Research Summary
The report provides an in-depth analysis of the Move Ecosystem, focusing on the performance of Aptos and Sui, two blockchains that use the Move programming language. It also covers LiquidSwap, an automated market maker on Aptos, and the NFT market on Sui.
Key Takeaways
Sui Outperforms Aptos in Total Value Locked
- Sui’s Superior TVL: Sui, a top 10 blockchain, has twice the total value locked (TVL) of Aptos, reaching nearly $669 million in 2024. Aptos, while smaller with a TVL of $339.87 million, is still ahead of other prominent players like Osmosis and NEAR.
- High Transaction Speeds: Both Sui and Aptos use parallel execution technology, which allows for high transaction speeds. Both chains claim possible throughput of 120k+ transactions per second, with Sui even logging 297k TPS in a test.
LiquidSwap’s Growing Popularity
- Increasing TVL and Volume: LiquidSwap, Aptos’ original automated market maker (AMM), has seen an upswing in its TVL and volume in 2024, with some weeks exceeding $10M in swap volume. Its TVL stands at $33.29M, making it the 4th largest protocol on Aptos.
- Engaged User Base: More than 89% of user wallets don’t stay away from LiquidSwap longer than a week at a time, indicating an engaged user base.
NFT Market on Sui
- Significant NFT Volume: Sui has facilitated over $18.7M in NFT volume all-time by current SUI prices. The Fuddies project contributes approximately 32% of that, having driven around 3.4M in SUI.
- Leading NFT Marketplace: BlueMove is Sui’s biggest NFT marketplace, having facilitated 3.2M SUI in trading volume all-time, representing a 29% market share.
Actionable Insights
- Monitor the Performance of Sui and Aptos: Given their high transaction speeds and growing TVL, both Sui and Aptos are worth keeping an eye on. Their performance could have implications for the broader blockchain and DeFi sectors.
- Track LiquidSwap’s Growth: LiquidSwap’s increasing TVL and volume, along with its engaged user base, suggest that it could become a significant player in the DeFi space. Monitoring its progress could provide insights into trends in the DeFi market.
- Assess the Potential of Sui’s NFT Market: The significant volume of NFT trades on Sui, particularly from the Fuddies project, indicates that there could be potential for growth in this area. Tracking the performance of NFTs on Sui could provide valuable insights into the NFT market.
