The latest addition to our weekly sector recaps, the “Week in L1” series will largely focus on developments among up-and-coming L1s, including, but not limited to, Sui, Aptos, Sei and more.
TL;DR…
- Sui struggles: The Sui ecosystem saw a 5% decline in the SUI token as well as significant drops in key protocols; TVL fell from $1.06 billion to $1.02 billion.
- Aptos outperforms: APT token grew 1.4%, supported by a 21.7% rise in TVL driven by Echo Lending’s 534% increase, solidifying its strong position.
- Sei falters: Sei is down 3% with declining volume and slipping market rank despite launching fastUSD and attracting users through AAA game "Final Glory."
The latest addition to our weekly sector recaps, the “Week in L1” series will largely focus on developments among up-and-coming L1s, including, but not limited to, Sui, Aptos, Sei and more.
Join us each week to get up to speed on the latest news about your favorite L1s and see how the competitive landscape evolves.
Let’s dive in and see what’s happening in the L1 space this week.
Sui Ecosystem Recap
Sui and the broader Sui ecosystem fared poorly over the last week. SUI itself is down 5% for the week, while many of the largest Sui ecosystem tokens are down over 10%.
This week’s worst-performing Sui ecosystem tokens include:
- Sudeng (HIPPO): lost 13.9%
- Cetus Protocol (CETUS): lost 18.6%
- NAVI Protocol (NAVX): lost 16.1%
- BlueMove (MOVE): lost 11.4%
That said, DeepBook Protocol (DEEP) managed to buck the trend and pulled off an impressive 110.4% growth over the last week.
This poor performance was also shown in Sui’s TVL figures. Eight of its top 10 protocols have seen a negative change in TVL in the last seven days, sending the Sui network’s TVL back to $1.02 billion—down from $1.06 billion a week ago.
Keep tabs on your favorite SUI ecosystem tokens here.
Top Stories
This week’s top Sui ecosystem stories include:
Sui Launches SuiHub Dubai To Boost Expansion:
As part of its global expansion strategy, Sui has launched an incubator hub in Dubai aiming to support blockchain developers and entrepreneurs. The hub will focus on rapid solution engineering, allowing projects to develop proof of concepts and scale faster than previously possible.
Walrus Data Storage Testnet Launches on Sui:
Mysten Labs, the team behind Sui, launched the testnet for Walrus, a decentralized data storage network. Walrus aims to offer scalable, cost-efficient data solutions for Web3 applications. It's positioned as a competitive alternative to current Web2 storage services.
Aptos Ecosystem Recap
Aptos (APT) has separated itself from other layer-1s in the last week by being one of the few to stay in the green.
The APT token is currently up 1.4%, while there are mixed results among its ecosystem tokens.
Source: CMC Top Layer-1 Tokens Page
Zooming in on the Aptos ecosystem, we find the following winners and losers:
Biggest winners:
- Token IN (TIN): gained 3.6%
- Propbase (PROPS): gained 0.2%
- Cellana Finance (CELL): gained 5.8%
Biggest losers:
- BlueMove (MOVE): lost 11.4%
- Thala (THL): lost 8.5%
Aptos is currently one of the fastest-growing layer-1s by TVL. In the last seven days alone, its TVL grew by more than 21.7%, second only to Bitcoin.
Much of this growth was due to the expansion of Echo Lending, which saw its TVL swell to $148.5 million after growing 534% in the last week.
Source: DeFiLlama
Keep tabs on your favorite Aptos tokens here.
Top Stories
Recent top Aptos ecosystem stories include:
Unlock of 11.3 Million APT Tokens: On Oct. 12, a total of 11.31 million APT tokens (equivalent to 1% of the total supply) were released to early investors and core contributors. The market seemingly absorbed the additional supply without an adverse impact on price.
Source: CryptoRank
Aptos Announces Its Third-Year Development Goals: Recently announced goals include integrating stablecoins such as Tether and USDY into its ecosystem, developing financial solutions for payments, advertising, implementing loyalty programs, enhancing DeFi options, and further scaling its blockchain infrastructure.
Sei Ecosystem Recap
Sei (SEI), like most tokens, has had a tough week. It's currently down 3% in the last seven days, amid declining trading volume.
Despite consistent growth between mid-September and mid-October, SEI has not been able to maintain its momentum and has slipped down the market cap rankings.
Previously the 49th-largest cryptocurrency, SEI has fallen back to the 53rd position after showing relative weakness against other assets.
The same trend is also seen among Sei ecosystem tokens. The vast majority of Sei ecosystems have been down over the last seven days, including once-prominent meme coins like SEIYAN and Kryptonite (SEILOR).
So far, the chain has failed to gather the momentum experienced by similar recent competitors like Sui and Aptos, despite its promising start.
Browse other Sei ecosystem tokens here.
Top Stories
Sei Network Launches fastUSD Stablecoin: Sei Network has launched fastUSD, a yield-bearing stablecoin powered by Elixir. Integrated with DragonSwap DEX and JellyVerse, fastUSD aims to enhance liquidity and composability within Sei's ecosystem. It supports cross-chain transfers via Hyperlane and offers rewards for users through Elixir’s program.
AAA Game "Final Glory" Launches on Sei: Powered by MetaArena, Final Glory has attracted over 100,000 users in the last two months. The game features real-time strategy, PvP battles, and rewards based on player performance and achievements
>> And that’s a wrap for this week’s L1 recap! Join us next week for another dose of L1 news.
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