Despite its relatively weak performance throughout much of 2024, Ethereum returned to form over the last week and gained 7.4% in the past seven days.
TL;DR…
- Ethereum gains momentum: The leading L1 grew 7.4% in a week; Cardano and Near Protocol outperformed with TVL increases of 20.2% and 18.8%, respectively.
- Sui struggles: Down 3.5% over the week; TVL fell 13.5%; SlowMist issued a security alert for a Sui-based project; Sui partnered with Babylon Protocol for BTC liquid staking.
- Near Protocol surges: NEAR rose 23.9% in 7 days; TVL grew 18.8%; ecosystem projects like Aurora and LiNEAR gained ~50% apiece.
- Aptos sees growth: APT is up 10.5% this week; TVL increased by 14.3%; Circle to launch native USDC; Stripe to enable fiat-to-USDC payments on the network.
Today, there are well over 100 different layer-1 platforms.
Many are non-specific chains built for diverse use cases (e.g. Ethereum, Solana and Sui) while others are niche-specific—like Flow for Web3 applications or Ronin for games.
In today’s weekly L1 recap, we’re going to see how the landscape has evolved over the last seven days. Let’s dive in!
>> Click here if you missed last week's L1 recap.
L1 Market Overview
Despite its relatively weak performance throughout much of 2024, Ethereum returned to form over the last week and gained 7.4% in the past seven days.
Source: Top L1 Tokens Page
Other L1s have followed suit, with seven-day gains of between 5% and 50% seen across the L1 landscape.
When it comes to total value locked (TVL), fewer layer-1s have bested Ethereum’s 9.3% growth over the last week.
Cardano grew its TVL by a whopping 20.2% whereas Near gained an impressive 18.8% over the same period.
Several chains now stand out as having particularly impressive Mcap/TVL ratios, these include:
For clarity, a low Mcap to TVL ratio indicates that the market capitalization of a platform is a low multiple of its TVL, suggesting that a platform may be undervalued.
Sui
The poster child of the Ethereum alt scene, Sui (SUI) was one of the best-performing layer-1 tokens in recent months.
In recent weeks, however, it has struggled to maintain its growth, which may be at least partly due to a recent outage that saw it stop producing blocks for several hours.
Sui is currently one of just two top 10 layer-1 tokens in the red over the last seven days—the other being Solana (SOL).
Source: Sui (SUI) Token Page
As it stands, the token is down 3.5% for the week but is up 66.3% for the month.
Looking at Sui ecosystem tokens, it's a mixed bag. More than half are down over the last week, but Cetus (CETUS) and MemeFi (MEMEFI) stood out with a 12.6% and 35.8% gain respectively.
Source: DeFiLlama
Sui also saw its TVL decline over the last week, falling 13.5% as one of its biggest protocols (Aftermath Finance) saw its TVL cut by 45.3%.
Below is a recap of this week’s most prominent Sui ecosystem stories:
SlowMist Issues Security Alert for Sui Project: Blockchain security firm SlowMist has issued a security alert regarding OceansGallerie, an AI-driven social aggregation platform on the SUI network, citing suspicious activities and potential risks. Users are advised to exercise caution when interacting with the platform.
Sui Partners With Bablyon Protocol for Liquid Staking Initiative: Sui has partnered with Babylon Labs, Lombard Protocol and Cubist to enable Bitcoin staking on its platform. Starting in December, Bitcoin holders can stake BTC via Babylon's protocol to receive LBTC, a liquid staking token minted on Sui, facilitating lending, borrowing, and trading within Sui's DeFi ecosystem.
>> Keep up to date on your favorite Sui ecosystem tokens here.
Near Protocol
Near Protocol (NEAR) has been on a solid uptrend for the past month. The token is up 60.5% over the last 30 days and 23.9% over the week.
Source: Near Protocol (NEAR) Token Page
The same pattern is seen broadly among Near Protocol ecosystem tokens. The vast majority have been strongly in the green over the last seven days, with smaller tokens like Aurora (AURORA) and LiNEAR Protocol (LNR) leading the way counting 47.4% and 51.8% gains respectively.
Near Protocol is also among the biggest gainers in terms of seven-day TVL growth. The platform saw its TVL swell by 18.8% in the last week to reach $308.5 million.
Source: DeFiLlama
This growth was largely driven by the success of Burrow, LiNEAR Protocol and Meta Pool Near.
Below is a recap of this week’s most significant NEAR ecosystem story:
21Shares Launches NEAR ETP in Europe: 21Shares has launched four new crypto ETPs in Europe, focusing on Pyth Network, Ondo, Render, and NEAR Protocol. The NEAR ETP includes staking rewards that are reinvested to enhance performance and investor returns.
>> Keep up to date on your favorite Near Protocol ecosystem tokens here.
Aptos
Widely considered a Sui beta, Aptos hasn’t quite managed to capture the same success as its Move-based rival in recent weeks.
Source: Aptos (APT) Token Page
Nonetheless, the Aptos (APTOS) token has still performed well. It's currently up 10.5% in the last seven days and 35.2% in a month—not too shabby.
Projects in the Aptos ecosystem are also generally on the up. Gari Network (GARI) and Propbase (PROPS) count among the biggest gainers this week, achieving 26% and 19.2% growth respectively.
TVL metrics for the chain look strong.
Source: DefiLlama
Aptos’s TVL has climbed by 14.3% in the last week and 32.2% in the last month, driven largely by the success of Aries Markets and Amnis Finance.
Below is a recap of this week’s most prominent Aptos ecosystem story:
Circle To Bring Native USDC to Aptos: Circle plans to launch its USDC stablecoin natively on the Aptos blockchain, replacing the existing bridged version. Additionally, Stripe will integrate Aptos into its crypto payment products, enabling seamless fiat-to-USDC conversions for users and merchants.
>> Keep up to date on your favorite Aptos ecosystem tokens here.
That’s all for now. Join us next week for another dose of L1 news, updates and developments!
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