Author
Steve Muchoki
Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
Key Notes
- The Aptos and Sui networks are based on the Move programming language that was launched by the Diem Association.
- Both SUI and APT prices have significantly benefited from their respective DeFi growth.
Blockchain technology has grown to be an integral component of the digital space, with smart contracts revolutionizing the global market through the introduction of efficiency in systems. Blockchain technology has largely evolved over the years to two main programming languages: Ethereum’s Solidity and Rust.
The majority of the decentralized applications (Dapps) and decentralized financial (DeFi) services rely on these two programming languages. Furthermore, billions of dollars, mostly from institutional investors, have been spent on democratizing both languages in the recent past.
Aptos and Sui Emerges Winner amid Declining Popularity for Ethereum
According to a recent quarterly report from DappRadar, a platform dedicated to providing insights on decentralized applications, the Ethereum network remains the dominant web3 ecosystem. By the end of the third quarter, the Ethereum network had a total value locked (TVL) of about $95 billion, out of the total $160 billion in the crypto space.
However, the dominance of the Ethereum network dropped by around 20 percent during the third quarter compared to the previous quarter. Notably, the Ethereum dominance declined in the DeFi space despite the historic approval of the spot Ether ETFs in the United States, which has majorly turned into a sell-the-news event.
As the Ethereum dominance in the DeFi space declined, other layer one chains, especially those dependent on the Move programming language thrived – led by Aptos APT $5.05 24h volatility: 6.9% Market cap: $3.05 B Vol. 24h: $187.07 M and Sui SUI $2.24 24h volatility: 8.5% Market cap: $7.28 B Vol. 24h: $1.73 B .
The Move programming language is based on the Rust language and was developed by the Diem Association, a subsidiary of Meta Platforms Inc (NASDAQ: META).
According to the report, both Aptos and Sui registered a 78 percent spike in TVL during the third quarter, thus growing to among the top DeFi chains.
As of this writing, the Aptos network has seen its TVL grow exponentially to about $616 million and a stablecoins market cap of around $245 million. Some of the top DeFi platforms on the Aptos network include Aries Lending Markets and Annie Finance.
As for the Sui network, the TVL has spiked to over $1 billion in the recent past and a stablecoins market cap of around $383 million. Some of the top DeFi platforms on the Sui network include Suilend, and Cetus AMM, among others.
According to DEL Labs, blockchains based on the Move programming language are well poised to grow further in the near future amid the mainstream adoption of Web3 protocols and digital assets.
As MOVE Chains rise in prominence, @Aptos, @SuiNetwork, and @movementlabsxyz are seeing significant growth. @DWFVentures has prepared a comparative analysis between the chains, delving into the architecture, transaction processing, ecosystems, and more 🧵@DWFVentures is always… https://t.co/h7yKtoKoak
— DWF Labs (@DWFLabs) October 11, 2024
Market Impact
Following the notable DeFi growth in the past few months, Sui’s price has significantly benefited. According to the latest market data, SUI price has surged over 121 percent in the past 30 days to trade at about $1.96 on Friday, October 11, during the early New York session.
The mid-cap altcoin, with a fully diluted valuation of about $19.5 billion and a daily average traded volume of over $1.2 billion, is on the cusp of entering its parabolic phase of the macro bull run.
On the other hand, Aptos (APT) recently broke out of a macro falling trend and is on the verge of rallying toward its all-time high. The mid-cap altcoin, with a fully diluted valuation of about $9.3 billion and a daily average traded volume of around $371 million, has rallied over 36 percent in the last four weeks to trade at about $8.31 at the time of this report.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Editor-in-Chief
Julia Sakovich
