 2017 market peak, blockchain networks shifted focus from hype-driven launches to tangible technological progress, enhanced security, viable business models, and real-world applications. This period saw a significant maturation in the ecosystem as projects prioritized long-term value over short-term speculation.
Public blockchains serve as the foundational layer of decentralized technology—open, permissionless networks where anyone can read data, submit transactions, verify confirmations, and participate in consensus. While the late 2017 bull run triggered an explosion of new public chain initiatives—many positioning themselves as "Ethereum killers" without meaningful innovation—the subsequent market downturn filtered out speculative ventures. By 2020, only those with strong technical foundations and clear roadmaps remained active.
This article evaluates the evolution of leading public blockchains in the first half of 2020 through four key dimensions: market performance, technical advancements, DApp ecosystem activity, and community engagement.
Market Performance of Top 10 Public Blockchains (Jan–Jun 2020)
Despite the global market shock on March 12 ("312 crash"), investor confidence in digital assets rebounded strongly by mid-2020. The overall cryptocurrency market entered an upward trajectory, reflecting growing institutional interest and renewed retail participation.
As of June 15, 2020, eight out of the top 10 public blockchains by market capitalization delivered positive returns. Five achieved gains exceeding 50%:
- Cardano (ADA): +126.02% — the highest return among major chains
- Tezos (XTZ): +88.32%
- Ethereum (ETH): +77.69%
- VeChain (VET): +68.16%
- Ethereum Classic (ETC): +39.56%
Additional notable performers included Tron (TRX) at +21.27% and Neo (NEO) at +19.10%. Only two projects posted negative returns: EOS (-0.77%) and Cosmos (ATOM) (-37.44%), signaling challenges in user adoption or ecosystem growth during this period.
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Key Technical Advancements in Major Public Chains
The first half of 2020 was defined by critical upgrades across established and emerging blockchains, particularly in consensus mechanisms, scalability solutions, and ecosystem tooling.
Ethereum 2.0 Progress
The most anticipated upgrade was Ethereum 2.0, which transitioned toward a proof-of-stake (PoS) model. In Q2 2020, Ethereum launched the Onyx testnet, successfully generating its genesis block—a major milestone toward full implementation. If development remained on schedule, the mainnet launch was expected by November 2020.
Cardano’s Shelley Era
Cardano advanced into its Shelley phase, introducing decentralized staking and governance features. The release of the Shelley testnet laid the groundwork for community-driven network validation and broader participation.
CasperLabs and the Vision of Ethereum 3.0
Silicon Valley-based CasperLabs introduced a next-generation architecture dubbed “Ethereum 3.0,” emphasizing enterprise-grade scalability and security. The project launched its testnet in early 2020, with plans for mainnet deployment in Q3.
Exchange-Led Blockchain Initiatives
Leading crypto exchanges expanded their influence into infrastructure development:
- Binance Chain, Huobi Chain, and OKExChain accelerated mainnet progress.
- These exchange-backed chains aimed to enhance transparency, support token issuance, and enable faster on-chain settlements.
Such efforts reflected a strategic shift: exchanges were no longer just trading platforms but active contributors to blockchain infrastructure.
National Blockchain Infrastructure: BSN
In April 2020, China’s National Development and Reform Commission officially included blockchain in its "New Infrastructure" initiative. This endorsement catalyzed state-backed projects like the Blockchain-Based Service Network (BSN)—a collaborative effort by the National Information Center, China Mobile, UnionPay, and Red Date Technology.
While not a standalone public chain, BSN functions as a unified development environment integrating both public and permissioned blockchains. It lowers entry barriers for enterprises and supports cross-chain interoperability—paving the way for large-scale adoption in supply chain, finance, and government services.
DApp Ecosystem Activity Across Leading Blockchains
By June 15, 2020, the total number of decentralized applications (DApps) across all platforms reached 4,653, with the majority concentrated on three dominant chains:
- Ethereum: 2,383 DApps (51.21%)
- Tron: 763 DApps (16.39%)
- EOS: 673 DApps (14.46%)
Together, these three accounted for over 82% of all active DApps globally.
Ethereum: The Rise of DeFi
On Ethereum, gaming DApps led in quantity (51 apps, 20.32%), but generated minimal transaction volume—only $27,225 on June 15.
In contrast, financial DApps numbered just 21 (8.37%) but dominated activity with a staggering $13.59 million in daily transaction volume—driven by the explosive growth of decentralized finance (DeFi).
Top-performing Ethereum DApps included:
- Compound (lending)
- dYdX (derivatives)
- MakerDAO (stablecoin issuance)
- Curve and Kyber (DEXs)
These results underscored Ethereum’s transformation into the primary hub for open financial innovation.
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Tron: Dominance in Gambling DApps
Tron’s ecosystem was heavily skewed toward entertainment and gambling applications. On June 15:
- 52 DApps (35.62%) fell under the "prize draw" category
- These generated $2.51 million in transaction volume—the highest among all categories
- Social DApps were nearly absent (only 4 apps)
Top performers like WINk, RocketGame, and 888Tron highlighted Tron’s strength in high-throughput gaming use cases.
EOS: High-Value Trading Despite Low App Count
EOS exhibited a fragmented DApp landscape:
- Most numerous: Prize draw apps (33, 29.20%)
- Lowest activity: Social and finance categories (near-zero volume)
However, trading DApps—though only 12 in number—generated a massive $16.07 million in volume, surpassing prize draws by 4.5x.
Notably, just two platforms—Newdex and WhaleEx—accounted for nearly all trading activity, illustrating centralization risks despite decentralized architecture.
Community Engagement Metrics
Community strength is a key indicator of long-term sustainability. As of June 2020:
- Tron and Ethereum led in social media presence, especially on Twitter
- Newer projects like CasperLabs and Conflux had smaller followings due to shorter operating histories
Strong community support enables faster feedback loops, decentralized governance participation, and organic growth—factors increasingly valued by developers and investors alike.
Frequently Asked Questions (FAQ)
Q: What drove Ethereum's high transaction volume in mid-2020?
A: The surge was primarily fueled by the rapid expansion of DeFi protocols such as Compound, Aave, and MakerDAO, which enabled lending, borrowing, and yield farming on-chain.
Q: Why did Cosmos show negative returns despite technical progress?
A: Although Cosmos made strides in interchain communication (IBC), market sentiment lagged due to slower-than-expected ecosystem growth and limited high-profile DApp launches.
Q: Is BSN a public blockchain?
A: No—BSN is not a single blockchain but a standardized platform that integrates multiple public and private chains, offering developers unified tools and reduced deployment costs.
Q: How did exchanges benefit from launching their own blockchains?
A: Exchange-led chains improved settlement speed, reduced fees, increased transparency via on-chain asset tracking, and enabled native token utility within broader ecosystems.
Q: What role did the "crypto winter" play in shaping 2020 developments?
A: The bear market eliminated low-quality projects, allowing serious teams to focus on core technology. This reset led to more sustainable innovation by 2020.
Conclusion: The Path Forward for Public Blockchains
The first half of 2020 demonstrated a clear shift from speculation to substance in the blockchain space. With increasing involvement from developers, financial institutions, and even national governments, public blockchains evolved beyond mere token platforms into robust infrastructures capable of supporting real economic activity.
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Looking ahead, while DeFi continues to drive financial innovation on chains like Ethereum, emerging trends point toward broader integration with public services and enterprise systems. The fusion of blockchain with technologies like AI, IoT, and big data—especially within national digital infrastructure initiatives—will define the next phase of growth.