Layer 1: Activity report October 2024 (Ethereum, Solana, Sui, Aptos, Hyperliquid)

LALilian Aliaga

November 5, 2024

Layer 1: Activity report October 2024 (Ethereum, Solana, Sui, Aptos, Hyperliquid)

In this October 2024 activity report, we detail the metrics of major layer 1 blockchains (Ethereum, Solana, BNB Chain, Sui, Aptos, etc.) to provide a clear and actionable overview of the sector’s evolution.

Key information

  • Ether (ETH) down 3.2% despite Bitcoin (BTC) up 11
  • Solana (SOL) is up 10.4%, followed by Aptos (APT) and Sui (SUI), which are up 18.7% and 10.7% respectively.
  • On-chain activity on Solana reached record levels, as evidenced by the 214% rise in fees generated on the network ($73.9 million).
  • Sui and Aptos experienced similar growth, with a 219.9% and 157.5% increase in fees generated on their respective networks.
  • Hyperliquid continued to see stable growth (+19.5% TVL) in October, despite the end of its points distribution campaign.

Financial Analysis of the Layer 1 Sector

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October marked a long-awaited turning point with the anticipated "Uptober." Following a Bitcoin (BTC) price returning close to its all-time high (+11%), the main layer 1 blockchains also showed upward trends, though with some notable exceptions.

Among these, Ether (ETH) recorded a decline of 3.2%, closing October around $2,500 and erasing some of the gains made earlier in 2024. Similarly, The Open Network (TON) and Avalanche (AVAX) fell by 15% and 9%, respectively, with AVAX seeing a correction after its strong September rise (+21.5%).

On the other hand, the standout performances were among ultra-fast and scalable blockchains, led by Solana’s SOL, up 10.4%, followed by next-generation competitors Aptos (APT) and Sui (SUI), which rose 18.7% and 10.7%, respectively.

Activity Analysis of Layer 1 Blockchains

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Ethereum remained the most profitable blockchain in October 2024, generating $138.6 million in fees (+33% compared to September), driven by increased on-chain activity (+18% in transaction volumes) on its mainnet and Layer 2 networks.

In October, Blob Fees reached their saturation point for the fourth time since Dencun (twice in October), partly due to the Scroll airdrop and a surge in activity on Starknet (especially on October 29, likely due to load tests). This could push blobspaces towards saturation, creating a fee market similar to the pre-Dencun era, which would again benefit Ethereum.

Solana demonstrated record levels of on-chain activity. Network-generated fees rose by 214% to $73.9 million, alongside an increase in active addresses (+8.3%) and transaction volumes (+28.8%). Additionally, the network saw stablecoin inflows of around $20 million (+1.8%).

This intensification may be linked to growing interest in memecoin trading in October, with Solana being the favored platform. For the first time, on October 22, transaction volumes for tokens from Pumpfun exceeded those from non-Launchpad memecoins—a historic record for Solana.

Sui also saw significant growth in October, with a 97% increase in volumes and transactions, resulting in a 219.9% increase in fee-generated revenues. Aptos followed a similar pattern with a 157.5% increase in fee revenue and a 170% rise in transaction volumes. Although their levels remain modest compared to major blockchains, Sui and Aptos continue to attract a growing audience.

Finally, contrasting with these upward trends, The Open Network saw a general decline: a 15% drop in price, a 6.4% reduction in active addresses, and a 49.7% decrease in fee revenue. This points to a growing disinterest among users and a reduction in economic activity on TON, despite some popularity during the summer.

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Other Important Metrics to Watch

Total Value Locked (TVL) is a key metric that reflects user interest in decentralized finance applications and other protocols built on various blockchains. It should be correlated with stablecoin capitalization on each chain to analyze capital movements across networks.

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Solana continued to grow in October 2024, with stablecoin inflows up 1.8% and an 11.8% increase in TVL, closing in on Tron for the second-highest TVL metric behind Ethereum.

Ethereum, meanwhile, recorded stablecoin outflows (-1.1%), as did Tron (-15.4%), Avalanche (-1.1%), and Sui (-28%), although Sui’s on-chain metrics remain encouraging. Conversely, Hyperliquid continued its steady growth (+18.2%) in stablecoins despite the end of its point distribution campaign, while Aptos (+29.4%) and TON (+32.5%) also saw increases, despite a notable drop in activity for TON.

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Hyperliquid sustained its growth trend from previous months with a 19.5% increase in TVL. Aptos experienced remarkable success in October (+54%), Sui rose by 7%, while Avalanche remained stable (+1%). The significant increase in SUI on the market, for the second consecutive month, offset capital outflows (TVL in SUI decreased), reflecting a decoupling between investor and user interest—a situation worth monitoring.

Conclusion

Blockchains focused on speed and scalability, such as Solana, Sui, and Aptos, continue to dominate the landscape with notable gains in October, attracting a growing audience. Conversely, blockchains like TON are experiencing a decline in interest, underscoring a shift in user and investor preferences towards new, more dynamic solutions. TVL confirms this trend, showing significant growth on emerging networks and relative stability on established blockchains like Ethereum and BNB Chain.