While Bitcoin surges past $70K, major layer-1s face mixed performance.
TL;DR
- Layer-1 TVL Down: Major layer-1s like Solana and Tron saw total value locked (TVL) declines amid altcoin market drops, while Polygon and Hyperliquid bucked the trend with notable weekly TVL growth.
- Ethereum Dominates: The network maintains its lead in layer-1 TVL despite fewer active addresses, holding more TVL than all other layer-1s combined.
- Sui Updates: Sui's recent liquid staking solution SpringSui boosts ecosystem TVL, while its meme coins struggle—except "aaa cat" (AAA), which saw a strong 31.8% gain.
- Aptos Ecosystem Developments: Aptos' ecosystem saw the launch of native USDT and a DevCon 2024 brunch announcement, aiming to drive innovation and strengthen ties within its developer community.
The market is on fire again, with Bitcoin (BTC) topping $70K, Dogecoin (DOGE) exploding while other memes collapse, and the announcement of a major upgrade to Ethereum (ETH).
Ethereum’s major upgrade might shake things up, but alternative layer-1s are navigating their own challenges and growth. Let’s dive into how top L1s like Polygon, Sui and Aptos performed over the past week.
Did you miss last week’s L1 roundup? Check it out here.
L1 Roundup
In the last week, the vast majority of popular layer-1 chains experienced total value locked (TVL) shrinkage alongside the weakening of the altcoin market.
Of the top 10 largest L1s by TVL, just two have seen positive growth in TVL over the last week. Polygon and Hyperliquid saw their TVLs swell by 9.1% and 4.1% respectively, whereas Solana and Tron saw their TVLs shrink by 7.2% and 3.3% respectively.
Still, nine out of 10 L1 chains have grown their TVL over the last month.
Source: DeFiLlama
Ethereum still leads the L1 race by both TVL and protocol count, with a higher TVL than all other layer-1s combined, despite seemingly having the fewest active addresses.
Avalanche and Binance Smart Chain stand out as having particularly high mCap/TVLs, with Solana currently sitting at 13.06 while Binance Smart Chain is at 18.48. For comparison, Ethereum is at 6.31.
Keep tabs on your favorite layer-1s on our dedicated L1 tracker page.
Sui Chain Update
Despite weathering a large unlock late last month, Sui has held up relatively well in recent weeks. The token is currently among the minority of altcoins to trade in the green over the last week, up 7.7%.
SUI is currently inches away from breaking into the top 20 tokens by market capitalization, with just $15 million in market cap separating it from leapfrogging Polkadot (DOT) and LEO Token (LEO).
Despite this, SUI memes haven’t quite kept up.
Four of the top five Sui memes are in the red over the last week, with the largest meme coin, Sudeng (HIPPO), down 8.7%, though aaa cat (AAA) has managed to buck the trend with a 31.8% return.
Source: Sui Ecosystem Tokens Page
Besides Sui memes, a handful of Sui ecosystem projects also performed well. These include Cetus Protocol (CETUS) and NAVI Protocol (NAVX), which are up 32.3% and 12.1% respectively in the last week.
Keep tabs on the SUI ecosystem here.
Sui News Roundup
Some of this week’s biggest Sui ecosystem updates and developments include:
SuiLend Rolls Out Liquid Staking Solution: SuiLend has introduced SpringSui, an open-source framework designed to enhance liquid staking on the Sui blockchain. This initiative aims to boost liquidity and yield opportunities within the Sui DeFi ecosystem. At the time of writing, the protocol has exceeded $10 million TVL.
'Samurai Shodown R' Game To Launch on Sui Network: The classic fighting game franchise 'Samurai Shodown' is set to release 'Samurai Shodown R' on the Sui blockchain. This new version will be available on the upcoming SuiPlay0x1 gaming handheld, scheduled for release in 2025.
Tap-To-Earn Game Abandons Linea in Favor of Sui: The Telegram-based tap-to-earn game MemeFi has shifted its token launch from Ethereum's layer-2 scaling network Linea to the Sui blockchain. This strategic move aims to enhance user experience and scalability. The launch is scheduled for Nov. 12, 2024.
Click here for more on the story.
Aptos Chain Update
Arguably Sui’s biggest competitor right now, Aptos has almost kept a head-to-head with its rival over the last few months in terms of market capitalization and TVL.
It still lags behind Sui in trading volume for the native gas token (APT vs SUI) but does beat Sui in its active protocol count.
Looking at Aptos’s TVL figures, we find that of the 48 protocols live on the chain, all but five have seen their TVL shrink last week. Zooming further out, all but five have seen growth over the last 30 days.
Source: Aptos Ecosystem Tokens Page
When it comes to price action, the Aptos Ecosystem isn't looking too good this past week. Eight of the top 10 largest Aptos ecosystem tokens are in the red over this time period, with just BlueMove (MOVE) noticeably bucking the trend with a 34.3% seven-day gain.
The Aptos (APT) token itself isn't looking too hot right now—down 7.9% for the week as its market cap fell back under $5 billion.
Aptos News Roundup
Some of this week’s biggest Aptos ecosystem updates and developments include:
Native USDT Now Available on Aptos:
On Aug. 19, 2024, Tether announced the launch of its USDT stablecoin on the Aptos blockchain, marking the first stablecoin integration on a Move-powered chain. This collaboration aims to enhance digital currency accessibility, particularly in emerging markets, by leveraging Aptos's high performance, low transaction fees, and sub-second end-to-end latency.
Aptos Announces Ecosystem Brunch at DevCon 2024:
Aptos has scheduled an Ecosystem Brunch during DevCon 2024. The brunch aims to foster collaboration among developers and partners and enable community members to discuss advancements and opportunities within the Aptos ecosystem.
>> That’s a wrap for this week’s L1 roundup. Join us next week to keep on top of all things L1.
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