Nym (NYM) is an open-source, incentivized, and decentralized physical infrastructure (DePIN) protocol that protects privacy at the network level of any application, wallet, or digital service. As a mixnet, Nym protects against traffic pattern analysis and metadata surveillance. Nym exists as a tool to facilitate private end-to-end internet communication between any application, in addition, Nym built a proprietary application on top of the Mixnet, NymVPN. As such, it is not exclusive to blockchain-related activities. However, the Nym mixnet is closely linked to the NYM token, which runs on the Nyx Cosmos-based appchain to enable permissionless ‘bonding’ of new mix nodes to the Nym network and to pay for mixnet services.

IoTeX (IOTX) is a modular infrastructure platform that supports developers of decentralized physical infrastructure networks (DePIN). The IoTeX Network combines its EVM-compatible Layer-1 blockchain, offchain compute mid-layer, and open hardware to connect smart devices and real-world data to blockchains. The real-world data is sourced from smart devices, machines and sensors, and decentralized applications (dApps) across the physical and digital world.

Hedera (HBAR) is a high-performance, secure, and sustainable public, permissioned DLT network. Hedera is governed by a council of 31 of the world’s leading institutions, with community input on the network’s features and ecosystem standards via Hedera Improvement Proposals (HIPs). While anyone can submit a transaction and view the network history and data, only pre-approved entities run the nodes that validate transactions and participate in consensus. Members of the Council operate Hedera’s validator nodes while the network has public plans to transition to fully permissionless node operation over time. Although Hedera's network operation is currently permissioned in nature, the division of responsibility across 31 geographically and industry-diversified (collusion-proof) council members is unique among public networks.

The growth of the blockchain industry has led to a fragmented landscape of networks and projects operating in isolation. This fragmentation underscores the critical need for an interoperability layer to facilitate seamless interactions between these isolated systems.

Polygon Labs is a zero-knowledge (ZK) focused software company building and developing a network of aggregated blockchains via the AggLayer. As public infrastructure, the AggLayer will bring together user bases and liquidity for any connected chain and leverage Ethereum as a settlement layer. Polygon Labs has also contributed to the core development of several widely adopted scaling protocols and tools for launching blockchains, including the Polygon Proof-of-Stake (PoS) network, Polygon zkEVM, and Polygon Miden. Polygon Chain Development Kit (CDK) is a collection of open-source software components that makes it easy for developers to design and launch ZK-powered L2s on Ethereum and connect to the AggLayer.

Lido's TVL surged by 67% to $35.5 billion, solidifying its position as the largest application by TVL in crypto. This quarter also saw Lido's market cap increase by 300%. Lido's record revenue of $28 million in Q1 2024 was 46% higher than in the previous quarter. Despite rising expenses, Lido significantly reduced its net profit loss, demonstrating greater operational efficiency and a strengthened revenue stream.

QiDao (QI) is a decentralized finance (DeFi) protocol that was originally launched on Polygon. It enables users to borrow stablecoins against their cryptocurrency holdings without selling them. The protocol's native stablecoin, MAI, is pegged to the value of the U.S. dollar (USD) and is minted by depositing supported collateral in smart contracts. QiDao operates on a multichain framework, supporting various networks to broaden its accessibility and utility.

Sei experienced a spike in activity and network revenue across December and January, triggered by inscriptions. This activity preceded a large uptrend in SEI’s price, which finished up 37% QoQ at $0.82. This price increase coincided with daily transactions decreasing by 17% to 4 million.

XRP Ledger (XRP) has been running for over a decade, offering cross-currency and cross-border payments, and tokenization, among other features. Core value propositions of the XRP Ledger (XRPL) include fast and cheap transactions (relative to other currency-focused networks) and native functionalities — such as tokens, NFTs, a decentralized exchange (DEX), escrow functionality, embedded compliance, and token management.

Pyth (PYTH) is an oracle network that aims to offer accurate prices for cryptocurrencies, equities, foreign exchange pairs, ETFs, and commodities. Oracle networks aggregate external data and make it available for onchain application use.