Blockchain Battle: Analyzing ETH, SOL, SUI, APT, BNB, TON Chain Data & Investment Logic

Do you think the landscape of public blockchains is already set? In fact, the situation is quietly changing.Conclusion first: Ethereum's dominant position is temporarily unshakable, but its high fees ...

Do you think the landscape of public blockchains is already set? In fact, the situation is quietly changing.

Conclusion first: Ethereum's dominant position is temporarily unshakable, but its high fees make it a bit weak in user experience; Solana is still the star of high-frequency trading and the NFT market, and BNB relies on Binance, the "traffic giant," to continue to attract the favor of a large number of exchange users. The Ton chain, with its deep integration with the Telegram community, is rapidly rising, and its on-chain activity and capital inflow show its great potential. And those emerging public chains - SUI and Aptos, are frantically catching up with speed and efficiency.

The market does not wait, and opportunities are fleeting. Behind each public chain, there are their own unique user groups, transaction frequencies, and activity levels, and changes in these indicators will directly affect the performance of their token prices. In this article, we will analyze the current situation of these six major public chains in detail through core indicators such as on-chain data, active addresses, transaction fees, and total value locked (TVL) (data as of October 14, 2024), to help you seize the next potential opportunity.

A brief review of the six major public chain ecosystems

To figure out who the next investment opportunity is, you first need to understand the current situation of the major public chains:

Ethereum (ETH): The world's first smart contract platform, regarded as the "big brother" of the public chain ecosystem. As of October 14, 2024, the price of ETH is $2560, it is still the core of DeFi and NFT, but high transaction fees make many ordinary users hesitate.

Solana (SOL): Focusing on high performance and low fees, it has attracted a large number of NFT and DeFi projects with extremely fast transaction speeds. However, the issue of network instability is still an obstacle that Solana needs to overcome.

SUI: As an emerging public chain, SUI focuses on efficient transactions and smart contract execution. Currently, SUI has been approved by Grayscale Trust, and the token price has reached a historical high, and its development potential cannot be ignored.

Aptos (APT): Regarded as the "next Solana," Aptos is growing rapidly in terms of technical background and ecosystem expansion, attracting a lot of attention from developers.BNB Chain (BNB): Leveraging Binance's global user base, BNB boasts the advantages of high trading volume and active users, with relatively low fees, making it popular among investors.

Ton: Created by the team behind Telegram, the Ton blockchain quickly rose to prominence by harnessing the massive traffic of the Telegram community. Its decentralized ecosystem and messaging capabilities have made the Ton blockchain a focal point in the Web3 community. Its on-chain data performance is impressive, attracting an increasing number of users and projects.

On-chain data comparison — Uncovering hidden opportunities and risks

We start with four key metrics: daily transaction volume, daily active addresses, transaction fees, and total value locked (TVL). These data can reveal the market performance of each public chain and provide investors with in-depth analysis.

1. The balance between daily transaction volume and transaction fees

Daily transaction volume and transaction fees are core indicators for measuring the activity of a public chain and user experience. They reflect the frequency of network usage and costs.

Analysis:

Solana: Solana leads with a daily transaction volume of 40 million, thanks to its extremely low transaction fees (only $0.002 per transaction). Such a high-frequency trading environment is ideal for NFT and DeFi transactions, allowing users to conduct small transactions without concerns. Solana has become the preferred choice for high-frequency traders with its low fees and high transaction volume.Ethereum (ETH): Ethereum's daily transaction volume is 1.1 million, but high transaction fees ($4 per transaction) remain Ethereum's biggest weakness. Despite this, Ethereum is still the preferred choice for high-value smart contracts and complex DeFi transactions.

Binance Coin (BNB): BNB has a daily transaction volume of 3.59 million, with transaction fees at $0.003 per transaction. Its strong user base is mainly due to the support of the Binance exchange. BNB is favored by small and medium investors due to its lower fees and high-frequency transactions.

Ton Chain: The Ton Chain has a daily transaction volume of 4.5 million, with fees at $0.005 per transaction. Although the fees are slightly higher compared to Solana, relying on the traffic pool of the Telegram community, the transaction frequency and activity of the Ton Chain continue to grow.

APT and SUI: Aptos and SUI have daily transaction volumes of 2.7 million and 5.6 million, respectively, and their transaction fees are also relatively low. As emerging public chains, their low-cost characteristics have attracted an increasing number of users.

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2. Daily Active Addresses - A measure of user engagement

Daily active addresses are an important indicator of network user activity, reflecting the ecosystem participation and user stickiness of public chains.

Analysis:

SUI: SUI leads with 6.56 million daily active addresses, mainly due to the recent outstanding performance of the SUI token price, which broke through $2.20, setting a historical high. More and more investors and developers are paying attention to this platform. According to developer data, there are already 1,108 developers on the Sui chain, an increase of about 64% in the past year, making it the fastest-growing public chain.

BNB and Ton Chain: The daily active addresses on the BNB chain reach 900,000, and the daily active addresses on the Ton Chain have reached 450,000. With the support of the Telegram community, the Ton Chain has gradually attracted more users, especially its influence in the Web3 community is rapidly expanding.Solana and APT: Solana and APT have daily active addresses of 4.59 million and 5.6 million, respectively, performing well due to their low fees and high transaction volumes.

Ethereum (ETH): Ethereum has the lowest daily active addresses at just 300,000. Ethereum's user stickiness mainly comes from its high-value smart contracts and DeFi ecosystem.

3. Total Value Locked (TVL) — A measure of capital liquidity

Total Value Locked (TVL) reflects the liquidity and locked capital in the public chain ecosystem, often used to measure the maturity of DeFi and the level of user trust in the platform.

Analysis:

Ethereum (ETH): ETH remains the absolute leader in the DeFi field, with a total value locked of $47 billion, far exceeding other public chains. A large number of DeFi protocols and NFT markets still prefer Ethereum as their deployment platform, consolidating Ethereum's dominant position in terms of capital liquidity and user trust.

BNB: BNB's total value locked is $4.6 billion, which, although there is a gap compared to Ethereum, its influence among small and medium investors remains strong. BNB maintains high capital liquidity with its low transaction fees and strong Binance ecosystem.

Solana (SOL): Solana's TVL is about $6 billion, which has decreased compared to before, mainly due to network instability issues leading to some capital outflow. However, Solana still holds an important position in the NFT market and has active users and capital support in the DeFi field.

Ton and APT: The total value locked on the Ton chain has reached $400 million, and the total value locked on the APT chain has reached $700 million. As two major emerging public chains, APT has quickly attracted capital inflow with its community support and innovative technical solutions. In the future, with more projects and applications deployed, the capital liquidity of the Ton and APT chains is expected to further increase.SUI: According to DefiLlama data, the Total Value Locked (TVL) on the Sui network has reached $1.13 billion, setting a new historical high. Now, the locked value of cryptographic assets on the Sui chain has jumped to the top 7 in the entire blockchain market. Among them: the lending protocol NAVI Protocol's TVL has reached $493.65 million, with a weekly increase of 1.41%; the lending platform Suilend's TVL has reached $256.38 million, with a weekly increase of 13.41%; the lending protocol Scallop Lend's TVL has reached $245.33 million, with a weekly increase of 2.21%.

How to Value Blockchain Layer 1

The valuation of Layer 1 public chains has always been a focus of market attention. Compared to traditional financial markets, blockchain valuation is more complex and requires a comprehensive assessment that combines on-chain data and historical price trends. Here are several commonly used valuation methods to help investors determine whether the token price of a public chain is overvalued or undervalued.

1. Network Value to Active Address Ratio (NVA Ratio)

The NVA ratio measures the market value per active user on the network by comparing the network's market capitalization to the number of daily active addresses, similar to the price-to-sales (P/S) ratio in traditional markets.

NVA = Network Market Capitalization / Number of Daily Active Addresses

Analysis:

APT's market capitalization is $5.2 billion, with 5.6 million daily active addresses, resulting in an NVA ratio of 928. Compared to SUI, with a market capitalization of $6.1 billion and 6.56 million daily active addresses, the NVA ratio is close to 929. This indicates that the activity and market value of APT and SUI are relatively well-matched, and the prices are relatively reasonable.2. Total Value Locked to Market Capitalization Ratio (TVL/MC Ratio)

The TVL to Market Capitalization (TVL/MC) ratio is used to measure the relationship between the network's locked value and its market capitalization, reflecting the efficiency of capital utilization.

TVL/MC = Total Value Locked (TVL) / Network Market Capitalization

Analysis:

SUI's TVL stands at $1.13 billion, with a market capitalization of $6.1 billion, resulting in a TVL/MC ratio of 0.186. In contrast, Aptos has a TVL of $720 million and a market capitalization of $5.2 billion, also yielding a TVL/MC ratio of 0.139. This indicates that the growth rate of SUI's TVL outpaces the growth of its market capitalization, suggesting that its network token may be undervalued.

Conclusion

Combining the above on-chain data with valuation methods:

Solana demonstrates a relatively reasonable valuation level due to its low transaction fees and high transaction volume.Ethereum, despite still leading in market share and liquidity, suffers from high fees that result in a high NVT ratio, indicating its price is relatively overvalued.

The Ton blockchain, as an emerging public chain, shows significant growth potential due to its strong community support and innovative features, and investors can continue to monitor its future locked value and user growth.

BNB maintains a relatively healthy valuation thanks to its large traffic pool and lower transaction fees.

Aptos and SUI are in a rapid growth phase with enormous potential for the future.