Despite being powered by the ‘Move’ programming language, Sui [SUI] has outperformed Aptos [APT] in terms of DeFi liquidity and investor trust.
Unlike Ethereum’s Solidity programming language, Move has been widely touted as a safer option for developing smart contracts.
Even so, Move-based chains, Aptos and Sui, have seen divergent performances and traction.
Aptos vs Sui – DeFi liquidity and stablecoin
AMBCrypto examined three key factors to assess DeFi liquidity, stablecoins and chain activity, based on data aggregated from DeFiLlama.
On total locked value (TVL), Sui had double the total locked value ($1B) across its DeFi ecosystem compared to Aptos’ $0.5 billion. This suggested that Sui had double the DeFi liquidity than the Aptos ecosystem.
Source: Sui vs Aptos ecosystem (AMBCrypto/DeFiLlama)
Put differently, Sui has more trading, lending and other DeFi activity, hinting at more investor trust compared to Aptos.
On the stablecoin market cap, Sui had a market cap of $715 million, while Aptos had a higher market cap of $1.64 billion. Given its double size of the U.S dollar liquidity, it mean that Aptos might be more suitable for large payments and trading.
Aptos also scored higher on the app revenue front, raking in $219K per day compared to $184K for Sui. In other words, Aptos apps generate more fees due to more user activity, or trading frequency.
Collectively, the data insights suggested that Sui is leaning heavily on DeFi, with deeper liquidity, while Aptos is more of a payment chain, as indicated by its higher stablecoin supply.
For users seeking deeper DeFi liquidity, Sui would be the go-to chain. However, for those prioritizing user activity and stablecoin volume, Aptos will suffice.
Which is better for token holders?
As far as price returns for traders or holders are concerned, Sui has been the better choice. According to the SUI/APT ratio, which tracks the relative price performance, SUI outperformed APT by over 50% in the last two weeks.
Source: SUI/APT ratio (TradingView)
On a year-to-date (YTD) basis, SUI has gained by over 110% relative to APT. In short, SUI holders had better returns than APT counterparts.
To put it simply, Sui is the leader as far as DeFi traction is concerned. On the other hand, Aptos scores major points on the stablecoin volume front – A sign that the two chains serve two different types of users.
Final Thoughts
- Sui is dominant in the DeFi ecosystem in terms of liquidity and traction, indicating higher lending and DEX lending activity.
- Aptos enjoys higher stablecoin volume, but the token has lagged behind SUI on investor returns.