The post Sui, Aptos vie for ‘next Solana’ status appeared on BitcoinEthereumNews.com.

This is a segment from the 0xResearch newsletter. To read full editions, subscribe. As SOL reached new all-time highs yesterday, Crypto Twitter’s search for the “next Solana” is on. There is no shortage of mega fast alt-L1s to pick from, but in the spotlight are two contenders: MoveVM-based chains Sui and Aptos. Both chains were born in the previous crypto cycle, and built by teams with backgrounds in Facebook, which developed the Move programming language as part of its Libra (later renamed Diem) project. In terms of price action, SUI has outperformed APT by a large margin on a YTD basis after overtaking Aptos in market cap in mid-September. Source: CoinMarketCap Despite suffering a brief two-hour outage yesterday, SUI’s price has bounced back above its pre-outage price levels, ironically reinforcing the mimetic perception of Sui as the next Solana due to the latter’s history of outages. In terms of TVL, Sui and Aptos are running fairly neck to neck (see below chart), no doubt thanks to ongoing liquidity incentive campaigns. As far as active dapps on the L1s, both are also fairly even — Sui has 44, Aptos has 49 — based on DefiLlama’s numbers. Source: Artemis Zooming into onchain activity, Sui’s DEX trading volumes saw a 3x jump since September, overtaking Aptos by a long shot in the last month. Source: Artemis In terms of fees, Sui is also far outpacing Aptos, with $1.1 million generated in October alone, vs. $196k for Aptos. Source: Artemis In the TradFi arena, both chains are pursuing real-world assets. Ondo has deployed its USDY tokenized Treausurys product on both chains, with about $8.3 million on Sui and $15.7 million on Aptos.  Aptos also announced last week BlackRock’s deployment of its tokenized RWA BUIDL fund, while Sui announced today a partnership with the digital…

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Filed under: News - @ November 22, 2024 6:17 pm