Greed has returned to the market, charging L1s in response.
TL;DR…
- L1 overview: Solana (+21.5%) and Cardano (+39.7%) led smart contract platform gains; The main drivers include Avalanche (+1) and Stellar (+4).
- Sui suffers a breakdown: SUI up 877.9% from bottom; Launch of stablecoin FDUSD to boost DeFi; The November 21 outage was resolved quickly.
- Solana reaches ATH: SOL stands at $259.40 (+21.5%), surpassing the previous ATH; four ETF spot deposits submitted.
- The Resurrection of Hedera: HBAR soared 85.2% when Canary Capital filed for HBAR spot ETF.
Greed has returned to the market, charging L1s in response.
>> Did you miss last week’s L1 recap? Check it out here.
According to DefiLlama’s narrative tracker, smart contract platforms (consisting primarily of layer 1 blockchains) are the sixth best-performing cryptoasset sector in terms of mCap-weighted returns.
Source: DéfiLlama
>> Read this week’s RWA recap to find out more.
These include:
>> Keep an eye on your favorite L1 tokens here.
Widely recognized as one of the best performing L1 tokens this cycle, the SUI token is currently up 877.9% since its all-time low observed in October 2023.
The SUI token has been in an almost uninterrupted uptrend over the past nine months, barely dropping during periods that crushed many other alts.
In terms of total value locked (TVL), the Sui network has also shown great strength.
Source: DéfiLlama
Earlier this week, the platform hit a record TVL of over $1.65 billion and now sits just below that figure. This is largely due to the meteoric rise of Aftermath Finance, which saw its TVL swell by 78.3% last week.
Here are the most important news from the Sui ecosystem for this week:
At the time of writing, the SOL token is trading at $259.40 but reached a high of $263.70 earlier today. It is up 21.5% over the past week, making it one of the best-performing large-cap cryptocurrencies recently.
Solana’s TVL has also been booming recently. This is an increase of 16.8% over one week and 49.2% over one month.
All of Solana’s major DeFi protocols have seen growth over the past week, but decentralized exchange Raydium is leading the pack with a 23.8% gain.
Here are the most important news from the Solana ecosystem for this week:
Solana Secures Multiple US Spot ETF Deposits: Four investment firms – VanEck, 21Shares, Bitwise and Canary Capital – have filed for Solana spot exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC), with the aim of listing them on the Cboe BZX exchange.
Launch of Sky’s USDS Stablecoin on Solana: Sky, formerly Maker, has launched its USDS stablecoin on the Solana blockchain, marking the first major DeFi-native stablecoin on Solana. This integration aims to improve Solana’s DeFi ecosystem by providing new lending, borrowing and trading opportunities.
In a move that shocked many, Hedera (HBAR) is this week’s best-performing large-cap L1 asset, with a staggering 85.2% gain in one week and erasing more than six months of declines.
This move allowed the token to reach a market capitalization of almost $5 billion.
Despite launching over five years ago, Hedera has often been criticized for its rather limited DApp ecosystem.
Source: DéfiLlama
Nonetheless, the platform saw its TVL increase by a third over the past week as protocols like SaucerSwap and Stader surged.
In addition to this, major news has probably contributed to a renewed enthusiasm around the platform:
Hedera online for potential US cash ETF: On November 12, 2024, Canary Capital filed an S-1 registration with the United States Securities and Exchange Commission (SEC) to launch a Hedera HBAR cash exchange-traded fund (ETF), aimed at providing investors with exposure directly to the HBAR value.
>> That’s all we have for you this week. Join us next week for another dose of L1 news, updates and developments.
>> To learn more, check out our recent RWA and AI sector recaps.
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