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Here, we delve into recent metrics, showcasing the network's impressive Total Value Locked (TVL), steady trading volume, bridged stablecoins, and a notable surge in active addresses and daily transactions. 

Summary

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  • Sui Network has seen remarkable growth since its Mainnet launch on May 3, 2023.
  • It's a layer-1 chain with low latency and high throughput, making it ideal for DeFi and GameFi.
  • The network is built on Rust, a fast and secure programming language.
  • Recent metrics show TVL exceeding $100 million, steady trading volume, bridged stablecoins over $100 million, and an explosive increase in active addresses.
  • Daily transactions have surged, and the Sui Network has grown rapidly in just six months.
  • The Sui Foundation's strategic reallocation of SUI tokens aims to fuel the network's growth.
  • The network introduced zkLogin to simplify Web3 onboarding.
  • Controversy arose regarding SUI's circulation, with allegations of manipulation, but the Sui Foundation has refuted these claims, emphasizing transparency and ethical practices.

Sui Network's meteoric rise has been greeted with enthusiasm across the crypto sphere following its much-anticipated Mainnet launch and native token, SUI, on May 3. 

Bearing the mantle of a layer-1 chain, Sui boasts commendable attributes such as low latency and impressive throughput. The protocol's hallmark reportedly lies in its instantaneous transaction finality, rendering it an ideal candidate for on-chain utilities spanning the realms of DeFi and GameFi. 

Notably, the blockchain is built on Move, a prgramming language based on Rust.

At the helm of Sui Network's journey is the formidable Mysten Labs, led by industry luminaries who were previously at Meta's Novi Research. The co-founder of Mysten Labs, Evan Cheng, compares Web3 to the rudimentary dial-up phase, characterized by slow, expensive, and insecure intricacies that hinder seamless product interaction. By dismantling intermediaries, Sui enables users to connect seamlessly to the services they prefer. 

As we traverse six months post-launch, the time is ripe to look into the metrics that illustrate the progress of the Sui Network.

Source: Sui Network Twitter

Recent Metrics: A Look at Sui Network's Growth

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TVL Surges Beyond 0 Million Mark

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Continuing its upward trajectory, the Total Value Locked (TVL) on the Sui Network has witnessed an unprecedented surge over the past months. Breaking through the formidable $124.25 million barrier, the current TVL stands impressively at $140.8 million, marking a remarkable surge of over 400% since May 6. 

A significant chunk of this staggering figure, approximately 43%, resides within the confines of the Cetus decentralized exchange. Notably, the Navi crypto lending protocol boasts $32.99 million, closely followed by Scallop and the KriyaDEX protocol, housing $19.56 million and $9.19 million in TVL, respectively.

Steady Rise in Trnsactional Volume

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Sui's transactional volume has consistently grown over the past six months, culminating in a last 7-day trading volume of $106.6 million. The lion's share of these bustling trading activities found its home on the Cetus platform.

Sui Network Daily Trading Volume Chart (Source: DeFiLlama)

Bridged Stablecoins: Breaching the 0 Million Mark

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The Sui Network has witnessed a monumental feat in bridging stablecoins. Bridged stablecoins have now exceeded a whopping $100 million, with the majority predominantly represented by the ubiquitous USDC stablecoin.

Explosive Surge in Active Addresses

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With a striking surge in user engagement, the number of daily active addresses has witnessed a staggering uptick over the last 30 days, ascending from a mere 9,000 on October 8 to an impressive 219,440 on November 8. Presently, the daily active user base stands robustly at 171,000. 

Sui Network Daily Active Addresses Chart (Source: Artemis)

However, according to Sui Explorer, Sui has established its dominance by surpassing 8.17 million total active wallets within six months.

Source: Sui Explorer

Transactional Surge

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The daily transactions on the Sui Network soared to an impressive 4.49 million on November 8, exhibiting an increase of 524% from 858,000 transactions recorded on October 8. The cumulative transactions now stand at an impressive 896 million, underscoring Sui's robust transactional capabilities.

Source: Sui Explorer

Developer Insights: A Slight Shift in Numbers

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While the Sui Network continues its dynamic journey, the number of core developers has experienced a slight dip over the past months, currently at 58, marking a decrease from 65 developers noted on May 1. Despite this, the total number of commits has remained stable, holding steady at 2,140 as of October 1.

Growth of Core Developers on Sui Network (Source: DeFiLlama)

Recent Updates: Sui Network's Developments

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Sui Foundation's Strategic Reallocation of SUI Tokens

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In a strategic move to bolster the burgeoning Sui Network, the Sui Foundation made a significant announcement on October 5, 2023. The Foundation revealed a substantial reallocation of 117 million SUI tokens previously held by external market makers. This redistribution was directed towards fostering the expansion of the Sui ecosystem. 

Building upon this momentum, the Sui Foundation, in a tweet on October 14, 2023, disclosed an additional allocation of 40 million SUI tokens. This combined initiative signifies a total allocation of 157 million SUI tokens, demonstrating the Foundation's unwavering commitment to nurturing the growth of the Sui Network. With a focus on enhancing the blockchain network and community engagement, this proactive approach aims to propel the Sui ecosystem to greater heights.

📢On top of the 117M SUI announced last week, we're redirecting an additional 40M SUI from external market makers to ecosystem and community development!

This brings the total to 157M SUI that will be used to fuel the burgeoning Sui ecosystem.💧 pic.twitter.com/HJTouwIBUE

— Sui (@SuiNetwork) October 13, 2023

Sui Network Streamlines Web3 Onboarding

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Continuing its quest for user-friendly integration, the Sui Network introduced a feature on September 13, simplifying the onboarding process for Web3. Through the innovative zkLogin (Zero Knowledge login) functionality, users can access Sui-powered decentralized applications (DApps) without the need 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.

"To reach this level of adoption only six months from the launch of the network’s mainnet is remarkable and bodes extremely well for the future of this burgeoning DeFi ecosystem,” A Sui Foundation Spokesperson told BSC News. Sui's rapid ascension reflects both the growing demand for its unique, native technology and a vibrant community that is fueling the growth and adoption of the Sui Network."

Controversy Surrounding SUI Circulation Dispute

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In an October revelation during South Korea's annual parliamentary audit, lawmaker Min Byeong-deok raised concerns about the alleged deceit associated with the circulation of SUI, which had led to a significant decline in its value on local exchanges. 

Criticizing the Digital Asset Exchange Joint Consultative Body (DAXA), a prominent crypto market monitoring organization, Min pointed out the influence of the Sui Foundation in manipulating the token's value through staking and subsequent sell-offs, thereby increasing the circulating supply. 

In response, the Sui Foundation refuted these allegations, emphasizing its commitment to transparency. Citing verifiable data on the blockchain ledger and the Foundation's website, the Sui Foundation categorically denied any token liquidation or manipulative actions, reiterating its adherence to ethical practices and transparency within the Sui Network.

Looking ahead, the Sui Network's unwavering growth trajectory, coupled with its strategic reallocation of SUI tokens, positions it as a promising contender in the ever-evolving landscape of blockchain technology. With a burgeoning user base, robust transactional capabilities, and ongoing efforts to enhance community engagement, Sui aims to shape the future of decentralized finance and cement its place as a pioneering force in the world of cryptocurrencies.

Sources


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