Here we delve into current metrics and show the impressive Total Value Locked (TVL), stable trading volume, stablecoins bridged, and a notable increase in active addresses and daily transactions.
Summary
- Sui Network has experienced remarkable growth since its mainnet launch on May 3, 2023.
- It is a Layer 1 chain with low latency and high throughput, making it ideal for DeFi and GameFi.
- The network is based on Rust, a fast and secure programming language.
- Recent metrics show that TVL exceeds $100 million, trading volume is stable, stablecoins are bridging over $100 million, and the number of active addresses is exploding.
- Daily transactions have increased significantly and the Sui network has grown rapidly in just six months.
- The Sui Foundation’s strategic reallocation of SUI tokens is intended to fuel the network’s growth.
- The network introduced zkLogin to simplify Web3 onboarding.
- Controversy arose regarding the spread of SUI with allegations of manipulation, but the Sui Foundation has refuted these claims, emphasizing transparency and ethical practices.
Sui Network’s meteoric rise has been met with enthusiasm across the cryptosphere following its highly anticipated mainnet launch and native token SUI on May 3rd.
Sui wears the mantle of a Layer 1 chain and has commendable features such as low latency and impressive throughput. According to reports, the protocol’s hallmark lies in its instant transaction finality, making it an ideal candidate for on-chain utilities in the DeFi and GameFi spaces.
Specifically, the blockchain is based on Rust, a programming language known for its speed and robust security execution, mirroring the architecture of the respected high-speed blockchain Solana.
At the forefront of Sui Network’s journey are the impressive Mysten Labs, led by industry leaders who previously worked at Metas Novi Research. Mysten Labs co-founder Evan Cheng compares Web3 to the rudimentary dial-up phase, characterized by slow, expensive and insecure intricacies that hinder seamless product interaction. By cutting out middlemen, Sui allows users to seamlessly connect to the services they prefer.
As we approach six months from launch, it’s time to take a look at the metrics that illustrate the Sui Network’s progress.
Source: Sui Network Twitter
Current metrics: A look at Sui Network’s growth
TVL exceeds $140 million
The Total Value Locked (TVL) on the Sui network continues its upward trend and has seen an unprecedented increase in the last few months. Breaking through the impressive $140 million mark, the current TVL impressively stands at $140.8 million, representing a notable increase of over 400% since May 6th.
Sui Network TVL chart (Source: DeFiLlama)
A significant portion of this staggering number, approximately 43%, falls within the boundaries of the Cetus decentralized exchange. Notably, the Navi crypto lending protocol is $32.99 million, closely followed by Scallop and KriyaDEX protocol with $19.56 million and $9.19 million in TVL, respectively.
Steady increase in trading volume
Sui’s trading volume has grown steadily over the past six months, reaching $106.6 million in trading volume over the past seven days. The lion’s share of this brisk trading activity took place on the Cetus platform.
Sui Network daily trading volume chart (Source: DeFiLlama)
Bridged Stablecoins: Breaking $100M Mark
The Sui Network has witnessed a monumental achievement in bridging stablecoins. Bridged stablecoins have now surpassed the whopping $100 million mark, with the majority of that predominantly represented by the ubiquitous USDC stablecoin.
Explosive increase in active addresses
With a notable increase in user engagement, the number of daily active addresses has seen a stunning increase over the past 30 days, rising from just 9,000 on October 8th to an impressive 219,440 on November 8th. The number of daily active users is currently stable at 171,000.
Sui Network chart of daily active addresses (Source: Artemis)
However, according to Sui Explorer, Sui has established its dominance by surpassing the total number of active wallets of 8.17 million in six months.
Source: Sui Explorer
Transaction boost
Daily transactions on the Sui network rose to an impressive 4.49 million on November 8th, a 524% increase from 858,000 transactions on October 8th. Cumulative transactions now stand at an impressive 896 million, highlighting Sui’s robust transaction capabilities.
Source: Sui Explorer
Developer Insights: A slight shift in the numbers
As the Sui Network continues its dynamic journey, the number of core developers has declined slightly in recent months and currently stands at 58, down from 65 developers on May 1st. Nevertheless, the total number of commits has remained stable, standing at 2,140 as of October 1st.
Growth of core developers in Sui Network (Source: DeFiLlama)
Latest Updates: Developments from Sui Network
Strategic reallocation of SUI tokens by the Sui Foundation
In a strategic move to strengthen the burgeoning Sui network, the Sui Foundation made an important announcement on October 5, 2023. The foundation announced a significant reallocation of 117 million SUI tokens previously held by third-party market makers. This redistribution was aimed at encouraging the expansion of the Sui ecosystem.
Building on this momentum, the Sui Foundation announced an additional allocation of 40 million SUI tokens in a tweet on October 14, 2023. This joint initiative represents a total allocation of 157 million SUI tokens, demonstrating the Foundation’s unwavering commitment to supporting the growth of the Sui network. This proactive approach focuses on improving the blockchain network and community engagement and aims to take the Sui ecosystem to a higher level.
📢In addition to the 117M SUI announced last week, we are redirecting an additional 40M SUI from external market makers into ecosystem and community development!
This brings the total to 157 million SUI, which will be used to support the burgeoning Sui ecosystem.💧 pic.twitter.com/HJTouwIBUE
– Sui (@SuiNetwork) October 13, 2023
Sui Network optimizes Web3 onboarding
Continuing its pursuit of user-friendly integration, Sui Network introduced a feature on September 13 that simplifies the onboarding process for Web3. The innovative zkLogin (Zero Knowledge Login) functionality allows users to access Sui-based decentralized applications (DApps) without having to manage an external crypto wallet or seed phrase.
Users can access Sui-powered apps by logging in with their familiar Google, Facebook or Twitch credentials, streamlining the user experience.
“Achieving this level of adoption just six months after the network’s mainnet launch is remarkable and an extremely good sign for the future of this burgeoning DeFi ecosystem,” a Sui Foundation spokesperson told BSC News. Sui’s rapid rise reflects the growing demand for its unique, native technology and a vibrant community that are driving the growth and adoption of the Sui network.”
SUI circulation dispute controversy
In an October revelation during the annual audit of South Korea’s parliament, MP Min Byeong-deok raised concerns about alleged deception surrounding the spread of SUI, which has led to a significant loss of value on local exchanges.
Min criticized the Digital Asset Exchange Joint Consultative Body (DAXA), a well-known crypto market monitoring organization, pointing out the influence of the Sui Foundation in manipulating the value of the token through staking and subsequent sales, thereby increasing the circulating supply.
In response, the Sui Foundation denied these allegations and emphasized its commitment to transparency. Citing verifiable data on the foundation’s blockchain ledger and website, Sui Foundation categorically rejected any token liquidation or manipulative actions and reiterated its adherence to ethical practices and transparency within the Sui network.
Looking forward, the Sui Network is positioning itself as a promising contender in the ever-evolving landscape of blockchain technology due to its unwavering growth trajectory coupled with the strategic reallocation of SUI tokens. With a growing user base, robust transaction capabilities, and continuous efforts to increase community engagement, Sui aims to shape the future of decentralized finance and cement its place as a pioneer in the cryptocurrency world.
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