SUI token price skyrocketed nearly fourfold, with its market value entering the top 20 of digital assets.
Author: OurNetwork
Translation: ShenChao TechFlow
Editorial Team Message:
Welcome to a new chapter in our ecosystem special series!
Today, we present the second issue, focusing on Sui—a high-performance blockchain that theoretically can process up to 297,000 transactions per second.
Since the last issue was published in August, the Sui ecosystem has undergone a series of remarkable changes: the price of SUI tokens has surged nearly fourfold, and its market value has entered the top 20 of digital assets; a brand new native cross-chain bridge has launched, expected to become the largest channel for ETH inflow to Sui; the world's second-largest stablecoin USDC has also officially landed on the Sui network. Additionally, the number of monthly active users on Sui soared to 7.1 million in November, setting a new historical high and further solidifying its position as a powerful and sustainable blockchain network.
This issue will provide a detailed analysis of the developments mentioned above and more on-chain data. Against the backdrop of the current surge in the entire crypto industry, Sui's performance is particularly eye-catching, making it one of the mainstays of this lightning-fast era.
Now, let’s dive deep into the ecological development of Sui!
Sui Special Issue
Sui Ecosystem Accelerates Expansion: Active Addresses, New Wallets, and Locked Value Progressing Together
- The number of monthly active addresses on Sui has steadily increased over the past three months, with the latest data surpassing 8.4 million. This momentum indicates that Sui is not only excelling in attracting new users but also continuously enhancing user activity and ecosystem participation.
- The daily creation of new wallets is also showing a continuous upward trend, accompanied by significant growth peaks. For instance, the number of new wallets created in a single day exceeded 400,000 in mid-September, while the recent daily average has stabilized above 200,000. This data fully reflects Sui's attractiveness to new users and the strong momentum of ecosystem expansion.
- The total value locked (TVL) in Sui reached a historical high of nearly $2.3 billion in mid-November. In just three months, the TVL surged from less than $400 million in August to nearly $2 billion, showcasing the rapid expansion of the ecosystem and widespread user adoption. Currently, SUI's market value has reached $10 billion, with a daily trading volume of approximately $250 million, as Sui steadily establishes its position as a significant force in the DeFi space.
Cross-Chain Bridge
Nearly $1 billion in cross-chain funds over 3 months, Sui becomes a multi-chain focus
- Over the past three months, the Sui ecosystem has attracted $944.8 million in cross-chain funds, with Ethereum dominating, contributing 89.6% ($856.6 million). Solana followed closely, contributing $80.15 million (8.39%). Currently, Sui ranks sixth in blockchain fund inflow, only behind Ethereum, Arbitrum, and Solana, showcasing its rising potential as a decentralized liquidity hub.
- From the chart, it can be seen that since August, the funds transferred to Sui through the Wormhole cross-chain bridge have exceeded $930 million. The peaks of fund inflow in mid-August and the end of October are particularly significant, while the overall inflow remains stable. This trend not only reflects Sui's cross-chain appeal but also highlights its core position in the multi-chain ecosystem.
- The Sui Bridge officially launched on the mainnet at the end of September 2024, providing users with a native asset cross-chain bridging channel that allows for the secure transfer of assets between Sui and Ethereum, backed by the security of Sui network's validating nodes. Since its launch, the daily inflow of ETH through the Sui Bridge has been steadily increasing, gradually accounting for a larger proportion of the inflow compared to Wormhole, currently representing about 43% of Sui's daily ETH inflow, highlighting its important position within the ecosystem.
Sui (Internal)
Walrus
Nearly 300,000 Blobs Stored on Walrus Testnet
- Walrus is a decentralized storage and data availability protocol based on the Sui network, currently operating on the testnet. It is designed for efficiently handling unstructured data (Blobs), capable of storing massive amounts of data at extremely fast speeds and high efficiency, providing a solid foundation for scalable and highly resilient storage distributed across independent node networks. Since the testnet launch on October 17, 2024, Walrus has stored nearly 300,000 Blobs (individual unstructured data objects) and triggered over 660,000 related operational events, demonstrating its powerful data processing capabilities.
- Data shows that Walrus excels in storage efficiency. Although the registered Blob data size has consistently remained below 1TB, the actual storage capacity peak has exceeded 17TB, achieving an astonishing optimization ratio of 17 times. Even with fluctuations in storage demand, the actual storage capacity far exceeds the size of registered Blobs, fully showcasing Walrus's ability and potential for large-scale data storage at low costs.
Sui (Internal)
- Since the testnet launch, Walrus's cumulative storage has been steadily increasing, reflecting the rapid expansion of its network and growing user demand. In November, Tusky (formerly Akord) officially launched a new application, providing users with decentralized storage and end-to-end encrypted file storage services. The launch of this application not only significantly boosted the data storage volume on Walrus but also further strengthened its technological advantages in security and privacy protection.
Sui (Internal)
SuiNS
NS Token Launched; Users Have Created 263,000 SuiNS Names
- Sui Name Service (SuiNS) provides Sui users with a simple @name format for creating and owning human-readable and easy-to-remember Web3 names. These names are bound to the user's blockchain address, significantly simplifying the complexity of account identification and providing users with a more convenient and smooth experience. Since the service launched, SuiNS has attracted users to create over 263,000 names, becoming an indispensable part of the Sui ecosystem.
- On November 14, 2024, the NS Token was officially launched, marking the initiation of the SuiNS community governance mechanism. Of the total supply of 500 million $NS Tokens, 10% were airdropped to active community members to incentivize their active participation in ecosystem building. The launch of the NS Token injected vitality into the governance framework, allowing holders to collaboratively plan the future development direction of the platform. On the day of the Token launch, the number of active addresses reached a new high, surpassing 100,000. Additionally, since then, the trading volume based on the SuiNS contract has exceeded 200,000 transactions, showcasing the rapid development of the ecosystem.
Stablecoins
USDC Launch Drives Sui Chain's Stablecoin Market Value to Over $440 Million; Current Market Value is $345 Million
- The continuous expansion of Sui's stablecoin ecosystem is having a profound impact on DeFi and creating more possibilities for the ecosystem. Among them, USDC stands out, with daily trading volume surpassing $3 billion in mid-November, firmly holding the top position in stablecoin trading volume. USDT's performance has also been stable, supporting the steady growth of the ecosystem. Smaller stablecoins like Agora and Ondo inject diversity into the ecosystem, reflecting a healthy and continuously expanding stablecoin landscape on Sui. The latest stablecoin to join the Sui ecosystem is fdUSD, issued by First Digital Labs, further enriching the stablecoin options.
Sui (Internal)
- On October 8, 2024, Circle's native USDC launched on the Sui mainnet, allowing users to use it directly without going through a cross-chain bridge. In less than two months, the circulation of Sui's native USDC surpassed $100 million on November 7. As of November 22, the total circulation of native USDC on Sui has reached $106.2 million, demonstrating its rapid growth and strong demand in a short period.
- As of November 24, the market value of stablecoins on Sui has fallen back to $344.94 million, having previously reached a historical peak of nearly $440 million in October. USDC continues to dominate with a market share of 62.46%, reflecting its importance as a core stablecoin in the Sui ecosystem. Despite recent fluctuations in market value, the overall performance still shows the resilience and strong foundation of stablecoin activity in Sui's DeFi market, laying a solid groundwork for future growth.
DeepBook
DEEP Token of DeepBook Surges 400% Since Launch
- DeepBook is a centralized limit order book running on the Sui blockchain, which has accumulated a trading volume of $5.5 billion since its launch. The V3 version has shown a gradually active usage trend since its launch 6 weeks ago. From the weekly trading volume data, the trading volume reached a new high of $23 million in three months after the V3 launch, although it has not yet recovered to the historical highs of April and May, it has shown the market's gradual acceptance and confidence in the new version.
- The token distribution data for DeepBook V3 shows that Sui and USDC account for 78.6% of the total locked value (TVL), further solidifying the core position of these two assets within the platform ecosystem.
- Since its mainnet launch on October 14, 2024, DeepBook's $DEEP governance token has demonstrated significant market activity. As early as March 28, 2024, the team initiated an airdrop campaign by distributing DBClaim NFTs. Users can unlock these NFTs and receive token rewards after the $DEEP token goes live for trading. To incentivize community participation, the DeepBook team airdropped 10% of the total supply of 10 billion tokens to active users, effectively promoting community engagement and the early development of the platform.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
