Digital asset administration large Grayscale says one layer-one blockchain is the best-positioned out of any to probably steal market share away from Ethereum (ETH), the largest sensible contract platform by market cap.
In a brand new report from Grayscale Analysis, the agency says Sui (SUI) supplies “one of many highest throughput and lowest transaction prices of any single-layer community” with out counting on extra scaling layers, as Ethereum does.
Grayscale notes that Sui represents solely 0.3% of its Good Contract Platforms Crypto Sector by market capitalization. In line with the agency, its Good Contract Platforms Crypto Sector index contains crypto property that function the baseline platforms upon which self-executing contracts are developed and deployed.
“Though competitors throughout the Good Contract Platforms Crypto Sector is more likely to stay intense, Grayscale Analysis believes that Sui is presently the best-positioned third-generation blockchain to seize share from the market chief Ethereum over time.”
At time of writing, SUI has a fully-diluted valuation (FDV) of $25.9 billion, in comparison with Ethereum’s $242.9 billion.
Says Grayscale,
“Inside nearly a yr, Sui has amassed a considerable $830 million in Whole Worth Locked (TVL), in keeping with CoinMarketCap. TVL is a measure of the greenback worth of digital property deposited in sensible contracts. Sui has additionally maintained a modest market capitalization of about $1.8 billion, in keeping with CoinMarketCap as of July 31, 2024. This achievement provides Sui a TVL/market cap ratio of two.16, the second highest amongst its friends.
For context, this ratio signifies how a lot worth is actively used on the community relative to its market valuation. Sui’s low ratio could indicate that it’s undervalued in comparison with its rivals. Comparatively, Ethereum, the main platform within the sensible contract house, maintains a TVL/market cap ratio of three.16.”
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