Without charts and without media noise, only through the real economy test for $ARB – $AVAX – $OP – #SEI – #APT
Which one deserves to be part of your long-term investments?? 🤔
The truth is one: 'The market does not reward noise... it rewards the economy and the system that produces actual value.'
Most portfolios, especially beginner portfolios, unfortunately, are built on:
• Temporary narratives
• Media noise
• Or short-term technical models
But the market in the longer term harshly rewards only one thing:
Networks that are used, attract real liquidity, and generate fees/revenues... then the token captures part of this value.
This article does not deal with price at all.
But it only relies on: On-Chain Data + real activity + revenues + Tokenomics (inflation/unlocks/distribution) + the token's ability to capture value.
To know if the network you want to invest in its currency is good and deserves attention
You need to stay informed about the activity and strength of the network's economy and its reflection on the currency
Network Usage + Real Revenue + Clear Value Capture = Positive Indicator
As for networks whose activity is 'numbers' without an economy... they are often High Beta.
Evaluation methodology
I evaluated each network across 8 axes:
1. Activity growth (Transactions / Active Addresses)
2. Activity quality (continuity or temporary spike)
3. TVL & DeFi Depth (liquidity and protocols depth)
4. Stablecoins Depth (the 'real' liquidity within the system)
5. Chain Fees (network fees)
6. Chain/App Revenue (network/application revenue)
7. Value Capture (burn/revenue sharing/treasury/value capture mechanism)
8. Tokenomics Risk (inflation + unlocks + distribution + selling pressure)
The picture below shows you the 'summary' from an economic angle: activity + TVL + annual revenues + value capture
What matters most to us here:
Who has actual higher revenue?
And who has deeper TVL?
Is there clear Value Capture for the token?
How do we read it correctly?
It's not important who 'grows only', but who maintains their growth and transforms it into revenue and then translates that into value for the token.
Ranking (according to network economy)
Ranking (according to network economy)
As is clear from the picture
1) ARB - Core Holding
2) AVAX - best balance/tokenomics
3) APT - Growth Bet (strong growth but weak value capture)
4) SEI - High Beta (weak economic maturity)
5) OP - unclear economic model at the token level
We delve deeper into On-Chain data for each network individually
First: ARB
Reflect with me on the following picture
Note: the picture is taken from the defillama website
What do these numbers mean?
ARB is not just a 'famous L2'... it is an application economy:
Trading volume (DEX + Perps) + high application fees = real usage.
The presence of Stablecoins with deep liquidity means 'real' liquidity within the system, not just fragile TVL.
Secondly: Avalanche (AVAX)
'Cleaner tokenomics... and a system that expands'
Notice the picture and compare it to the picture that shows ARBITRUM's activity
Reading the picture in numbers:
TVL: ~$1.197B
Stablecoins MCap: ~$1.636B (+4.74%)
Chain Fees (24h): ~$5,243
App Revenue (24h): ~$75,007
App Fees (24h): ~$189,029
DEXs Volume (24h): ~$128.2M
Active Addresses (24h): ~25,590
Bridged TVL: ~$3.612B
What do these numbers mean?
AVAX is less 'noisy' than ARB in daily activity, but it shows a balanced economy:
Good Stablecoins liquidity + respectable application revenues + an expanding system.
AVAX feature:
When you have a burn/contraction mechanism + a system that accumulates real usage = 'cleaner' tokenomics in the long run.
Third: Aptos (APT)
'Wide usage... but the return on token is weak'
Notice the picture
Notice the picture
Reading the picture in numbers:
TVL: ~$445.06M
Stablecoins MCap: ~$1.82B (Change 7d: -4.15%)
Chain Fees (24h): ~$1,004
Chain REV (24h): ~$1,004
App Revenue (24h): ~$17,184
App Fees (24h): ~$44,465
DEXs Volume (24h): ~$83.59M
Perps Volume (24h): ~$5.14M
Own Tokens: ~$1.191B
The real meaning here:
There is usage and movement within the system (good DEX Volume),
But network fees/revenue are low compared to the volume of the narrative around APT and compared to currencies like ARB and AVAX
Summary:
APT = Growth Bet
A network that 'moves' and grows, but the token's Value Capture is not mature yet
Fourth: Sei (SEI)
'Rapid growth... but a fragile economy'
Notice the picture
What does the picture reveal?
Fees/revenue at the network level is very weak → this raises a question mark about 'economic sustainability'.
You may see growth in users/activity over periods, but without sufficient fees/revenue it becomes closer to High Beta.
Fifth: Optimism (OP)
'Technical success... but the token does not capture value'
Look at the picture and don't be surprised if you don't notice activity on the network compared to the narrative surrounding its currency; I'll explain the reason.
Look at the picture and don't be surprised if you don't notice activity on the network compared to the narrative surrounding its currency; I'll explain the reason.
Why haven't you noticed strong activity compared to the networks mentioned above?
The truth is that OP
Part of a larger ecosystem (Superchain), but does this reflect directly on the value of the OP token?
Often this is where the weakness lies:
activity may shift/distribute within a larger ecosystem (like Base and others) while the token's Value Capture is unclear
Here is the biggest misunderstanding in the market 👇
OP has not lost activity... the activity has moved.
Where to?
• Base
• Zora
• Worldchain
• Mode
#Superchain Complete
📌 [Insert here a picture illustrating Base's activity compared to OP Mainnet]
The problem is not in technology, but in: ❌ capturing value for the token
Base does not need to buy OP
A lot of fees outside OP token
OP = Tech Provider more than a financial asset currently
🧠 Summary:
OP is successful as a system...
But it has not yet succeeded as a long-term investment without adjusting the tokenomics.
And therefore, according to our data, we conclude the following:
Sh
ARB then AVAX are in a good place if we speak in terms of numbers,
APT is a growth bet,
SEI calculated risk,
Summary
The market does not reward 'stories'...
The market rewards networks that: ✅ are actually used
✅ It attracts Stablecoins liquidity
✅ It generates fees/revenues
✅ Then you own tokenomics that transforms this economy into value for the token holder
OP has low weight until Value Capture becomes clear.
And in the end
We hope this thread is useful for you so that you can benefit from the data and terms mentioned to facilitate your streaming activities and understand network activity and distinguish between the best and most suitable for you as an investor
Don't hesitate to follow and support us to continue providing better content
