This report examines the performance of three leading smart contract platforms – Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) – in relation to their on-chain metrics. It delves into each platform’s unique features and how they are contributing to sustained price growth, focusing on crucial factors like total value locked (TVL) and active user base. Ethereum (ETH) recently hit new all-time highs, although ETF inflows were modest last weekend. While the TVL has rebounded from its previous peak of $105 billion to approximately $97.6 billion, sustained growth in the network remains crucial. High fee revenue ($1.27 million) and DEX trading volume totaling $4.5 billion suggest that price increases are supported by on-chain activity. Solana (SOL), having weathered the FTX collapse with a remarkable TVL recovery, now aims for its previous record at $300. Despite recent TVL dips from $11.4 billion, it boasts an active user base exceeding 2.3 million thanks to its cost-efficiency and speed. Avalanche (AVAX) is currently grappling with stagnant prices despite a substantial TVL of only $2 billion compared to over $10 billion in late 2021. This stagnation stems from a lack of innovative products within the ecosystem, resulting in low transaction volumes and limited investor interest. Further analysis will be necessary to determine the long-term prospects of these platforms.