# Layer 1 Blockchain Fundamentals: Analysis
This dashboard provides a comprehensive overview and comparison of the **top ten Layer 1 blockchain networks**.

It focuses on key financial and activity metrics such as Total Value Locked (TVL), fees generated, usage data, and comparative analysis.

Understanding these metrics is crucial for assessing the health and growth of each ecosystem.

**Top Ten Chains by TVL** (updated weekly)**:**

- Ethereum
- Solana
- BSC (BNB Chain)
- Tron
- Hyperliquid L1
- Plasma
- Avalanche
- Sui
- Polygon
- Aptos

Layer 1 Chains: Total Value Locked (TVL)

**Insight: TVL Trends**

Total Value Locked (TVL) is a key indicator of a blockchain's economic activity and user trust.

This chart illustrates how liquidity has flowed across these Layer 1 networks over time. Significant shifts can indicate emerging ecosystems or changes in market sentiment.

Layer 1 Chains: Total Fees Generated

**Insight: Fee Generation**

Fees represent the economic activity and demand for blockspace on each chain.

Higher fees often correlate with increased network usage and can indicate a robust dApp ecosystem. This chart highlights which chains are generating the most value from their operations.

Layer 1 Chains: Total Volume

**Insight: Trading Volume**

This chart tracks the total trading volume across DEXs and other protocols on each Layer 1.

High volume indicates active user engagement and liquidity, often driven by popular dApps and trading opportunities within the ecosystem.

Stablecoin Market Cap by Chain

**Insight: Stablecoin Market Cap**

Stablecoins are the digital dollars in the ecosystem - the circulating market cap represents how many digital dollars have been bridged to a specific chain. The more digital dollars living on a chain, the larger the economy of the chain is.

Active Addresses by Chain

Insight into the market value of each Layer 1's token through market capitalization, price trends and custom metrics like market cap / DeFi TVL, Chain Fees and Chain Revenue.

Pricing Analysis

Big 3 Token Market Cap (ETH, BNB, SOL)

Layer 1 Token Market Caps (Other)

Use the table below to compare & contrast chains by high-level metrics.

DEX Volume Leaders

DEX Aggregator Leaders

Perp Volume Leaders

Use the table below to analyze protocol fundamentals.

Sort by **TVL, fees, revenue, or market share**

Aave Core Metrics

Aave is a leading DeFi protocol enabling non-custodial lending and borrowing.

It works by pooling user-supplied assets (earning real-time yields via aTokens) for borrowers to access against collateral, with dynamic APYs based on utilization, automated liquidations for risk management, and composable features like swaps and uncollateralized flash loans.

Revenue comes from fees on loans and incentives tied to its AAVE governance token.

**Key products include:**
- Core V3 markets for multi-asset lending
- GHO (a yield-bearing USD stablecoin)
- Upgrade Umbrella Safety Module for insurance via AAVE staking
- V4's modular Hub & Spoke architecture (upcoming)
- Horizon for institutional RWA pools

Aave V3 Median APY

Financial Metrics

Aave Fees & Revenue

Aave Revenue by Chain

Aave V2 vs V3 Fees

Aave's market share of all lending protocols

Lending Landscape

TVL Market Share

Fees Earned

7d Revenue Earned

GHO is Aave's decentralized & overcollateralized USD-pegged stablecoin.

It's minted by users locking eligible collateral (like ETH or stables) into Aave's protocol at a ratio governed by risk parameters.

Supply is capped to maintain peg stability and diversification. It's primarily used for:

- Borrowing liquidity
- "Saving" with Aave; stake GHO for SGHO and earn yield
- Payments
- DeFi integrations (additional yield opportunities)

$AAVE Market Cap

Key metrics & analysis of Aave's business and products - everything you need to know.

Maple Finance is an institutional capital marketplace for onchain asset management.

Maple powers several onchain products, including:
- **syrupUSDC:** a liquid yielding dollar backed by overcollateralized loans to institutional borrowers. syrupUSDT is also available.
- **Blue Chip Secured Lending:** A lending pool held in qualified custody backed only by BTC & ETH collateral.
- **High Yield Secured Lending:** Loans backed by select digital assets, collateral is reinvested in staking and / or secured lending.

Maple Finance TVL

Maple Fees & Revenue

Ethereum Lending Competitor TVL

Maple Finance, Ondo Finance, and Securitize are all competitors within the Real World Asset (RWA) category, but they serve fundamentally different functions, making them indirect competitors for institutional capital rather than direct rivals.

**Here are their specific niches:**

- **Maple Finance:** Specializes in providing institutional-grade, uncollateralized credit to vetted crypto funds and corporations, focusing on high-yield, high-risk lending pools.

- **Ondo Finance:** Focuses on tokenizing traditional financial products, primarily offering compliant onchain access to low-risk, yield-bearing securities like U.S. Treasury Bills.

- **Securitize:** Acts as a tokenization platform that enables the onchain representation of real-world assets, such as BlackRock's BUIDL Fund, for institutional distribution.

Competitive Analysis Note

RWA Competitor TVL

Key Metrics for Maple Finance and its RWA-backed digital dollar syrupUSDC

- **USDe:** synthetic USD stablecoin on Ethereum, pegged 1:1 to the dollar via delta-neutral hedging with crypto derivatives, enabling crypto-native money free from traditional banking
- **sUSDe:** Yield-bearing staked version of USDe, offering savers protocol rewards
- **USDtb:** An RWA-backed stablecoin fully collateralized by tokenized US Treasuries (BlackRock funds), providing exposure for institutions
- **Converge:** An institutional-grade Ethereum Layer 2 chain built with Securitize for secure tokenization and DeFi, using USDe & USDtb as gas and secured by Ethena's validator network

Ethena's Products

TVL: USDe & USDtb

Ethena Fees & Revenue

Protocols built within Ethena's ecosystem

Ethena Ecosystem

Terminal Finance Pre-Deposits

Strata TVL

Derive TVL

Ethereal DEX TVL

Ethereal DEX Perp Volume

The table below analyzes where Ethena's USDe, sUSDe, ENA & sENA tokens are living onchain and on CEXs.

Token Usage

Competitive Analysis

Top Protocols on Ethereum

Available yields on USDe, USDtb, ENA & sENA

Yield Opportunities

Key metrics, charts and protocols for the Ethena ecosystem. Ethena is a synthetic stablecoin protocol building native internet money.

Sky (previously MakerDAO) is a protocol enabling savings rewards for users of its native stablecoin USDS (previously DAI).

Sky TVL, Fees & Revenue

Spark is an onchain capital allocator that borrows from Sky's $6.5B stablecoin reserves. Spark deploys capital and earns yield which is transformed into sUSDS & sUSDC.

kenny jetski

Public dashboard library

Blockchains from the ground up: Layer 1 Comparison

Aave: Complete Dashboard

Maple Finance

Ethena Ecosystem

Sky Eco

Layer 2 Comparison