Research Summary
The report provides an in-depth analysis of five Layer 1 blockchains: NEAR, The Open Network (TON), Sui, Sei, and Canto. It highlights their recent performance, key metrics, and unique features, such as NEAR’s high-speed transactions, TON’s bridging of Web2 and Web3, Sui’s dynamic asset management, Sei’s fast time to finality, and Canto’s focus on Real World Assets (RWAs).
Key Takeaways
NEAR’s Rapid Growth and Cost-Efficiency
- NEAR’s User Base Expansion: NEAR Protocol has seen a surge in Daily Active Addresses (DAA), reaching 833k, largely due to the launch of the consumer shopping app, KaiKai. The protocol hosts two of the top five consumer projects by active addresses.
- Cost-Efficiency: NEAR’s transaction fees are around 50 times cheaper than Visa/Debit fees, making it an attractive platform for both buyers and merchants. A representative Meta transaction costs 0.00133N, 1000x less than on Ethereum and 50x less than on Polygon.
The Open Network’s User Confidence and High Trading Volume
- TON’s User Base and Trading Volume: TON maintains a stable user base of 20K to 30K and a monthly average of 6M transactions. It reached a new high in monthly trading volume, hitting 21.7B $TON in October.
- User Confidence: Staking of $TON has risen by 68M $TON YTD, reflecting user confidence in the project’s future despite decreasing monthly yields.
Sui’s Dynamic Asset Management and High TVL
- Sui’s TVL and DEX Volumes: Sui’s Total Value Locked (TVL) crossed $130M, and its DEX volumes reached a high of $50M+ on November 13, 2023.
- Dynamic Asset Management: Sui’s object-centric data model allows for dynamic asset management directly on-chain, enabling more sophisticated asset interactions.
Sei’s Speed and High Transaction Success Rate
- Sei’s Time to Finality: Sei has maintained a consistent 390 ms time to finality (TTF), the fastest of any single layer 1 blockchain. It has processed 638M transactions.
- Transaction Success Rate: The transaction success rate on Sei has remained extremely high, with 99.5% of transactions succeeding.
Canto’s Focus on Real World Assets
- Canto’s RWA and TVL: Canto has focused significantly on Real World Assets (RWAs), with over $7M USYC minted on Canto. The volume of assets bridged onto Canto has also increased substantially.
- Increased Circulation of $NOTE: There has been an increase in the circulation of Canto’s decentralized unit of account, $NOTE, due to traders leveraging NOTE against their USYC holdings.
Actionable Insights
- Investigate the Potential of NEAR: With its rapid user base expansion and cost-efficient transactions, NEAR presents a compelling case for developers and businesses looking for a scalable and affordable blockchain platform.
- Explore the Opportunities in TON: TON’s high trading volume and user confidence indicate a robust and growing ecosystem that could offer numerous opportunities for developers and investors.
- Consider the Advantages of Sui: Sui’s dynamic asset management and high TVL suggest it could be a promising platform for projects requiring sophisticated on-chain asset interactions.
- Assess the Speed and Reliability of Sei: Sei’s fast time to finality and high transaction success rate make it an attractive option for applications requiring high-speed and reliable transactions.
- Examine the RWA Focus of Canto: Canto’s focus on Real World Assets and the increased circulation of its decentralized unit of account, $NOTE, could provide interesting avenues for projects and investors interested in the intersection of blockchain and real-world assets.
