cryptocomparison

15/10/2025 HEMI Article #07

Arbitrum और Optimism adoption में आगे हैं, zk-rollups credibility की दौड़ में हैं। Hemi खुद को Bitcoin anchoring और native BTC programmability से अलग दिखाता है।

Introduction: Points Table वाली दौड़

IPL में हर टीम runs तो बनाती है, पर असली कहानी points table और net run rate में नजर आती है। बिल्कुल वैसा ही हाल crypto L2 space में है। हर protocol scaling और cheap gas का दावा करता है, लेकिन असली फर्क adoption, security model और developer trust में होता है।

Arbitrum और Optimism पहले से adoption chart में ऊपर बैठे हैं। zk-rollups अपने zero-knowledge proofs से technical credibility की इमेज बना रहे हैं। अब सवाल यह है कि Hemi कहाँ खड़ा है और क्या यह भी उसी league में serious contender है?

Arbitrum और Optimism (OP Stack)

Optimistic rollups का सबसे बड़ा फायदा है Ethereum ecosystem के साथ deep integration। Arbitrum और Optimism ने cheap gas और familiar tooling की वजह से जल्दी traction पाया।

लेकिन इनकी security Ethereum validators और fraud proofs पर depend करती है। Fraud proofs theoretically मौजूद हैं, लेकिन rarely on-chain trigger होते हैं। इसका मतलब bridging और sequencer trust assumptions से यह models बंधे रहते हैं। External anchoring या Bitcoin-level finality यहाँ absent है।

zk-Rollups

zkSync, StarkNet और Polygon zkEVM जैसे protocols का USP है zero-knowledge proofs। यह mathematical finality और high-assurance security देते हैं।

Problem यह है कि zk-proofs generate करना computationally महंगा है। Developer tooling अभी भी evolving stage पर है और user adoption limited है। Tech undoubtably powerful है, लेकिन usability hurdles अभी बाकी हैं।

Hemi कहाँ अलग है

यहाँ Hemi अपनी unique positioning लाता है।

पहला, Bitcoin anchoring। $HEMI Proof-of-Proof mechanism से अपने blocks को Bitcoin chain पर anchor करता है। जबकि competitors Ethereum की security पर निर्भर हैं, Hemi Bitcoin की PoW security को भी pull करता है।

दूसरा, hVM (Hemi Virtual Machine)। Arbitrum और Optimism सिर्फ Ethereum compatibility provide करते हैं। zk-rollups high-assurance proofs देते हैं। Hemi का hVM developers को Bitcoin state natively expose करता है। इसका मतलब BTC liquidity सीधे smart contracts में use हो सकती है, बिना wrapped tokens या trusted bridges के।

तीसरा, cross-ecosystem positioning। जहां Arbitrum/OP strictly Ethereum L2 हैं और zk-rollups भी Ethereum-centric हैं, Hemi खुद को Bitcoin + Ethereum supernetwork के रूप में project करता है। यानी यह Ethereum developers और Bitcoin holders दोनों को onboard करने की कोशिश करता है।

Practical Implications

अगर आप DeFi builder हैं, तो Arbitrum और Optimism आपको Ethereum liquidity और familiar tooling देंगे। zk-rollups आपको high-security proofs देंगे, लेकिन adoption friction भी ज्यादा होगा।

@Hemi का pitch अलग है - आप BTC liquidity tap कर सकते हैं बिना wrapping के। For traders, यह नए collateral models ला सकता है। For institutions, यह trust signal है कि DeFi protocols Bitcoin-grade security से backed हैं।

Challenges सामने

यह सब सुनने में शानदार लगता है, लेकिन reality में Hemi को कई hurdles पार करने होंगे। Arbitrum और Optimism के पास पहले से billion-dollar TVL और बड़ा developer base है। zk-rollups को massive grants और infra support मिला है।

Hemi को anchoring model efficient रखना होगा, hVM को developer-friendly बनाना होगा और liquidity fragmentation को address करना होगा। Adoption तभी sustainable बनेगा जब real BTC-backed dApps ecosystem में launch हों।

My Verdict:

Competitor map में Hemi का differentiator साफ है - Bitcoin anchoring और native BTC programmability। यह narrative इसे बाकी L2 solutions से अलग करता है।

लेकिन adoption सिर्फ narratives से नहीं आता। यह तब आएगा जब developers actual products बनाएंगे और liquidity providers ecosystem में trust दिखाएंगे।

Conclusion:

हर points table में कुछ teams established giants होती हैं और कुछ नई teams fresh energy लेकर आती हैं। Hemi उस fresh entrant की तरह है जिसने अलग strategy अपनाई है - Bitcoin security + EVM programmability।

अब सवाल यह है कि क्या यह Arbitrum और OP जैसे veterans को challenge करेगा, या zk-rollups की तरह धीरे-धीरे credibility build करेगा?

अपनी राय दीजिए - क्या Hemi इस दौड़ में अगले bull run का बड़ा नाम बन सकता है?

ये प्रोजेक्ट के बारे में और जानकारी के लिए जुड़े रहें Income Crypto के साथ।


@Hemi $HEMI #Hemi #Optimism #zkRollup #CryptoComparison

Look, I get it. Everyone lumps SUI and SEI together like they're twins separated at birth. Both launched around the same time, both promise lightning speeds, both caught hype waves. But after digging into the actual numbers? These two aren't even playing the same game.
Let me break down what I found when I actually compared them side by side.
The Tale of Two L1s
SUI launched in May 2023 and positions itself as the sophisticated infrastructure play—built for DeFi, payments, and the whole smart contract ecosystem. It's designed to handle serious throughput without breaking a sweat.
SEI came three months later in August 2023, branding itself as the trading specialist. Parallel execution, optimized for exchanges, DeFi protocols, and now they're pushing hard into AI agents.
On the surface? Similar vibes. Under the hood? Completely different beasts.
Let's Talk Money (Because That's What Actually Matters)
Here's where things get interesting.
SUI is trading around $1.41 with a market cap sitting at $5.3 billion (fully diluted closer to $14 billion). SEI? Just $0.11 per token with a $720 million market cap ($1.7 billion fully diluted).
But market cap alone doesn't tell the story. What shocked me was the revenue difference.
SUI generated approximately $56 million in estimated annual app revenue for 2025. SEI? Around $7.2 million. That's an 8x difference. When you're evaluating which chain has real economic activity happening on it, that gap speaks volumes.
The TVL Reality Check
Total Value Locked is one of those metrics people love to debate, but it matters because it shows where actual capital is parking itself.
SUI peaked at $2.6 billion in TVL and currently holds around $910 million. That's a healthy ecosystem with protocols like Suilend and NAVI attracting serious DeFi users.
SEI sits at $180 million TVL. Now, some will spin this positively—lower market cap to TVL ratio means it's "undervalued." Maybe. Or it means the ecosystem hasn't matured yet.
Trading volume tells a similar story: $475 million on SUI versus $36 million on SEI over 24 hours.
The User Engagement Plot Twist
Here's where SEI fights back.
Despite lower revenue and TVL, SEI absolutely crushes it on active addresses—87 million total wallets with 721K active in the last day. SUI has 234 million total accounts but only 651K active addresses recently.
SEI's circulating supply is 65% versus SUI's 37%. That means less future dilution hanging over SEI holders. And when you're down roughly 90% from all-time highs (compared to SUI's 74% drop), the risk-reward equation starts looking different.
What's Actually Being Built?
On the SUI side:
Spot Bitcoin ETF approvals and filings gaining tractionStablecoin market cap climbing from $400 million toward potential $1.2 billion milestonesMicrosoft Fabric and Google Cloud partnerships integrating SUI data for AI applicationsMajor DeFi protocols (Suilend, NAVI) approaching $500 million TVL eachGrayscale SUI Trust launch plus multiple spot SUI ETF filings in progressWalrus storage solutions expanding
On the SEI side:
Wyoming shortlisted for state-backed stablecoin pilot program (WYST)—huge institutional validation if it happensFirst SEI ETF filing with a staking componentYei Finance projected to drive $300 million+ TVLDragonSwap, Seilar, and other native DEXs pushing SEI into top-tier trading liquidityAI integration shipped via Model Context ProtocolGaming and perpetuals activity ramping up
The Unlock Elephant in the Room
SUI's aggressive unlock schedule is real. With roughly 63% of tokens still locked and annual inflation running at minus 55% (yes, deflationary mechanisms exist, but unlocks dominate), holders need to respect that dilution pressure.
SEI has staged unlocks too, but emissions are more moderate. With 65% already circulating, the "dump risk" is lower.
My Honest Take (Not Financial Advice, Obviously)
If I'm putting my own capital to work, SUI feels like the more mature, defensible play right now.
The revenue engine is proven. The TVL is substantial. The stablecoin and real-world asset narrative has institutional backing with ETF filings and Grayscale involvement. It's positioned as infrastructure for the next wave of blockchain applications—not just another L1 hoping for adoption.
But here's the thing about SEI: it's the higher-risk, higher-reward bet. Smaller market cap means more room to run if the trading-first thesis plays out. The Wyoming stablecoint pilot could be a game-changer. AI agent integrations are early but promising. And if they nail the gaming + perpetuals market, that user base could explode.
The Verdict
Fundamentals winner: SUI. Bigger revenue, deeper liquidity, stronger institutional narrative.
Higher-beta speculation play: SEI. Lower entry point, niche focus, potential for explosive moves if execution delivers.
If I had to structure a portfolio today, I'd lean heavier into SUI as the core holding and treat SEI as the smaller, speculative position—maybe 70/30 or 80/20 split depending on risk tolerance.
But both chains are doing real things. This isn't vaporware. The question is whether you want the established infrastructure play or the underdog with something to prove.

What do you think? Are you team SUI, team SEI, or hedging both?
Drop your thoughts below. And if you found this breakdown helpful, share it with someone who keeps asking which L1 to bet on this cycle.
#SUİ #SEİ #CryptoComparison