As Cointelegraph reported, VanEck’s latest crypto monthly review shows that monolithic blockchains outperformed in September. Solana (SOL), Sui (SUI), and Aptos (APT) saw their prices rise by 14%, 118%, and 23%, respectively.
Sui’s performance was attributed to a 140% increase in daily active addresses in September, pushing its market cap above $5 billion. Aptos’ Raptr software upgrade was the primary reason for its 30% month-over-month increase in daily active addresses.
The throughput of monolithic blockchain is significantly higher than that of modular blockchain due to its more efficient structure. Pantera Capital likens Solana to the MacOS of blockchain due to its “vertically integrated” protocol construction.
Sygnum Bank’s report points to Solana’s viability as a payment network and its potential to challenge Ethereum’s dominance. VanEck’s report also mentions that emerging layer-1 blockchains have reduced fees and transaction times, eroding Ethereum’s market share.
Researchers found that market speculation is the main use of public blockchains. The lower transaction costs offered by higher-throughput layer-1 blockchains attracted users to migrate away from Ethereum. This is partly responsible for Ethereum’s poor price performance during most of 2024.
