SUI's Emerging Dominance in the Layer 1 Blockchain Space: On-Chain Performance and Market Capture vs. BNB and HYPE

The Layer 1 blockchain space in 2025 is a battleground of innovation, scalability, and user adoption. Among the contenders, SUI has emerged as a formidable force, outpacing both BNB Chain and Hyperliquid (HYPE) in key on-chain metrics. This analysis dissects SUI's performance through the lens of transaction throughput, active addresses, fees, and market capture, while benchmarking it against its rivals.

Transaction Throughput: SUI's Scalability Edge

SUI's architecture has proven exceptionally resilient under demand. As of late 2025, the network processes 4.4 million daily transactions, surging to 30 million during peak periods-a testament to its capacity for high-throughput use cases like DeFi and NFTs, as reported in an Analytics Insight analysis. This dwarfs BNB Chain's 4.9 million average daily transactions, according to the State of BNB Chain Q1 2025. Hyperliquid's HyperCore layer, optimized for trading, handles 200,000 orders per second but lacks the generalized throughput of SUI, per DWF Labs research.

BNB Chain's growth remains robust, with a 20.9% quarter-over-quarter (QoQ) increase in daily transactions, driven by stablecoin activity and DeFi protocols, according to the Messari report. However, SUI's ability to scale beyond 30 million transactions daily positions it as a more versatile infrastructure for enterprise and consumer applications.

Active Addresses: Capturing User Base and Developer Momentum

SUI's user base has expanded rapidly, with 605,000 active addresses as of late 2025, per the Analytics Insight analysis. This growth is underpinned by 1,400 monthly developers building on the chain, a critical indicator of long-term sustainability, according to DWF Labs research. In contrast, BNB Chain's active addresses grew by 26.4% QoQ to 1.2 million, while Hyperliquid's user base ballooned from 291,000 to 518,000 active addresses by mid-2025, per the Messari report and DWF Labs research.

BNB Chain's Q3 2025 performance was particularly striking, with active addresses spiking 57% QoQ to 47.3 million, reported by DWF Labs. However, this surge reflects BNB's entrenched role in the crypto ecosystem rather than a direct challenge to SUI's developer-first approach. Hyperliquid's growth, meanwhile, is niche-focused on perpetual trading-limiting its broader applicability.

Fees and Cost Efficiency: SUI's Affordable Edge

Low fees have become SUI's hallmark. The network's sub-cent transaction costs make it a preferred choice for developers and users seeking cost-effective solutions, according to the Analytics Insight analysis. BNB Chain, while competitive, has seen fees rise during DeFi booms, and Hyperliquid's trading-focused model prioritizes speed over cost parity, per the Messari report and DWF Labs research.

Market Capture and Institutional Backing

SUI's market cap of $12.3 billion (trading at $3.47) lags behind BNB's $137.53 billion, according to a Coinbird comparison, but its trajectory is steep. A $450 million private placement by SUI Group Holdings in 2025 underscores institutional confidence, per the Analytics Insight analysis. BNB's dominance remains secure, but its growth rates have plateaued compared to SUI's explosive adoption. Hyperliquid's $320 billion July 2025 trading volume highlights its niche strength but lacks the general-purpose appeal of SUI, according to DWF Labs research.

Strategic Differentiation: BNB's Legacy vs. SUI's Agility

BNB Chain's ecosystem thrives on liquidity and established use cases, with $2.65 billion in 24-hour trading volume, per the Coinbird comparison. However, SUI's rapid iteration-bolstered by governance upgrades and a focus on developer tooling-positions it to capture emerging markets. Hyperliquid's HIP-3 initiative, enabling permissionless perpetual markets, mirrors SUI's ethos but operates in a narrower domain, according to DWF Labs research.

Conclusion: SUI's Path to Dominance

SUI's combination of high throughput, low fees, and developer momentum creates a compelling case for its dominance in the Layer 1 space. While BNB Chain and Hyperliquid excel in specific niches, SUI's general-purpose infrastructure and institutional backing suggest it is poised to outpace both in the long term. For investors, the key takeaway is clear: SUI's on-chain metrics and strategic agility make it a top-tier bet in the 2025 blockchain landscape.