ON–193: Layer 1s 🌐
NEAR • TON • SUI • SEI • CANTO
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EXCLUSIVE ONCHAIN COVERAGE:
Layer 1s 🌐
① NEAR ⋈
📈 NEAR crosses 833k Daily Active Addresses, Overtaking Ethereum and its L1 Peers
NEAR Protocol, a L1 blockchain excelling at cost-efficient, high-speed transactions, is on its mission to onboard 1 billion users to the Open Web. After the launch of KaiKai (a consumer shopping app), NEAR observed a surge in Daily Active Addresses (DAA). Building on NEAR benefits both buyers and merchants, with transaction fees around 50 times cheaper than Visa/Debit fees. DAA currently stand at 833k, propelled by KaiKai's impressive retention rates (1-day rate is ~40%).
NEAR hosts 2 of the top 5 consumer projects by active addresses. KaiKai leads with 693k DAA, while Sweat Economy is 3rd (118k DAA). Their success stems from delivering a seamless and familiar user experience, while capitalizing on NEAR's cost-effectiveness and scalability behind the scenes.
FastAuth, NEAR's passwordless onboarding, tallied 20k accounts in six months. Centered on user experience, it provides a familiar sign-up process and removes frictions like the need for crypto or seed phrases, allowing a median user to start making transactions within 2 minutes.
💦🔬 Tx-Level Alpha: NEAR incorporates meta transactions into its core protocol, enhancing accessibility through sophisticated services like NEAR relayer and FastAuth. A representative Meta transaction costs 0.00133N (0.23¢ at NEAR's $1.74 price), 1000x less than on Ethereum and 50x less than on Polygon. This negligible transaction cost is essential for business sustainability amid the rising user acquisition cost (typically $30-$70).
② The Open Network 💎
👥 M3TA Analytics | Website | Dashboard
📈 TON Boasts 20-30K DAU and >900M $TON in regular transfers
TON (The Open Network) aims to be an ever-expanding next-gen internet, bridging Web2 and Web3 at speed. Users can settle micropayments using $TON, store and trade assets without leaving the 800M-MAU SuperApp—thanks to the TONxTelegram initiative—plus a multitude of other use cases, all made possible by the shard-designed TON Blockchain. With a stable user base of 20K to 30K and a monthly average of 6M transactions, TON continues to reach new heights in monthly trading volume, hitting 21.7B $TON in October, equivalent to $49.5B at the time of writing.
Staking of $TON has risen by 68M $TON YTD, reflecting user confidence in the project's future despite decreasing monthly yields. This trend aligns with the 30% YTD raise in the validator system, which will improve TON’s decentralization.
Zooming in on $TON flows: CEXs form a major TON wallet group with Bitgo holding the most $TON (13.4K) and OKX maintaining the highest trading volume share (35.51%). A larger $TON outflow might indicate users are depositing more to CEXs, looking to sell, but a look at onchain data reveals a commensurate $TON inflow.
💦🔬 Tx-Level Alpha: Fragment, endorsed by TON founder Durov, is an auction market for exclusive Telegram usernames and phone numbers. Biddings have been so competitive that a user notably spent 994K $TON on @news while owning other popular ones like @meta, @web3 as well as attractive numbers like +888 8 008. With 12,825,090.51 $TON in the user's wallet and their early commitment dating back to 2022, their investment into many usernames clearly shows belief in TON's use on Telegram, pointing to a hopeful trajectory for the project.
③ Sui 🌊
👥 Overclock Sui | Website | Dashboard
📈 SUI crosses $130M in TVL
Sui is an L1 developed by Mysten Labs. Its object-centric data model allows for dynamic asset management directly on-chain, enabling more sophisticated asset interactions like real-time mutations and bundling of NFTs without third-party storage solutions, and its scalable transaction processing and secure smart contract environment position it well for gaming and social metaverse applications. Today Sui TVL crossed $130M on the heels of Mysten Labs' Quest 3, which ended on November 9, 2023.
Daily Sui DEX volumes are also spiking and reached a high of $50M+ on November 13, 2023. DEX volume per daily active address also reached an all-time high of $4,015 on the same day.
On the other hand, Daily Active Addresses have declined from a local peak of 364K on November 7, 2023 to just 12K today, which is the lowest total since October 11, 2023. This is a miniscule percentage (~0.14%) of the 8.23M total accounts that have signed transactions since genesis.
💦🔬 Tx-Level Alpha: This transaction updated a player's character in Arcade Champion, a mobile arcade game with a crypto play-to-own element and hero-based NFTs. Notably the gas and storage fee of 0.000775916 SUI was paid for, or 'sponsored', by Arcade Champion. Sui's sponsored transactions allow a sponsor to pay for the gas fees incurred by another user, removing the barrier of needing tokens for on-chain transactions and leading to a much smoother user experience particularly in gaming.
④ Sei 🚢
📈 SEI achieves an average 390ms time to finality, flips ETH lifetime blocks produced in 3 months
Sei is the fastest Layer 1 blockchain, built to scale with the industry. Launched in August 2023, Sei has adopted technologies such as parallelization and single slot finality to provide a near web2 experience for crypto applications. Since launch, Sei has maintained a consistent 390 ms time to finality (TTF). This is by far the fastest of any single layer 1 blockchain. Sei's current block height is currently 39.4M, over 2x Ethereum's 18.5M. Sei has processed 638M transactions.
Sei has achieved these times to finality with a steady throughput of transactions on the network, circa 45 TPS demand on average, demonstrating the chains capability to achieve instant TTF with traffic that exceeds every chain other than Solana.
Importantly, the transaction success rate has remained extremely high, with 99.5% of transactions succeeding; the highest of all blockchains available on flipside's platform.
💦🔬 Tx-Level Alpha: The first Native USDC was transferred to the SEI chain. Following on from recent news around Circle Ventures investment into Sei, this is an interesting development.
⑤ Canto 💚
📈 Canto launches first RWA, crosses $7M in TVL
In recent months, core Canto contributors have focused significantly on Real World Assets (RWAs), resulting in numerous partnerships with RWA protocols. Hashnote has introduced its short-term US Treasury bill RWA token ($USYC) on Canto. Since its launch approximately one month ago, there has been over $7M USYC minted on Canto. Future RWA launches on Canto will feature projects such as Anzen Finance, Fortunafi, and HighYield.
In the last month, there has been an increase in the circulation of Canto's decentralized unit of account, $NOTE. This surge is due to traders leveraging NOTE against their USYC holdings, enabling them to acquire additional USYC and amplify their leverage. Currently, ~30M NOTE is in circulation.
With the launch of USYC on Canto and other impending RWA launches, there has been a substantial increase in the volume of assets bridged onto Canto over the past month. In October, ~$22.2M was bridged onto Canto, a large increase from the ~$4.8M in September and ~$1.6M in August.
💦🔬 Tx-Level Alpha: This transaction holds special significance as it marks the inaugural instance on Canto where a Real World Asset (RWA) was minted. Specifically, this represents the first occasion when USYC was minted on Canto.
Quick Links: Disclosures
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