The FDV of Toncoin, at 70B, is a significant milestone, with a lead of more than 60 percent over others that are not EVM.
Stellar and Hedera still have network activity but lack valuation traction, remaining way below the $10B FDV threshold.
Polkadot and Aptos maintain innovation efforts, and both attract market doubts, restraining growth in the over-the-next-few-days value growth.
The non-EVM blockchain universe is also experiencing a broad valuation disparity, with Toncoin (TON) being the undisputed leader. At mid-July, Toncoin's fully diluted valuation (FDV) topped $70 billion, leaving other prominent non-Ethereum Virtual Machine (EVM) blockchains far behind. The remaining contenders—Stellar (XLM), Hedera (HBAR), Polkadot (DOT), and Aptos (APT)—all trail TON by more than 60%, which shows a rapidly shifting pecking order in the alternative blockchain world.
As Toncoin maintains its competitive advantages due to the increasing Telegram integrations and network activity, its dominance also reflects the piecesmeal development of rival chains. This is a critical shift that has a profound impact on the non-EVM world where performance scores are becoming a crucial attribute in shaping both the relevance and the investor trust regarding blockchains.
Hedera and Stellar Show Resilience Amid Slower Growth Curve
Among Toncoin’s closest challengers, Hedera (HBAR) and Stellar (XLM) have maintained relatively steady performance. Both networks are recognized for their distinctive consensus models—Hedera with its hashgraph protocol and Stellar with its focus on cross-border transactions. Despite these unique technical foundations, neither has matched Toncoin’s growth trajectory. Their respective FDVs remain under $10 billion, which places them in a significantly lower tier from a market perspective.
Stellar has gained attention for partnerships with financial institutions, while Hedera has been increasingly active in enterprise integrations. Yet, their slow FDV momentum suggests that innovation alone is not sufficient without ecosystem expansion and user onboarding.
Polkadot and Aptos Struggle to Break Into Upper Ranks
Polkadot (DOT) and Aptos (APT) have faced greater challenges in asserting market dominance. Despite being regarded as innovative platforms—Polkadot through its parachain architecture and Aptos via its Move-based programming language—their current FDVs remain underwhelming relative to expectations. Both projects continue to focus on network development and DeFi integrations, but the market response indicates a cautious outlook.
Aptos, which entered the market with strong backing and high expectations, has yet to translate technical potential into substantial user growth. Polkadot, on the other hand, faces competition from Layer 2 ecosystems and alternative modular blockchain solutions, limiting its traction in recent months.
