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Layer 1s 🛣️
Ethereum | Sui | Avalanche | TRON | Ronin
Ethereum 🦄
👥 Tanay Ved | Website | Dashboard
📈 Ethereum Mainnet Hits 1.3M Transactions, Inflation Rate Drops to 0.5%, 3M+ ETH Bridged to L2s
- Activity on Ethereum mainnet, the most valuable smart contract platform with a market capitalization of $440B, trended higher in March 2024 spurred by marketwide growth, with daily active addresses and transaction counts rising to 680K and 1.3M respectively. While activity tapered down in the summer after the Dencun upgrade —also in March 2024— it has since rebounded, supported by the Layer 2 ecosystem as markets heat up once again, illustrating the reflexive nature of blockspace demand on Ethereum.
- Ethereum’s inflation rate, tied to blockspace demand, stands at 0.5% as total issuance (78K) exceeded ETH burned (47K) in 2024. ETH continues to be exported, with over 3M tokens bridged to Base, Arbitrum, and other Layer 2s, as the upcoming Pectra upgrade scales blob capacity and grows blockspace secured by ETH.
- A 3.1% nominal staking yield (2.6% inflation-adjusted) presents an attractive proposition, incentivizing validators and institutions alike. Prospects of a staked Ether ETF, rising blobspace demand could drive deflationary ETH supply and strong on-chain growth in 2025.
Sui 🌊
👥 Biff Buster | Website | Dashboard
📈 Sui's TVL Soars to $2.06B, Lead by Suilend
- DeFi on Sui, a high-throughput Layer 1, was in the spotlight from the beginning of 2024. Two key projects in the space, Scallop and Navi, used incentivized pools to help pioneer DeFi season on Sui by deepening liquidity and distributing rewards for users. Sui TVL had increased from $220M to $2B since the start of 2024. Net inflows remained in the top 5 all year, with only 11 days of outflows over the last 30 days. The SUI token's price has also exploded, starting the year at $0.80 and ending the year at $5.14 (+540%).
- Sui's decentralized exchanges experienced huge growth, beginning the year with a combined 37,000 daily users and $27M volume and ending the year with over 600,000 active users and $300M daily volume. TVL and volume on Cetus, the preeminent automated market maker (AMM) on Sui, both increased by a factor of 10+ during 2024.
- SuiAi is an ai agent launchpad which allows users to create and launch AI agents that can perform tasks onchain. Since launching the price of SUIAI has increased by 3,900% from initial launch on Dec. 14, 2024 and has since reached a $40M to becoming the leading AI project by market cap on Sui.
Space and Time🔦Transaction Spotlight:Breaking down the SuiAi launchpad fee structure, we can see that users are required to burn 6.9 SUIAI to send a reply. This transaction shows a user sending a message using the SuiAi agent forum. The user is spending .002 SUI to burn 6.9 SUIAI in order to send a reply.
Avalanche 🔺
👥 YASMIN | Website | Dashboard
📈 Avalanche 9000 — Gas Fees Analysis - 90% Cost Reduction
- Avalanche, an EVM compatible Layer 1 blockchain, launched its Avalanche 9000 upgrade on Dec. 16 2024, dropping gas fees by 90%. The cost efficiency is already showing its impact — new user onboarding has spiked significantly, reaching ~150,000 new wallets in the first weeks post-upgrade, nearly matching the network's previous all-time highs from mid-2023.
- Most of the new wallets were active in bridges and DeFi, followed by DEXs and dApps, showcasing a strong focus on cross-chain activities and financial applications.
- In the three weeks following the upgrade, a total of 252,925 contracts were deployed — nearly a 10x increase compared to the 26,123 contracts deployed in the three weeks prior. This leap boosts developer confidence and accelerates innovation in the Avalanche ecosystem.
TRON 🔴
👥 Sam | Website | Dashboard
📈 TRON: $23.4B+ Total Value Locked, 282M+ Users, $15.8T+ Total Transfer Volume
- TVL on TRON, another major Layer 1, has surged past $23.4B. Over the past 30 days, there were 2.62M+ daily active accounts and 174K new accounts recorded per day on average. Over the past 30 days, the TRON blockchain network has generated $304.54M in total protocol revenue. Over the past 365 days, it has achieved $2.15B in revenue, representing a growth of over 116.38%.
- Over 60% of USDT volume occurs consistently on TRON. The T3 Financial Crime Unit (T3 FCU), a collaboration between TRON, Tether, and TRM Labs, has frozen more than $100M in criminal assets globally, passing a significant milestone in its fight against cryptocurrency-related financial crime.
- Chainlink Data Feeds has become the official data oracle solution for the TRON blockchain ecosystem. Chainlink's industry-standard data oracles will help secure JustLend and JustStable, the two largest DeFi applications on TRON, which together represent over $9B in TVL as of January 2025.
Ronin ⚔️
👥 peter | Website | Dashboard
📈 Ronin Closes the Year with a Yearly All-Time High of 17.5M Wallets, 616M Transactions and New Games
- Ronin is an EVM blockchain crafted for developers building games with player-owned economies. It attracted over 17M active wallets and faciliated 616M transactions over the last year, marking a 10x year-over-year growth. Network revenue also grew ~8x to 873K RON. While 2024's DEX volume is 22% lower than 2022's, the number of swaps increased 5%, from 8.4M to 8.9M within the same period. These numbers are projected to rise further as Ronin transitions to a permissionless chain in Q1 2025.
- Cambria is an experimental MMO game with real stakes and onchain significance, pioneering the "Risk-to-Earn" model. Its assets, Founders & Cores, have amassed $1.8M in secondary sales, with Cores generating $723K in primary sales. Cambria's previous version saw 62.4K ETH wagered & will continue on Ronin.
- In 2024, the Mavis Marketplace, an NFT marketplace built on Ronin, generated $33M in sales volume executed over almost 1.8M trades. At the heart of the Mavis Marketplace is a payment system, Mavis Pay, that streamlines the payment experience. Mavis Pay has processed over $4M in transaction volume over half of which was executed in May.
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