The cryptocurrency community has exploded with excitement over the last week following the largely unexpected surge in the price of Bitcoin (BTC).
TL;DR…
- Market overview: All top 10 L1 tokens are in green; Cardano and Sui lead with 51.8% and 47.6% growth respectively. Sui climbs to the 14th rank, Cronos to the 25th.
- Sui highlights: Sui hit $3.49 ATH; NAVI and Suilend protocols' TVL surged; UNI meme coin grew 704.1%, hitting a $30M market cap.
- Cronos gains: CRO surged 48.6%; Google Cloud joins as validator; proposed burn of 50M CRO tokens drives optimism.
The cryptocurrency community has exploded with excitement over the last week following the largely unexpected surge in the price of Bitcoin (BTC).
Now the tailwinds are beginning to catalyze the growth of other sectors, with the altcoin market seeing almost universal growth across the board.
Let’s see how these windfalls have affected the L1 token market.
>> Did you miss last week’s L1 update? Check it out here.
L1 Market Recap
The last week has been a bullish period for the L1 token market.
All of the top 10 largest L1 tokens are in the green over this period, with Cardano (ADA) and Sui (SUI) leading in terms of growth, gaining 51.8% and 47.6% respectively.
Here’s how the top 10 is looking these days:
Source: Top Layer-1 Tokens Page
There has been some shuffling in the rankings.
Sui (SUI) leaped over Bitcoin Cash (BCH) and Polkadot (DOT) to secure the 14th spot; NEAR Protocol (NEAR) leapfrogged Aptos (APT) to secure the 20th position; and Cronos (CRO) jumped into 25th position by knocking down Internet Computer (ICP).
According to DeFiLlama's narrative tracker, the smart contract platform sector is among the best performers this week, ranking eighth out of 22 sectors tracked, with an mCap-weighted return of 8.2% in the last seven days.
For comparison, the Artificial Intelligence (AI) sector gained 10.9% and the Bitcoin sector gained 17.1%.
>> Click here to keep tabs on your favorite layer-1 tokens.
Sui Market Recap
It’s no exaggeration to say that Sui has been on an absolute tear lately. The token is one of the best-peforming layer-1 assets over the last week, with an impressive seven-day return of 47.6%.
Source: SUI Token Page
During this time, Sui has broken successive all-time highs and reached a peak value of $3.49 earlier this week. It is now sitting at around $3.37 and has a market capitalization of $9.55 billion, making it the 14th-largest L1 token by mCap.
Sui has also seen its TVL skyrocket over the last week, climbing from $1.1 billion to over $1.35 billion in this period. This is largely owed to the meteoric growth of NAVI Protocol and Suilend Protocol, which grew by 26% and 37.5% respectively in the last week.
The Sui ecosystem has been on fire lately.
Source: SUI Ecosystem Tokens Page
The Sui-based meme coin sudeng (HIPPO) is one of the best-performing tokens of the last week, tacking on an impressive 210.2% growth. Whereas the smaller UNI (UNI) meme coin pulled off an impressive 704.1% growth.
These are the most significant SUI ecosystem stories of this week:
UNI Token Hits $30 Million Market Cap: A new meme coin centered Sui co-founder Evan Cheng’s dog hit a $30 million market capitalization, making it the second-largest meme coin on the Sui platform and the top weekly gainer in the Sui ecosystem.
VanEck Launches SUI Exchange Traded Note (ETN) in Europe: VanEck has introduced a SUI-backed financial product, providing investors with exposure to SUI tokens held in a regulated custodian environment. This offering allows clients to invest in SUI without directly managing digital wallets.
Cronos Market Recap
Despite being one of the lesser-known large-cap L1 tokens, Cronos (CRO) pulled off a dramatic rally this week.
As we previously touched on, Cronos (CRO) is now the 25th-largest L1 token by market capitalization after gaining a whopping 48.6% in a week.
Source: CRO Token Page
The CRO token now sits at $0.16 after briefly hitting $0.22 earlier this week—a value not seen since May 2022.
The move reversed more than two years of losses and briefly sent the CRO trading volume soaring by more than 10x the regular 24-hour trading volume.
The rally appears to be partly fueled by a proposal which suggests burning 50 million CRO tokens from the Cronos POS Chain's community pool, reducing the circulating supply by transferring these tokens to an inaccessible "dead" address.
After a strong start in 2022, Cronos' DeFi market essentially collapsed, falling from over $3.2 billion to just $280 million at its lowest.
Source: DeFiLlama
Now, its total value locked (TVL) has grown by more than 15.3% in a week in what might be the start of a turnaround. This can be largely attributed to the success of the VVS Finance DEX, which grew its TVL by 23.9% in a week to reach $276.9 million.
It remains to be seen if it’s just a dead cat bounce or something substantial.
This week’s main Cronos ecosystem story is:
Google Cloud Joins Cronos as Main Validator: Google Cloud has become the primary validator for the Cronos blockchain, joining 32 other validators to enhance network security and reliability. This partnership aims to boost the Cronos Accelerator program's appeal for startups.
>> And that’s a wrap for this week’s L1 recap. Join us next week for more on the best-performing L1 tokens.
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