Raoul Pal Says Only Three Blockchains Held Strong During the Crypto Crash

Macro investor Raoul Pal says the best way to identify blockchains with long-term staying power is by watching how they perform during major market crashes.

Speaking during a recent discussion alongside members of the Sui Network ecosystem, Pal explained that most crypto projects collapse when the market enters deep corrections. However, a small number of chains continue showing strong activity, usage, and economic output even after prices fall sharply.

Ethereum, Solana, and Sui Stood Out

According to Pal, only three major blockchains managed to maintain strong “economic density” during the recent market downturn: Ethereum, Solana, and Sui.

He explained that while many crypto assets lost 80% to 90% of their value during the correction, most networks also saw their user activity and ecosystem metrics collapse entirely. In contrast, Ethereum, Solana, and Sui continued showing meaningful on-chain activity and economic engagement.

Pal described this resilience as a major signal for identifying which blockchains may survive long-term.

Why Sui Is Getting Attention

Pal appeared especially optimistic about Sui, calling it one of the few emerging Layer-1 networks showing real signs of sustainable growth.

According to him, Sui’s economic output per user has already surpassed Solana’s in some areas despite being a much younger ecosystem with fewer overall users. He argued that this shows users on Sui are engaging in “real activity” rather than purely speculative trading.

The analyst also highlighted that Sui recently marked its third anniversary, making it a relatively early-stage blockchain compared to older networks like Ethereum and Solana.

“Three to Five Major Players” Could Dominate Crypto

Pal compared blockchain infrastructure to earlier internet revolutions like cloud computing, where only a handful of dominant companies eventually controlled most of the market.

He thinks the crypto industry will likely follow a similar pattern, with only three to five major Layer-1 blockchains surviving long term.

For now, Pal says Ethereum and Solana already hold strong positions, while Sui is increasingly showing signals that it could become one of the next dominant blockchain ecosystems.