ON–236: High Performance Blockchains 🏎️

Coverage on zkSync, NEAR, Aptos & Sui.

May 24, 2024

ON–236: High Performance Blockchains 🏎️
Distributed research for distributed networks – OurNetwork is crypto's go-to platform for onchain analytics.

High Performance Blockchains 🏎️

📈 High Performance Blockchains Daily Active Addresses Surpass 5M

  • Over the past year, new chains and upgrades have gone live, giving users a large number of high performance blockchains to use. The entire ecosystem has grown rapidly over the past year, with over 5M daily active addresses (DAA) in May 2024. NEAR, Solana and Sui all have over 1M DAAs. Sui has seen an explosion of active addresses driven by new applications including SPAM + Fan TV.
Source: Artemis
  • High performance blockchains offer a enormous reduction in fees compared with older blockchains. Fees are often below $0.1 and many have achieved fees below $0.01.
Source: Artemis
  • All chains have been seeing an increase in TVL, with NEAR, Solana, Scroll, StarkNet and Flow seeing >100% TVL changes in the past 3 months. "Solana Spring" is in full bloom as TVL closes in on $5B.
Source: Artemis
  • 💦🔬 Tx-Level Alpha: Three weeks ago, SPAM on Sui launched, amassing tens of millions of transactions and an explosion of Sui addresses. The deployer paid less than $0.01 to create a contract - a pretty good ROI!

① zkSync 🧑‍🍳

📈 zkSync Era approaches $1B in TVL

  • zkSync Era is an EVM Compatible ZK-based Layer 2 network on Ethereum. Live on mainnet for now over one year, it has amassed nearly $1B in TVL, more than 375M transactions, and nearly 7M unique active addresses. In just the last few months, the TVL contribution from natively minted tokens has grown to more than $75M.
Source: L2 BEAT & Dune Analytics @matters_labs
  • More than 50k daily transactions on zkSync Era use paymasters, which enables sponsored gas fees or to pay gas fees in alternate tokens such as USDC or wstETH, among others. In the chart below, each color represents a unique paymaster contract, with most days having more than 30 active paymasters.
Source: Dune Analytics - @matters_labs
  • Following the launch of EIP-4844, transaction fees on zkSync Era have decreased by more than 90% to low single cents. As data availability is no longer the primary cost for L2s, the next step function decrease in fees will arrive from improvements in proving systems and aggregation strategies.
Source: growthepie.xyz

② NEAR ⋈

📈 NEAR Monthly Active Wallets Rises to 15.7M, More Than the Next Two Chains Combined

  • NEAR Protocol, a L1 blockchain excelling at cost-efficient, high-speed transactions, is on its mission to onboard 1B users to the open web. By focusing on user experience and abstracting blockchain complexities, NEAR fosters the development of consumer apps. As a result, NEAR maintains its leading position in active users among its peers since Q3 2023. With 15.69M monthly active wallets, NEAR now has more active users than the next two most popular chains combined.
Source: DappRadar
  • HOT, a Telegram-based wallet on NEAR, leads with 1.4M daily active wallets, followed by KaiKai, a consumer shopping app with 975K. This rapid growth prompted the NEAR Protocol team to add 2 more shards to the existing 4 last month, boosting capacity by 50% without increasing fees.
Source: DappRadar
  • NEAR has the highest 12-month retention amongst L1s, another key factor in sustaining its growth. For example, KaiKai rewards customer loyalty while abstracting blockchain away from customers, leading 40% of its users returning the next day, and the 75%-85% return the following week.
Source: Artemis
  • 💦🔬 Tx-Level Alpha: Last week, meta transactions went live on SWEAT, a mobile app that lets users earn SWEAT tokens by walking. This example was one of the first few meta transactions which shows a user claiming their SWEAT tokens, with gas fees subsidized through a relayer and delegate action. Meta transactions are also used by Mintbase and Meteor, enabling users to create named accounts without initial funding. This "try before you pay" model removes user barriers for onboarding masses to web3.

③ Aptos 💥

📈 Aptos surpasses 600M transactions, with DeFi TVL up 376% in Q1 ‘24

Aptos DeFi TVL grew 376% in Q1

Aptos’ DeFi ecosystem features protocols across sectors like lending and exchanges. In Q1, Aptos’ DeFi TVL increased by 376% and reached a peak of $500M in early April. Q1 TVL growth can be attributed to protocols like Aries Markets, Thala and Cellana Finance—which launched in February and surpassed $30M in TVL within one month. While USD-denominated TVL is down from the peak, TVL in APT remains near its ATH, indicating growing APT in TVL despite price fluctuations.

Source: Messari
  • Aptos surpassed 609M total transactions this week. Aptos also hit one of its highest records with 12M transactions this week alone, up 6.5% compared to last week and its second-highest transaction week behind the week of Mar, 18 when the network processed 13.6M transactions.
Source: Flipside - @christinainto
  • Aptos has surpassed the $1B volume bridged milestone with more than $76.5M in volume bridged the week of May 13 alone. This is thanks to partners such as Stargate’s Aptos Bridge—which uses the LayerZero protocol and removed the daily transaction limit for users earlier this year—and Wormhole.
Source: Flipside - @christinainto
  • 💦🔬 Tx-Level Alpha: Aptos Labs recently announced Aptos achieved sub-second end-to-end latency to deliver instant transactions. On May 23, Aptos processed more than 1.2K TPS led by Tapos—a clicker game in which transactions are sent for every task a user completes. In less than 24 hours on mainnet, Tapos hit 10M transactions (this is number 10M) being executed in parallel and powered by Aptos Aggregator. Tapos uses Aptos’ native functionality to easily support 100M+ transactions per day at 0.000008 APT per transaction.

④ Sui 🥩

📈 SUI stakers outnumbers unstakers by 300%

  • Liquid staking solutions are on the rise on Sui, allowing users to maintain liquidity while participating in staking across their favorite assets. Looking within the Sui ecosystem, we can see a clear increase in staking activity as the amount of staking transactions and active users steadily increased. Daily stakers are outnumbering unstakers by almost 300%. Keep in mind, due to compute limitations, the data can only be pulled from less than 60 days.
Source: Space and Time
  • The top liquid staking solutions on Sui are Headal, Volo, and Aftermath. Out of the 362M SUI not staked with validators, 147M (40%) are staked with the following LSTs. Volo is the leading LST by SUI staked and currently has the largest market share at 45%. In January, lead Sui lending protocol Navi acquired Volo, furthering their dominance in the LST market.
Source: Space and Time
  • Sui lending protocol Scallop has seen $3B net SUI inflows in May, including a growing share of Sui LSTs. SUI remains the most supplied asset, followed by USDC and USDT. Navi remains the most popular liquid restaking platform within the SUI ecosystem.
Source: Space and Time

Thanks for reading OurNetwork! Subscribe for free to receive new posts and support our work.

Quick Links: Disclosures