Lots of activity at Sui and Solana: What does this mean for Ethereum?

Ethereum is currently struggling to keep up in terms of on-chain activity, especially compared to Sui and Solana, which are actually showing strong growth.

Over the past two months, these major competitors have seen significantly more activity. While the number of daily active addresses on the Ethereum mainchain (gray) stagnated, Sui (blue) and Solana (green) saw sharp increases, clearly overtaking Ethereum. It is notable that Solana continues to grow even as the hype around memecoins, which was big in the spring, has subsided.

Still, it is important to note that much of Ethereum activity is now on Layer-2 networks. That mainchain activity is still close to the annual average despite this is impressive. But in a pure Layer-1 comparison, this point clearly goes to the competition.

Cardano founder Charles Hoskinson recently shared his views about two projects on X:

He spoke highly of the work of George Danezis and his project Sui: "I'm reading about Sui. It's great to see Georges work come to life. They deserve much success in this industry."

Hoskinson added: "Sui is what Solana should have been. While I still think Cardano is superior for several reasons, Sui has some real innovations."