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L1s Take Off, Can ETH Catch Up?

Aug 23, 2021 · 4 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

The market bounced hard into the Asia session, only to chop around a short-term top during the European session and pull back a few hours later. AVAX, ADA, BNB, and RUNE were a few of the biggest winners amongst the top 100 crypto assets today. Visa’s CryptoPunk purchase is sending the price floor soaring.

Fresh Narrative

Over the last couple of weeks, crypto has enjoyed a relentless uptrend and layer one protocol tokens performed the best. SOL, LUNA, and AR led the way with stellar performances in early August. AVAX has recently caught up on the back of it’s 9 figure liquidity mining program. Each outperforming L1 has its own narrative driving price. For Solana, it’s NFTs — though NFTs on Solana don’t have anything close to the same volume as their counterparts on Ethereum. LUNA price catapulted as Lido and Anchor partnered to bring liquid staked ETH to Terra. What stands out, however, is ETH’s underperformanc

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