Top Blockchain Projects in September: Aptos, Base, SUI, and TON Lead the Way
In September, Layer 1 blockchains experienced significant growth. Aptos, Base, Sui, and TON recorded notable increases in capital inflows. l Credit: Hameem Sarwar/CCN.com
Key Takeaways
- Aptos TVL reached $570 million, indicating significant investor confidence.
- Base’s significant trading volumes and revenue generation highlight a thriving ecosystem.
- September was a positive month for several blockchain projects.
September 2024 was a month of significant growth for the Aptos, Base, Sui, and TON blockchains.
These platforms substantially increased total value locked, transaction volumes, and user activity.
The development of new decentralized applications (dApps) and the expansion of their ecosystems also played a crucial role in driving their growth.
Aptos Total Value Locked Nears $570M
In September, the Aptos blockchain saw impressive capital growth, significant advancements in ecosystem development, and a marked increase in user activity.
With the total value locked (TVL) exceeding $569.97 million, Aptos experienced a strong inflow of liquidity and growing investor confidence.
This rise in TVL was supported by the increasing value of stablecoins locked within the platform, which reached $212.16 million.
The price of Aptos’ native token (APT) hit $8.23, contributing to a market capitalization of $4.13 billion and a fully diluted valuation (FDV) of $9.20 billion.
These figures signal a robust upward trend in the platform’s financial metrics.
Read More: Aptos Price Prediction 2024: APT Price Analysis
The platform’s capital raised to date is now at $350 million, reflecting the growing interest and financial backing for the Aptos ecosystem.
This capital is being directed towards expanding the development of dApps and enhancing the broader DeFi ecosystem on the network. Increased developer activity is laying the foundation for new projects and fostering a more comprehensive blockchain infrastructure.
User activity also increased noticeably during September, as evidenced by the platform’s 24-hour trading volume of $48.5 million. The higher trading volumes and the growing TVL highlight increased engagement with Aptos-based applications and services.
The rise in stablecoin circulation and aggregator volume further suggests heightened financial activity, suggesting that both retail and institutional investors are participating in the ecosystem.
Base Records High Trading Volume
In September 2024, Base saw the total value locked on the platform reach $2.26 billion, indicating strong capital inflows and investor confidence.
This growth was underpinned by a stablecoins market capitalization of $3.72 billion, showcasing robust liquidity within the ecosystem.
The platform saw remarkable financial activity, with trading volumes soaring to $659.9 million. In the same period, it recorded inflows of $6.4 million. Revenue generation and user fees amounted to $88 million and $89 million, respectively.
This reflects increased usage of Base’s decentralized applications and financial products. These metrics suggest a flourishing ecosystem with healthy revenue streams.
A key highlight of Base’s growth in September was its user activity. Active addresses surged to 1.5 million in 24 hours, showcasing widespread user engagement and adoption of the platform.
This surge in active users signals that more individuals and entities are utilizing the network’s services, further driving its growth.
The platform’s gradual rise in TVL throughout the month, stable transaction volumes, and high inflows point to a maturing ecosystem. The Base blockchain is attracting developers and users who are contributing to the network’s expansion of dApps.
This application development creates a broader and more vibrant ecosystem, fostering innovation and increasing the platform’s utility.
Sui’s Fully Diluted Valuation Tops $18B
In September 2024, the Sui ecosystem saw strong capital growth, increased application development, and higher user engagement. Its TVL rose to $1.03 billion, reflecting growing investor confidence.
The stablecoin market cap reached $418.5 million, which underscores its role in supporting liquidity and stability in Sui’s DeFi landscape.
During the month, Sui recorded a significant transaction volume of $90.7 million, showcasing high levels of financial activity on the network.
The SUI token was priced at $1.89, while the platform’s market capitalization rose to $5.22 billion, cementing Sui’s place as a key player in the blockchain ecosystem. Its fully diluted valuation (FDV) hit $18.88 billion, reflecting optimism about future growth potential.
Sui’s TVL steadily grew throughout September, indicating increased capital inflows and investor interest. This rise was fueled by the expanding number of dApps on the network.
User activity also increased significantly, with many participants engaging with Sui‘s ecosystem.
This surge in user adoption is a crucial indicator of the platform’s expanding community, composed of active users and developers contributing to its development.
TON’s Market Cap Reaches $14.75B
The TVL in the TON blockchain rose from approximately $420 million to $427 million throughout September.
This increase reflects growing confidence in the platform and signals optimism regarding its potential for value appreciation.
Similarly, TON’s market capitalization expanded from around $14 billion to $14.75 billion during the same period, a sign of increased investor interest and a positive outlook for the network’s future.
Read More: Toncoin Price Prediction 2024: TON Price Analysis
The market capitalization of stablecoins within the TON ecosystem reached $767.99 million in September. This rising demand for stable assets is crucial for enabling various financial activities within the blockchain.
These include lending, staking, and trading. TVL’s consistent growth and expanding application ecosystem indicate a vibrant developer community actively building on the network.
User engagement within the TON network also surged, as reflected by the rise in daily trading volume from $23.21 million. However, the likely surge in derivatives trading volume indicates increasing interest in more complex financial products and user demand for speculation and risk management within the blockchain ecosystem.
Growth Drivers In September
Several key factors fueled the growth of Aptos, Base, and Sui in September. Major projects such as NAVI, Cetus, and Suilend were instrumental in expanding the Aptos ecosystem.
NAVI stood out on Sui by reaching a TVL of $370 million. These projects significantly contributed to the platform’s traction by providing essential DeFi services and enhancing the overall utility of the network.
The appointment of Jesse Pollak as head of Coinbase Wallet while continuing to lead Base bolstered confidence in the Base platform. This leadership shift strengthened the connection between Coinbase and Base. It reinforced their joint efforts to simplify and accelerate blockchain adoption.
In September, Aptos saw the unlock of 11.31 million APT tokens. While token unlocks often raise concerns about price impact, the relatively small size of this unlock compared to the overall circulating supply suggests its effect on price will likely be minimal.
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