📝 Editor's Note:

On a volatile week inside and outside of crypto, OurNetwork is chugging along.

So are the Layer 1s that contributors are covering in this issue — in fact, the four chains in this issue have nearly 3.9M daily active addresses, according to data from Artemis and DappRadar.

There's a lot to unpack — let's get into it.

– ON Editorial Team

Ethereum | Sui | SKALE | Sei

• With the stablecoin sector heating up, total supply has surpassed $230B. Of this, 56%—or $130B—resides on Ethereum, up 53% year-over-year. That’s two times more than Tron and ten times more than Solana. Ethereum’s stablecoin dominance highlights its role as the backbone for digital dollar liquidity, powering DeFi and an expanding base for tokenized real world asset settlement, from U.S. Treasuries to private credit. However, onchain activity has declined as Ethereum moves through a transitory phase, impacting value accrual of ETH the asset.

• Total fees, ~$30M a year ago when EIP-4844 launched, now sit near $500K. Blob fees make up just 0.07%, with only ~70 ETH burned on average daily, pushing annual inflation to 0.78%. Developers aim to incrementally scale blob capacity, lower costs, and boost blob usage and ultimately, fee revenue.

• Layer 2s (L2s) have consistently been hitting the target of 3 blobs per block (21K blobs daily). If demand continues to match capacity, the proliferation of L2s and renewed L1 activity through sectors like stablecoins, DeFi, and tokenization, could offer a viable path to restore value accrual to ETH.

• Despite the market downturn and a recent unlock of SUI tokens, Sui's DeFi ecosystem continues to accelerate. Over the past six months, total value locked (TVL) surged from $1B to $1.33B (+33%), lead by DeFi protocols Suilend, Navi and Scallop. while stablecoin supply increased significantly from $400M to over $700M (+75%), a strong signal of increased capital inflow and user trust in network stability. In addition, the recent launch of Walrus Protocol's WAL token has also further fueled liquidity expansion across leading protocols.

• Q1 2025 application activity saw consistent growth across wallet-to-wallet applications, increasing from 19% to 42%. DeFi application activity and active users saw 200% growth across the quarter with only gaming down from 34% to 10%. This indicates a risk-on sentiment within the Sui ecosystem.

• The WAL token launch was a big win for the community, distributing over 200M —4% of supply— WAL tokens to active users within the Sui community. WAL is the native token of Walrus, a newly launched data availability solution from Sui. Out of the 1.25B circulating WAL tokens, 1.01B have been staked, with Walrus native staking leading market share by over 90%, according to Space and Time.

• SKALE is a network of interconnected L1 blockchains, built different to scale to the masses. SKALE has zero gas fees and an invisible blockchain experience, making it one of the most user-friendly blockchains. Despite uncertain market conditions and a drop in market participants, SKALE’s onchain metrics continued to grow in Q1 2025 as SKALE generated nearly 250M transactions and 9.7M unique active wallets, a 46% and 33% quarter-over-quarter increase, respectively.

• SKALE has zero gas fees for users — instead of gas fees, validators are compensated from subscription fees paid by developers to rent blockspace. In March, SKALE saved users $59.9M in gas fees over other EVM blockchains, had the same amount of gas been consumed on those other blockchains.

• In March, SKALE had 17 different dApps that had over 10k unique active wallets. This has been a theme on SKALE the past few months, and is a testament to the quality of builders on SKALE. Games continue to find product market fit on SKALE, and there are also several AI, social, and consumer focused dApps on this list.

• Sei Network started with modest TVL following its EVM launch in Q2 2024. The network saw steady growth through Q3 and Q4 2024 before accelerating significantly in Q1 2025, when TVL increased by 350%. Recent data shows an additional 500M SEI added in just the past two days, bringing total TVL to 2.3B SEI, approximately $413M. This growth has positioned Sei at rank 17 among all blockchain networks by TVL.

• Sei's EVM launch in June 2024 spurred daily transactions to roughly 400k. After a slowdown in July, activity spiked to 750k transactions in August. Q4 growth peaked at 850k transactions in December. Q1 2025 maintains between 500k and 700k daily transactions, with transactions in March frequently exceeding 750k.

• December 2024 saw Sei reach ~500k daily active addresses before adjusting in January. Activity stabilized throughout Q1 2025, maintaining between 200k-400k daily active addresses, with current data showing 247,600 active addresses demonstrating continued user engagement.