Some of the recently launched blockchain platforms like Sui, Aptos and Sei try to claim Solana’s title of the fastest blockchain, and become a new basic layer for demanding dapps and DeFi protocols.
As debates heat up regarding which chain could possibly knock Solana off pedestal, we looked into what is happening in these rival networks.
Sui Network
Sui’s native coin has seen significant price action in the past week following heightened mindshare on CT. Top DeFi protocols running on Sui, Navi and Scallop, have seen over $100 million and $50 million increase in TVL respectively, with inflows coming in from Ethereum and other chains:
Despite that, the TVL/volume multiple is still pretty high, signaling that capital in DeFi is mostly idle in pools without much trading activity.
Judging by the number of daily active addresses, the most popular dapp on Sui right now by far is Wave, a Telegram-based wallet with built-in swaps and games.
Aptos
Aptos had experienced significant growth earlier this year, with more DeFi and RWA apps coming onboard. Additional inflows followed after the recent launch of USDY. Operated by Ondo, USDY is a “tokenized note” collateralized by short-term T-bills. However, bringing more TVL and further DeFi activity would require more go-to-market efforts.
Sei Network
Despite launching v2 in May, which introduced the EVM compatibility to this blockchain, user activity on Sei has been declining since the start of the year. While Sei’s TVL is increasing, trading volume in DeFi and NFT protocols is dropping.
Nonetheless, the team has been making efforts to onboard more developers to the ecosystem by giving out grants, as well as launching liquidity incentive programs for current dapps.
Overall
While alternative L1 blockchains are catching up in economic and user activity, as we showed in this article, Solana not only remains the king among rapid networks but is continue to expand, threatening Ethereum in DeFi and NFT markets. With strong partnerships and regional developer communities, Solana continues to grow from strength to strength. It will be interesting to see what other L1s can do to take a share of the pie.
If you are searching for a crypto VC partnership for your startup working on either of these chains, feel free to reach out to DWF Ventures.