Sui, Aptos vie for ‘next Solana’ status

SUI has outperformed APT by a large margin on a YTD basis after overtaking Aptos in market cap in mid-September

article-image

CryptoFX/Shutterstock modified by Blockworks

share


This is a segment from the 0xResearch newsletter. To read full editions, subscribe.


As SOL reached new all-time highs yesterday, Crypto Twitter’s search for the “next Solana” is on.

There is no shortage of mega fast alt-L1s to pick from, but in the spotlight are two contenders: MoveVM-based chains Sui and Aptos. Both chains were born in the previous crypto cycle, and built by teams with backgrounds in Facebook, which developed the Move programming language as part of its Libra (later renamed Diem) project.

In terms of price action, SUI has outperformed APT by a large margin on a YTD basis after overtaking Aptos in market cap in mid-September.

Source: CoinMarketCap

Despite suffering a brief two-hour outage yesterday, SUI’s price has bounced back above its pre-outage price levels, ironically reinforcing the mimetic perception of Sui as the next Solana due to the latter’s history of outages.

In terms of TVL, Sui and Aptos are running fairly neck to neck (see below chart), no doubt thanks to ongoing liquidity incentive campaigns. As far as active dapps on the L1s, both are also fairly even — Sui has 44, Aptos has 49 — based on DefiLlama’s numbers.

Source: Artemis

Zooming into onchain activity, Sui’s DEX trading volumes saw a 3x jump since September, overtaking Aptos by a long shot in the last month.

Source: Artemis

In terms of fees, Sui is also far outpacing Aptos, with $1.1 million generated in October alone, vs. $196k for Aptos.

Source: Artemis

In the TradFi arena, both chains are pursuing real-world assets. Ondo has deployed its USDY tokenized Treausurys product on both chains, with about $8.3 million on Sui and $15.7 million on Aptos. 

Aptos also announced last week BlackRock’s deployment of its tokenized RWA BUIDL fund, while Sui announced today a partnership with the digital assets arm of Franklin Templeton to support ecosystem growth.

Finally, both Sui and Aptos are attempting their own hardware plays. Sui is leaning hard into the gaming sector with its handheld console SuiPlay0x1, and earlier this month struck up a partnership with the global esports team Team Liquid, while Aptos has taken the route of a budget-priced JamboPhone smartphone.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

In bonds, stablecoins and billionaires, a reminder of what makes crypto special

article-image

21Shares exec says CPI and PPI data supports a Fed rate cut, with market leaning toward a 25bps decrease

article-image

The Ethereum co-founder suggested LINEA holders would be eligible for other airdrops in cryptic tweet

article-image

The layer-2’s biggest release yet brings benefits — but a post-upgrade outage caused a chain reorg

article-image

Crypto is shifting into risk-on mode — pump.fun dominates meme activity, while Lido leans on treasury maneuvers

article-image

If the president breaks the Fed, he’ll own the budget problems