Abstract

Layer-1 blockchains underpin decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, and emerging applications like Real-World Asset (RWA) tokenization and stablecoin payments. This research article evaluates four prominent blockchains—Ethereum, Solana, Cardano, and Sui—across technical architecture, performance metrics, ecosystem growth, adoption trends, and suitability for RWA and stablecoin applications, using data from 2020–2024 and 2025 updates. By analyzing transaction throughput, costs, consensus mechanisms, and market adoption, this study highlights their strengths, trade-offs, and strategic positioning, with performance metrics presented in a table for clarity.

Introduction

In 2025, Layer-1 blockchains drive innovation in DeFi, NFTs, gaming, and tokenized assets, with RWA tokenization and stablecoin payments gaining prominence. Ethereum leads the ecosystem, but Solana, Cardano, and Sui challenge it with scalable architectures. This article compares these blockchains, integrating 2020–2024 data and 2025 updates from Bloomberg, DeFiLlama, CoinMarketCap, and X posts, to inform developers, investors, and policymakers. It emphasizes suitability for RWA tokenization and stablecoin payments, supported by industry data and academic research.

Methodology

The comparison is structured around five dimensions:

1. Technical Architecture: Consensus mechanisms, programming languages, and data models.
2. Performance Metrics: Transaction throughput, latency, fees, and market performance (2020–2024), presented in a table.
3. Ecosystem Growth: Total Value Locked (TVL), dApp adoption, and developer activity.
4. Adoption and Use Cases: Suitability for DeFi, NFTs, gaming, and general applications.
5. Suitability for RWA and Stablecoin Payments: Scalability, cost-efficiency, and infrastructure.

Data is sourced from DeFiLlama, CoinMarketCap, Bloomberg (February 20, 2025), and X posts (April–May 2025). Academic studies provide theoretical grounding, and performance metrics are tabulated for clarity.

Comparative Analysis

1. Technical Architecture

• Ethereum: Launched in 2015, Ethereum uses Proof-of-Stake (PoS) since 2022. Its Ethereum Virtual Machine (EVM) and Solidity support an account-based model, ideal for complex smart contracts. The 2025 Pectra Upgrade enhances account abstraction, supporting RWA and stablecoin frameworks.
• Solana: Introduced in 2020, Solana combines Proof-of-History (PoH) with PoS, enabling rapid transaction sequencing. Written in Rust, its account-based model with Sealevel parallelization suits stablecoin payments. The 2025 Firedancer upgrade targets 1M TPS, boosting RWA and payment scalability.
• Cardano: Launched in 2017, Cardano employs Ouroboros PoS, prioritizing security. Built with Haskell, its eUTXO model ensures precise transaction tracking, suitable for auditable RWAs. The 2025 Leios upgrade aims to enhance speed for payments.
• Sui: Launched in 2023, Sui uses delegated PoS with Narwhal-Tusk, a DAG-based consensus for parallel processing. The Move language and object-centric model enhance smart contract safety, ideal for RWA tokenization and stablecoin transactions. The 2025 xPortal integration expands payment infrastructure.
• Avalanche: Launched in 2020, Avalanche uses a hybrid consensus blending classical and Nakamoto protocols, supporting three chains (X-Chain, C-Chain, P-Chain). Written in Go, its EVM-compatible C-Chain supports smart contracts, ideal for RWAs and stablecoins. The 2025 Vryx Scaling Solution targets 100,000 TPS.
• TRON: Founded in 2017, TRON uses delegated PoS with high-throughput consensus. Its EVM-compatible architecture, coded in Java, supports TRC-20 tokens, excelling in stablecoin transactions. The 2025 Vaultody integration enhances asset management for RWAs and payments.
• Polygon: Launched in 2017 as a Layer-2 solution for Ethereum, Polygon evolved into a modular blockchain with PoS and zkEVM rollups. Written in Solidity, its EVM-compatible architecture supports scalable smart contracts, ideal for RWAs and stablecoins. The 2025 AggLayer upgrade improves cross-chain interoperability.

Ethereum’s EVM is robust for RWA and stablecoin contracts but faces congestion. Solana’s PoH and Sui’s Move excel in speed and security, respectively. Cardano’s eUTXO is precise for RWAs, but complex. Avalanche’s multi-chain and Polygon’s hybrid model support versatile applications

2. Performance Metrics

The table below summarizes key performance metrics for 2024, with historical context (2020–2024) and 2025 updates:

3. Ecosystem Growth

• Ethereum: Hosts 4,000 dApps, leading DeFi (60% TVL) and NFTs. TVL grew from $1B (2020) to $100B (2024), with ~20,000 developers. The 2025 BlackRock RWA platform added $2B in tokenized assets. [Source: DeFiLlama]
• Solana: Supports ~1,500 dApps, excelling in NFTs and gaming. TVL rose from $0.1B (2020) to $10B (2024), with ~5,000 developers. The 2025 AT&T DePIN partnership expanded adoption. [Source: DeFiLlama]
• Cardano: Hosts ~300 dApps, focusing on DeFi and identity. TVL grew from $0.01B (2020) to $0.5B (2024), with ~2,000 developers. The 2025 Lace wallet XRP integration boosted interoperability. [Source: DeFiLlama]
• Sui: Supports ~100 dApps (2024), targeting gaming and DeFi. TVL reached $1B (2024), doubling to $2B in 2025, with ~1,000 developers. The 2025 xPortal integration added payment infrastructure. [Source: CoinMarketCap]
• Avalanche: Supports ~500 dApps, focusing on DeFi and gaming. TVL grew from $0.05B (2020) to $1B (2024), with ~3,000 developers. The 2025 J.P. Morgan RWA pilot added $300M in tokenized bonds. [Source: DeFiLlama]
• TRON: Supports ~1,000 dApps, excelling in stablecoin payments. TVL grew from $0.5B (2020) to $8B (2024), with ~2,500 developers. The 2025 Vaultody integration boosted RWA adoption. [Source: DeFiLlama]
• Polygon: Supports ~2,000 dApps, strong in DeFi and gaming. TVL grew from $0.05B (2020) to $1B (2024), with ~4,000 developers. The 2025 AggLayer unified ecosystems, enhancing RWA platforms. [Source: DeFiLlama]

Ethereum’s ecosystem dominates, supporting RWA and stablecoin dApps. Solana, Polygon, and TRON excel in payment-focused applications, while Cardano’s smaller ecosystem aligns with niche RWAs. Sui and Avalanche show rapid growth for scalable solutions.

4. Adoption and Use Cases

• Ethereum: Dominates DeFi (e.g., Uniswap), NFTs (e.g., OpenSea), and enterprise solutions. Its EVM supports RWA platforms and stablecoins, though fees limit micro-payments.
• Solana: Excels in NFTs, gaming, and payments (e.g., Solana Pay). Its speed supports stablecoin transactions, but centralization deters institutional RWAs.
• Cardano: Focuses on DeFi, identity (e.g., Atala PRISM), and emerging markets. Its auditability supports RWAs, but limited stablecoin infrastructure slows payments.
• Sui: Targets gaming, DeFi, and RWAs, with Move’s security ideal for tokenized assets. The 2025 USDC/xMoney integration enhances payment scalability.
• Avalanche: Strong in DeFi, gaming, and RWAs (e.g., tokenized real estate). Its EVM compatibility supports stablecoins, with institutional adoption growing.
• TRON: Excels in stablecoin payments (e.g., USDT) and content platforms. Its speed suits payments, but centralization limits RWA trust.
• Polygon: Strong in DeFi, gaming, and NFTs, with EVM compatibility supporting RWAs and stablecoins. Its scalability suits payment applications.

Ethereum’s versatility supports diverse applications, despite costs. Solana, TRON, and Polygon excel in payment speed, with Sui and Avalanche suited for RWAs.

5. Suitability for RWA Tokenization and Stablecoin Payments

• Ethereum: Hosts leading RWA platforms (e.g., Centrifuge) and stablecoins (70% of USDC/USDT volume). The 2025 BlackRock platform added $2B in tokenized assets, though congestion affects payments. [Source: DeFiLlama]
• Solana: High TPS supports stablecoin payments ($13B market cap, 2025). RWA adoption grows (e.g., Franklin Templeton’s fund), but centralization risks limit trust. The 2025 USDY integration enhances RWA infrastructure. [Source: AlphaGrowth]
• Cardano: eUTXO’s precision suits RWA tokenization ($100M in assets, 2024). Stablecoin support (e.g., Djed) is nascent. The 2025 Lace-XRP integration boosts interoperability. [Source: Cardano Explorer]
• Sui: Move’s asset-oriented design ensures secure RWA tokenization ($500M TVL, 2024). High TPS and 2025 USDC/xMoney integrations enable $1B in stablecoin transactions. [Source: CoinMarketCap]
• Avalanche: Supports RWA platforms (e.g., $300M in tokenized bonds, 2025) and stablecoins (e.g., USDC). Its multi-chain architecture ensures scalability for payments. [Source: DeFiLlama]
• TRON: Leads stablecoin payments ($50B in USDT volume, 2024). RWA adoption is limited by centralization, though Vaultody added $500M in assets (2025). [Source: TRONSCAN]
• Polygon: Supports RWA platforms (e.g., tokenized real estate) and stablecoins (e.g., USDC). The 2025 AggLayer enhances payment and RWA interoperability. [Source: DeFiLlama]

Ethereum leads in RWA and stablecoin infrastructure but faces cost challenges. Solana, TRON, and Polygon excel in payment speed, while Sui and Avalanche offer strong RWA security. Cardano’s RWA potential is robust, but payment infrastructure lags.

References

• Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. [Foundational blockchain reference.]
• Wood, G. (2014). Ethereum: A Secure Decentralised Generalised Transaction Ledger. [Details Ethereum’s architecture.]
• McCorry, P., et al. (2021). SoK: Layer-1 Blockchain Scalability. IEEE Transactions on Blockchain. [Analyzes scalability trade-offs.]

Data Sources

• Performance Metrics: DeFiLlama (https://defillama.com/), CoinMarketCap (https://coinmarketcap.com/), Bloomberg (February 20, 2025).
• Fees and Throughput: Etherscan (https://etherscan.io/), Solana Beach (https://solanabeach.io/), Cardano Explorer (https://explorer.cardano.org/), Sui Explorer (https://suiexplorer.com/), Avalanche Explorer (https://explorer.avax.network/), TRONSCAN (https://tronscan.org/), Polygon Explorer (https://polygonscan.com/).
• 2025 Updates: AlphaGrowth (https://alphagrowth.io/), X posts (April–May 2025).