According to the latest report by Grayscale, the Swyft blockchain (SUI) is considered one of the strongest contenders to compete with Ethereum (ETH). Due to its low fees, high operational capacity, and no need for additional scalability layers, this blockchain offers significant performance. Currently, Swyft’s fully diluted market value (FDV) is estimated at around $25.9 billion, while Ethereum’s stands at $242.9 billion. This significant difference indicates that Swyft still has a long way to go to approach Ethereum in terms of market value. However, the total value locked (TVL) in the Swyft network shows rapid growth of this project. Swyft blockchain has attracted $830 million in less than a year, placing its TVL-to-market value ratio at 2.16. This figure suggests that active assets in the Swyft network are relatively high compared to its market value, which may indicate undervaluation of SUI. In comparison, Ethereum has a ratio of 3.16 in the same index. Ultimately, with rapid growth and unique features, Swyft has significant potential to compete with Ethereum. However, whether it can truly capture a portion of Ethereum’s smart contract market share depends on its future performance and wider acceptance.
