Trump’s recent election win has added rocket fuel to the cryptocurrency industry and most popular layer-1 tokens are now firing on all cylinders.
TL;DR…
- Crypto rally ignited by Trump’s win: Layer-1 tokens surge, with nine out of the top 10 L1s trading in the green this week.
- Ethereum, Solana and Cardano lead gains: ETH is up 15.4%, SOL 17.1%, and ADA 24.4%, showing strong growth amid renewed market interest.
- SUI momentum continues, Aptos struggles to keep up: Sui hit an all-time high, now 20th by market cap; gains 18.1% in a week with fast TVL growth—pulling away from Move-based rival Aptos.
- NEAR Protocol’s new framework: Simplifies blockchain interactions for users, aiming to drive mainstream adoption with user-friendly multi-chain functionality.
Trump’s recent election win has added rocket fuel to the cryptocurrency industry and most popular layer-1 tokens are now firing on all cylinders.
Let’s dive into the market and see what’s hot and what’s not in the L1 space this week.
Did you miss last week’s L1 roundup? Check it out here.
L1 Market Roundup
Practically the entire L1 market is experiencing a burst of bullish activity, with nine of the top 10 largest L1s trading in the green over the last week.
TRON (TRX) is currently the only top 10 L1 down over the last seven days, recording a 3.5% loss over this period.
Source: Layer 1 Tokens Page
The best-performing L1s among the top 10 by market cap are:
- Ethereum (ETH): gained 15.4%
- Solana (SOL): gained 17.1%
- Cardano (ADA): gained 24.4%
- Sui (SUI): gained 18.1%
Looking at some of the smaller layer-1s, OriginTrail (TRAC), Graphlinq Chain (GLQ) and Vanar Chain (VANRY) stand out as some of the best performers, achieving 34.1%, 30.2% and 23.6% growth respectively on significant volume.
Overall, the average layer-1 token is up more than 10% for the week in the most significant rally of recent months.
SUI Recap
Alongside the recent altcoin market rally, Sui (SUI) put on an impressive display.
As one of the best performers during the recent choppy market conditions, SUI managed to continue its momentum and recently hit a new all-time highest value of $2.36 at a market capitalization of $6.7 billion.
SUI is now up 18.1% in a week and 20.9% over the last month. It is now the 20th-largest cryptocurrency by market cap after leapfrogging Polkadot (DOT) earlier this week.
Source: DeFiLlama
Besides Bitcoin, Sui is also the fastest growing layer-1 in terms of total value locked (TVL) over the last seven days—gaining 11.1% in this time.
Much of this growth is attributed to the success of the Suilend Protocol, which saw its TVL expand by 30.1% over the last week.
The most relevant SUI ecosystem stories recently include:
Ika Gears Up for Mainnet Launch on SUI: Ika, an ultra-fast Multi-Party Computation (MPC) network, has launched its alpha testnet on the Sui blockchain, enabling secure cross-chain interactions and programmable assets. The mainnet launch is scheduled for December 2024.
Sui Establishes Partnership With Fan Engagement Platform: The Sui Foundation has partnered with UK-based fan engagement startup Trace to enhance sports fandom through blockchain technology. This collaboration aims to create digital memorabilia for fans, with an initial activation featuring the ATP Tour's Nitto ATP Finals.
Keep tabs on the SUI ecosystem here.
Aptos Recap
Arguably the biggest competitor to Sui, Aptos (APT) hasn't managed to muster the same momentum of its similar Move-based Rival.
The APT token is currently up 7.5% in a week and 6.7% over the last 30 days. It now sits in 28th place behind NEAR Protocol in the 27th spot by market capitalization.
That said, while Sui has outperformed Aptos in terms of seven-day TVL growth and price action, Aptos is doing better in 30-day TVL growth—at 45.9% compared to Sui's 6.3%.
Source: DeFiLlama
Much of this growth can be attributed to the meteoric rise of Echo Lending on the chain. The platform added over $160 million in TVL in the last month alone, making up almost a fifth of the value locked on Aptos.
Keep tabs on the Aptos ecosystem here.
The most relevant Aptos ecosystem stories recently include:
ByBit and Aptos Join Forces for Airdrop: Bybit and Aptos have launched an APT Ecosystem Airdrop, offering a share of 18,000 APT tokens (currently worth around $177,000) to users. Participants can earn rewards by engaging with Aptos's blockchain features through Bybit's Airdrop Arcade, in collaboration with ecosystem partners like PanoraExchange and Merkle_Trade.
AA Game Studio Midnight To Launch MMO on Aptos: Midnight is launching "The Evergreen: Midnight Market," a deconstructed MMO built on the Aptos blockchain. This game offers cross-genre experiences with unpredictable rewards and a player-driven economy, leveraging Aptos's high throughput and low latency for seamless gameplay.
NEAR Protocol Recap
The oldest of the three layer-1s covered in this review, NEAR Protocol was launched back in 2020 and went on to become one of the best-performing tokens at the time.
Now, NEAR Protocol is the 22nd-largest cryptocurrency by market capitalization, or the 11th-largest layer-1 platform.
Source: NEAR Protocol Token Page
The NEAR token has also benefitted from the recent uptick in market interest but to a lesser extent than its competitors. It’s currently up 5.7% in the last week but down 13% in the last 30 days.
Click here to learn more about the NEAR Protocol.
This pattern is also reflected in its TVL, which is up 6.1% in the last seven days, but down 10.7% in the last 30.
Here is the most relevant NEAR Protocol ecosystem story of this week:
NEAR Protocol Launches Chain Abstraction Stack: NEAR Protocol and Socket launched the Chain Abstraction Framework to simplify blockchain interactions, offering users a seamless, Web2-like experience across multiple blockchains. This solution aims to make decentralized applications more accessible, encouraging broader adoption by reducing the technical barriers of blockchain use.
>> That’s a wrap for this week’s L1 roundup! Join us next week for more updates on the hottest L1s ✌️
Psst. Looking for more L1 news? Check out our regular Solana roundups!
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