📝 Editor’s Note:

On a week where BTC has hit an all-time high above $118,000, welcome to OurNetwork’s latest. Below we have coverage from six stellar analysts covering six major Layer 1s.

Leading off is Tanay on Ethereum, which hit its highest transaction mark since 2021. yasmin dug into Avalanche's momentum in the RWA space. Biff covered Sui's explosive stablecoin growth. Haley chronicled Aptos’ own RWA expansion, while Seoul Data Labs examined Plasma, the highly anticipated stablecoin-focused chain. Syed wrapped up with Sei's gaming sector traction.

Prices are up and time is short. Let’s get into it. 

– ON Editorial Team

Ethereum | Avalanche | Sui | Aptos | Sei | Plasma

• Ethereum has sustained its dominance as a hub for stablecoins, with 55% of total supply, or nearly $140B residing on Ethereum mainnet. Another $10.5B are also natively issued on Ethereum Layer 2s (L2s), fueling their use across rollups like Arbitrum, Base and Optimism. The 30-day average adjusted transaction volume across Ethereum stablecoins reached a record-high of $31B in April. As stablecoin issuance and economic activity rise, they can create a feedback loop for ETH demand and utility.

• The Pectra upgrade went live in May, enhancing Ethereum’s staking efficiency and L2 scalability. 35.5M ETH, or 29.4% of supply, is now staked. EIP-7691 raised the blob target from 3 to 6, doubling blob capacity. This has reduced data costs, and enabled greater rollup transaction throughput and adoption.

• Blobs posted daily rose from ~21,300 to ~28,000 (~4 per block) after Pectra, but underused space keeps blob fees minimal at ~$0.000009. The base layer is scaling in parallel. Transactions on mainnet reached 1.4M, the highest level since November 2021, supported by recent block gas limit increases.

• Avalanche is rapidly establishing itself as a major platform for real-world asset (RWA) tokenization. According to rwa.xyz data, the network now hosts $192.8M in tokenized assets (excluding stablecoins), representing 6%+ growth over 30 days. With $138M tokenized, U.S. Treasurys dominate Avalanche RWAs, signaling institutional confidence in the network for low-risk asset tokenization. Avalanche now ranks ninth among networks in terms of value of RWAs secured.

• Avalanche's subnet architecture has driven explosive growth with daily transactions surging from 3M to over 14M in June. The coqnet subnet alone processes 10.7M daily transactions, while the Pulsar L1 (1.2M) and Lamina1 L1 (500K) showcase diverse use cases from gaming to DeFi.

• The Avalanche 9000 update created a perfect storm: as the C-Chain, Avalanche's primary chain which executes smart contracts, hit a record of over 1.5M transactions in a day while gas fees plummeted from $0.80 in late 2024 to near-zero levels.

• Despite a $220M exploit of Cetus Protocol on May 22, 2025, Sui's DeFi ecosystem has shown resilience and sustained momentum. After losing almost 40% of total value locked (TVL), Sui reclaimed the $1.8B mark and now commands over 8.5% of non-EVM chain TVL. Kai Finance led lending growth, rising from $422K to $38.2M in TVL (up 8,955% year-over-year). However, Suilend still claims the highest TVL on the network at 30% of all Sui TVL, reaching $534.1M from $45M (up over 1000% year-over-year).

• Among non-EVM chains, Sui ranks 6th in year-over-year stablecoin growth with a 255.4% increase, after a rise to over $1.1B from $314M. While others posted higher percentage gains, Sui combines speed and scale, positioning itself as a leading layer for stablecoin settlement and liquidity.

• Sui's daily active users have grown from 576k to 978k (up 70% year-over-year), while gas consumed is up 3.5x from $12k to $42k. This rise in usage signals growing demand across apps and protocols, showing that Sui is handling increased load without compromising performance or cost efficiency.

• H1 2025 on Aptos is heating up as the chain recently surpassed 3B lifetime transactions. Aptos also holds the top four daily transaction records across all chains, and exceeds 80M all-time addresses. This extends across the ecosystem as utility for Bitcoin, RWAs and stablecoins increases on Aptos, which now has more than $430M in Bitcoin assets, $1.2B in stablecoin value and nearly $540M in RWAs, solidifying it as a top three chain for real-world assets.

• Aptos has gained momentum as a network for BTC-based finance, with over $400M in BTC assets following the arrival of OKX’s xBTC. The BTC-pegged asset is integrated with top Aptos apps by TVL including Aries Markets, Echo Protocol and Hyperion. Other BTC assets on Aptos include Echo’s aBTC ($50M). Notably, Echo recently launched its token generation event.

• Aptos is now a top three chains for RWAs, hosting ~$540M in tokenized assets. Aptos has 13 tokenized products from providers including the credit-focused PACT Protocol, which recently added $80M in tokenized assets, bringing its onchain footprint well above $300M.

• Plasma, a stablecoin-focused blockchain, opened its initial $500M deposit window on June 9, 2025 and raised the cap to $1B just two days later due to overwhelming demand. Depositors will earn rights to participate in the upcoming XPL token sale based on their final unit holdings at the end of the lock-up period. Across the two $500M deposit phases, 2,930 unique addresses contributed with an average deposit of $341k. The largest deposit came in at $50M from a single address.

• A Pareto analysis shows that the top 100 wallets accounted for 70% of total deposits, highlighting a significant capital concentration. Despite a $50M per-wallet cap, participation skewed heavily toward whales. Fairness aside, the outcome signals strong institutional demand for stablecoin exposure.

• Despite the dominance of large players, retail still found entry points. 496 wallets (16.9%) deposited under $1,000, followed by 791 wallets (27.0%) in the $1k–$10k range. While capital was concentrated at the top, participation spanned a broad spectrum of users.

• Sei is dedicated to scaling the EVM and is currently the EVM chain with the cheapest average gas. Over the last year the TVL on Sei has increased by a factor of nine with significant new stablecoin liquidity deployed. Native USDt was also recently integrated into the chain.

• Over the last three months Sei has the lowest average median transaction fee among EVM-compatible chains, making it the cheapest out of competitors like BNB Chain, ZKsync, Avalanche, Base, Solana and Polygon.

• Gaming has always been a cornerstones of the Sei ecosystem. In June, Sei surpassed all other chains to be the most used network for gaming-related transactions, according to DappRadar.