In a market characterized by resurgent bullish sentiment and notable altcoin rallies, public blockchain tokens have delivered impressive returns. Amid this backdrop, two prominent Move-based Layer 1 blockchains—Sui and Aptos—have captured significant attention. This analysis delves into their ecosystems, growth metrics, and strategic positioning to evaluate their potential.
Evaluation Framework for Public Blockchains
Assessing a public blockchain involves understanding factors that drive capital inflow and its ability to sustain liquidity. Key metrics and dimensions include:
On-Chain Transaction Activity
Platforms like Ethereum and Solana demonstrated that native token demand surges when users engage in high-value on-chain activities such as NFT minting, meme coin trading, or inscription campaigns. A thriving ecosystem depends on the presence of attractive, chain-exclusive assets.
Infrastructure and Incentives
A well-developed infrastructure—user-friendly interfaces, efficient DeFi protocols, and competitive yield opportunities—encourages capital retention. Incentive programs and low-friction onboarding from other chains, CEXs, or Web2 are crucial for attracting new liquidity.
Strategic Vision
A clear developmental roadmap is essential. Solana, for instance, strategically prioritized meme coins before expanding into DePIN and payment solutions. A defined vision helps in aligning resources and attracting ecosystem projects.
Capital and User Metrics
While Total Value Locked (TVL) is commonly referenced, it can be misleading due to token price volatility. More reliable indicators include stablecoin market capitalization, net capital inflows, and DEX trading volumes. User activity levels also provide insight into ecosystem health.
Tokenomics and Price Trends
A favorable token distribution model with minimal unlock pressure supports price appreciation. Rising token prices often draw market attention, leading to investment in ecosystem projects and reinforcing network effects.
Deep Dive into the Sui Ecosystem
Overview and Recent Developments
Sui is a high-performance Layer 1 blockchain built using the Move programming language. Developed by Mysten Labs, it boasts a theoretical maximum TPS of 297,000, with real-world performance averaging around 800 TPS.
The project raised $336 million in Series A and B funding from top-tier investors, including A16z, Coinbase Ventures, and Binance Labs. Since its mainnet launch in May 2023, Sui has rapidly expanded its DeFi ecosystem, now ranking among the top five blockchains by TVL.
Notable recent developments include:
- The announcement of SuiPlay0X1, a handheld gaming device compatible with Sui and mainstream gaming platforms, scheduled for release in 2025.
- The launch of the Grayscale SUI Trust, providing accredited investors with regulated exposure to SUI.
- A partnership with Circle to introduce native USDC on Sui.
- The deployment of Sui Bridge, enabling asset transfers between Ethereum and Sui.
On-Chain Activity
Sui has seen heightened activity in meme coin trading, with tokens like HIPPO, BLUB, and FUD generating substantial returns. Platforms such as Cetus (a leading AMM) and Movepump (a meme coin launchpad) have facilitated this activity. However, the momentum has not been fully sustained, and new token creation rates have declined from their October peaks.
Ecosystem Composition
Sui hosts 86 projects, with a focus on gaming (23) and DeFi (16). Its native tokens have delivered strong returns—NAVX and CETUS have risen severalfold since August, with CETUS recently listed on Binance.
Key ecosystem players include:
- NAVI Protocol: The leading lending protocol, with over $314 million in TVL.
- Cetus AMM: A dominant DEX supporting concentrated liquidity mechanics and cross-chain bridging.
- Suilend: A lending protocol developed by the team behind Solana’s Solend.
Development Strategy
Sui has emphasized Web3 gaming, leveraging Move’s object-oriented architecture for rich in-game asset composability. Despite early interest, no break-out game has yet emerged. More recently, Sui has adopted a growth strategy reminiscent of Solana’s—boosting token prices, fostering meme coin activity, and securing high-profile exchange listings.
The Korean market has been particularly receptive to Sui, with Upbit emerging as a major exchange for SUI trading.
Capital and User Metrics
Sui’s TVL has grown from $300 million to over $1 billion since August, though this is largely driven by token appreciation. Stablecoin market capitalization has increased to $380 million, and the chain has recorded positive net capital inflows over the past three months.
DEX volumes have exceeded $200 million daily, primarily driven by Cetus. However, user activity is concentrated in social applications rather than DeFi, raising questions about sustainable engagement.
Tokenomics and Unlocks
SUI has a total supply of 10 billion tokens, with 27.64% currently in circulation. The network incorporates a storage fund that locks tokens, potentially creating deflationary pressure. Nonetheless, monthly unlocks from investors and team allocations continue to impose selling pressure.
Price action has been strong, with SUI outperforming Bitcoin and breaking past previous all-time highs.
Sui Summary
Sui has successfully attracted market attention through token appreciation and ecosystem incentives. However, its user base remains unevenly distributed, and its meme coin momentum has proven transient. The focus on gaming has yet to yield tangible results, and token unlocks may cap medium-term price growth.
Examining the Aptos Ecosystem
Overview and Recent Developments
Aptos is another Move-based Layer 1 blockchain that retains more of the original Diem architecture compared to Sui. It uses an account-based model and has achieved a peak TPS of 10,734 under real-world conditions.
The project raised funds at a $2.75 billion valuation in 2022, with backing from A16z, Binance Labs, and Coinbase Ventures. Its mainnet went live in October 2022, and TVL has grown threefold since January 2024.
Recent developments include:
- A dedicated ecosystem fund launched by MEXC Ventures, Foresight Ventures, and Mirana Ventures.
- Expansion into the Japanese market via the acquisition of HashPalette.
- The introduction of Franklin Templeton’s on-chain money market fund on Aptos.
- The launch of native USDT on the network.
On-Chain Activity
Aptos has not yet seen significant meme coin activity or other forms of native asset trading. Its ecosystem is still in early stages of adoption.
Ecosystem Composition
Aptos hosts 192 projects—more than Sui—though few have issued tokens. The ecosystem includes 49 DeFi protocols, with Thala, LiquidSwap, and Aries Markets among the leaders.
Key protocols include:
- Thala: A leading DEX and stablecoin issuer.
- Aries Markets: The largest lending protocol, with over $664 million in supplied assets.
- Amnis Finance: A liquid staking protocol with steady TVL growth.
- Echo Lending: A protocol that bridges Bitcoin assets into Aptos for yield opportunities.
Development Strategy
Aptos is focusing on real-world assets (RWA), Bitcoin integration, and AI development. Partnerships with Ondo Finance and Franklin Templeton aim to bring traditional finance onto the blockchain. The integration of Bitcoin via platforms like B squared Network and Stacks could enhance capital inflow.
Capital and User Metrics
Aptos has seen steady growth in TVL and stablecoin market cap, which now stands at $292 million. Net capital inflows have been positive but modest compared to Sui.
DEX volumes are significantly lower than Sui’s, and user activity is skewed toward non-DeFi applications like social and gaming dApps.
Tokenomics and Unlocks
APT has an initial supply of 10 billion tokens. Monthly unlocks pose ongoing selling pressure, and the token’s price performance has lagged behind SUI’s.
Aptos Summary
Aptos has pursued a differentiated strategy centered on RWAs and Bitcoin integration. While its TVL has grown, organic user engagement remains limited. The ecosystem lacks the speculative activity seen on Sui, and its token has underperformed in the short term.
Comparative Analysis: Sui vs. Aptos
| Metric | Sui | Aptos |
|---|---|---|
| Market Cap | $8.96B | $5.58B |
| Fully Diluted Valuation | $31.50B | $12.07B |
| TVL | $1.38B | $996M |
| Stablecoin Market Cap | $388M | $292M |
| DEX Volume (7D) | $2.02B | $208M |
| Net Capital Inflow (30D) | $168M | $1.16M |
Key Observations
- TVL and Capital Flows: Sui’s TVL is higher, driven largely by token appreciation. It has attracted substantially more capital, primarily from Ethereum.
- On-Chain Activity: Sui’s DEX volumes are an order of magnitude greater than Aptos’s, though both chains have low DeFi user engagement.
- Development Approach: Sui has leveraged meme coins and exchange listings to boost visibility, while Aptos is focusing on institutional use cases like RWA and BitcoinFi.
- Token Unlocks: Both chains face monthly unlock pressures—SUI at 2.32% of circulating supply and APT at 2.17%.
- Price Performance: SUI has shown stronger momentum, breaking previous highs, while APT has trailed in terms of BTC pairing performance.
Frequently Asked Questions
What makes Move-based blockchains different?
Move is a programming language originally developed for Diem (formerly Libra). It emphasizes security and flexibility, enabling safer smart contract development. Both Sui and Aptos use Move but with different data models—Sui uses an object-centric model, while Aptos uses an account-based model.
Which chain has better DeFi infrastructure?
Both chains have mature DeFi ecosystems including DEXs, lending protocols, and liquid staking solutions. Sui currently has higher trading volumes and more value locked, but Aptos has been successful in integrating traditional finance products.
How do I start using these ecosystems?
You can begin by setting up a compatible wallet and bridging assets from other networks. Each chain has its own set of decentralized applications for trading, lending, and earning yield. 👉 Explore more strategies for engaging with emerging ecosystems
Are these chains suitable for gaming applications?
Sui has explicitly prioritized gaming due to its object-oriented architecture, which supports complex in-game assets. Aptos has also seen gaming activity, though its current focus is on RWA and institutional adoption.
What are the risks of investing in these ecosystems?
Both networks are relatively new and face challenges such as token unlock pressure, regulatory uncertainty, and competition from established chains. Investors should conduct thorough due diligence.
Can these chains compete with Solana?
Both Sui and Aptos have been labeled “Solana killers” due to their high throughput and growing ecosystems. However, Solana has a significant head start in user adoption and developer activity.
In summary, Sui and Aptos represent two ambitious efforts to advance blockchain technology using the Move language. While Sui has gained an edge in market momentum and speculation, Aptos is pursuing a more institution-oriented strategy. Both chains show promise but must overcome challenges related to user adoption and tokenomics to realize their full potential.