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As SOL reached new all-time highs yesterday, Crypto Twitter’s seek for the “subsequent Solana” is on.
There isn’t a scarcity of mega quick alt-L1s to choose from, however within the highlight are two contenders: MoveVM-based chains Sui and Aptos. Each chains have been born within the earlier crypto cycle, and constructed by groups with backgrounds in Fb, which developed the Transfer programming language as a part of its Libra (later renamed Diem) venture.
By way of value motion, SUI has outperformed APT by a big margin on a YTD foundation after overtaking Aptos in market cap in mid-September.
Supply: CoinMarketCap
Regardless of struggling a short two-hour outage yesterday, SUI’s value has bounced again above its pre-outage value ranges, satirically reinforcing the mimetic notion of Sui as the following Solana as a result of latter’s historical past of outages.
By way of TVL, Sui and Aptos are operating pretty neck to neck (see under chart), little doubt because of ongoing liquidity incentive campaigns. So far as energetic dapps on the L1s, each are additionally pretty even — Sui has 44, Aptos has 49 — primarily based on DefiLlama’s numbers.
Supply: Artemis
Zooming into onchain exercise, Sui’s DEX buying and selling volumes noticed a 3x soar since September, overtaking Aptos by an extended shot within the final month.
Supply: Artemis
By way of charges, Sui can be far outpacing Aptos, with $1.1 million generated in October alone, vs. $196k for Aptos.
Supply: Artemis
Within the TradFi enviornment, each chains are pursuing real-world belongings. Ondo has deployed its USDY tokenized Treausurys product on each chains, with about $8.3 million on Sui and $15.7 million on Aptos.
Aptos additionally introduced final week BlackRock’s deployment of its tokenized RWA BUIDL fund, whereas Sui introduced right this moment a partnership with the digital belongings arm of Franklin Templeton to assist ecosystem progress.
Lastly, each Sui and Aptos try their very own {hardware} performs. Sui is leaning onerous into the gaming sector with its handheld console SuiPlay0x1, and earlier this month struck up a partnership with the worldwide esports workforce Staff Liquid, whereas Aptos has taken the route of a budget-priced JamboPhone smartphone.
