ON–327: Layer 1s Pt. 1 🛣️
Coverage on Ethereum, Sui, SKALE, & Sei
📝 Editor's Note:
On a volatile week inside and outside of crypto, OurNetwork is chugging along.
So are the Layer 1s that contributors are covering in this issue — in fact, the four chains in this issue have nearly 3.9M daily active addresses, according to data from Artemis and DappRadar.
There's a lot to unpack — let's get into it.
– ON Editorial Team
Layer 1s Pt. 1 🛣️
Ethereum | Sui | SKALE | Sei
Ethereum 🦄
👥 Tanay Ved | Website | Dashboard
📈 Ethereum Stablecoin Supply Reaches All-Time High of $130B, Up 53% Year-over-Year as ETH Value Capture Has Lagged as Total Fees and Burn Decline.
With the stablecoin sector heating up, total supply has surpassed $230B. Of this, 56%—or $130B—resides on Ethereum, up 53% year-over-year. That’s two times more than Tron and ten times more than Solana. Ethereum’s stablecoin dominance highlights its role as the backbone for digital dollar liquidity, powering DeFi and an expanding base for tokenized real world asset settlement, from U.S. Treasuries to private credit. However, onchain activity has declined as Ethereum moves through a transitory phase, impacting value accrual of ETH the asset.
Total fees, ~$30M a year ago when EIP-4844 launched, now sit near $500K. Blob fees make up just 0.07%, with only ~70 ETH burned on average daily, pushing annual inflation to 0.78%. Developers aim to incrementally scale blob capacity, lower costs, and boost blob usage and ultimately, fee revenue.
