An overview of potential "Solana killers" — layer-1 blockchains that aim to surpass Solana's reputation as a high throughput blockchain with low fees and significant retail adoption.
Move over “Ethereum Killers.”
Solana (SOL) has surpassed Ethereum (ETH) in price performance and key on-chain metrics like DEX volumes and transactions so far this year.
Once termed an “Ethereum killer,” Solana is the standout of this cycle. SOL has gained over 10X since the lows of September 2023, reaching a high of $210 in March 2024. Solana has seen a surge in retail adoption, as users favor its high speed and low fees.
However, the issues of frequent outages and network congestion have raised concerns in the community. Users have reported difficulties in executing transactions, with some experiencing cancellations and failures, particularly during periods of high activity.
Furthermore, there are concerns about the centralization of transaction processing, as the network relies on a relatively small number of validators.
Enter “Solana Killers,” layer-1 (L1) blockchains that users believe could stand a chance at usurping Solana’s position.
Let’s take a look at what some of these L1s are.
Sui Network
Sui Network (SUI) is an innovative Layer-1 blockchain from the team behind Meta’s Diem blockchain project, designed to enhance the deployment of smart contracts and optimize transaction speeds
Sui introduces a unique programming language called Sui Move, which focuses on asset security and ownership, enabling developers to create dynamic, programmable assets such as customizable NFTs.
With the capability to handle up to 297,000 transactions per second and an average latency of around 400 milliseconds, Sui aims to support a wide range of applications, including gaming, finance, and decentralized commerce, while maintaining low costs and high scalability.
SUI is up 5.44% year-to-date, but remains 62% below its all-time high of $2.18 that was reached in March 2024.
Aptos
Aptos (APT) is a Layer-1 blockchain platform designed to enhance scalability, security, and reliability for decentralized applications. Launched in October 2022, Aptos was developed by a team of former Meta (formerly Facebook) engineers, including co-founders Mo Shaikh and Avery Ching,
At the core of Aptos is the Move programming language, which facilitates safe and efficient transaction execution, allowing developers to build complex smart contracts with greater security.
The network boasts impressive performance metrics, claiming the ability to process up to 160,000 transactions per second.Aptos employs a proof-of-stake consensus mechanism and features a modular architecture.
APT is down 37.8% year-to-date, and is currently trading at $5.84, down 70% from its all-time high price of $19.90.
Sonic (Previously Fantom)
Sonic is an EVM-compatible layer-1 platform rebranded from the Fantom (FTM) ecosystem. It is designed to achieve over 10,000 transactions per second (TPS), significantly exceeding the capabilities of its predecessor, the Opera chain, which handled only 200 TPS.
Sonic aims to be the fastest EVM chain, and its high throughput and reduced transaction costs makes it suitable for a wide range of applications, including decentralized finance (DeFi) and gaming.
Sonic also features a native layer-2 bridge that facilitates seamless connections with other blockchains, particularly Ethereum.
S, the native token of Sonic, will be rebranded from FTM. FTM is down 19.8% so far this year, and remains 89% down from its ATH of $3.48.
Sei Network
Sei Network (SEI) is a layer-1 blockchain built within the Cosmos ecosystem, specifically designed to optimize the trading of digital assets. Launched in August 2023 and founded by Jayendra Jog, a former software engineer at Robinhood, Sei aims to address the scalability challenges by implementing a unique parallel processing architecture.
It reportedly can process 20,000 transactions per second, and rapid finality times of around 390 milliseconds. Sei features a native central limit order book (CLOB) and support for both EVM and CosmWasm smart contracts, and recently announced the mainnet beta of its parallel EVM blockchain, Sei v2.
SEI is down 52.9% year-to-date, after reaching its all-time high of $1.14 in March this year. It is down 76.8% from its ATH.
Hyperliquid L1
Hyperliquid is a Layer-1 blockchain specifically engineered to support decentralized perpetual exchange, Hyperliquid. The L1 achieves a median transaction latency of just 0.2 seconds, enabling swift execution of trades and real-time feedback for users.
The blockchain can process up to 100,000 transactions per second in theory, accommodating a high volume of trading activities, including orders, cancellations, and liquidations.
The platform employs a fully on-chain order book, avoiding off-chain dependencies, which promotes transparency and consistency in transaction order through Byzantine Fault Tolerant (BFT) consensus.
Hyperliquid has yet to launch a token, but has a points program for users of the platform.
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