Layer by Layer Issue 10: Avalanche, Tezos, Fantom, Algorand, and Polkadot

In the roughly ten weeks since The Block Research first began this Layer by Layer series analyzing layer 1 blockchains and their ecosystems back in July, the cryptocurrency landscape has undergone a number of significant changes. In crypto, time moves rather quickly. Three months ago, Solana was the 14th largest cryptocurrency in the world by market cap; it is now the 7th. 

The state of DeFi on L1s has shifted as well over this time period. Three months ago, the Terra ecosystem led the pack of smart contract platforms behind Ethereum and Binance Smart Chain (BSC) in TVL, with $3.4B locked in protocols in its ecosystem at the time. Solana’s TVL was only about $983M.