Key Insights
- Sui built-in Circle’s USDC and Cross-Chain Switch Protocol, VanEck launched a Sui ETN, and Phantom introduced plans to combine Sui. These developments contributed to a 153.6% QoQ enhance in Sui’s market cap to $12.1 billion, rating it fifteenth.
- The quantity of each day transactions peaked at 58.4 million on Oct. 5, 2024, partially because of elevated memecoin exercise.
- Sui’s DeFi TVL elevated by 67.9% to $1.7 billion in Q4 2024, a 698.5% YoY development. This development was pushed by the launch of native tokens from DeFi protocols corresponding to DeepBook, Suilend, and Bluefin, together with a 131.5% enhance in SUI’s value from Q3 to Q4.
- Sui’s common each day DEX quantity elevated 444.8% QoQ to $265.5 million, marking a 1,591.1% YoY enhance, with Cetus accounting for 75.6% of all quantity.
- Sui initiatives Scallop, Arttoo, Wave, and Ambrus Studio raised $10 million in Q4.
Primer
Sui (SUI) is a delegated proof-of-stake (DPoS) Layer-1 blockchain designed for prime scalability and low-latency transactions optimized for mass adoption. Sui’s core developer, Mysten Labs, was created in 2021 by Evan Cheng, Sam Blackshear, Adeniyi Abiodun, Kostas Chalkias, and George Danezis. These founders beforehand led Meta’s Diem and Novi blockchain initiatives and have expertise at Apple, the Alan Turing Institute, Microsoft, R3, and Oracle. Mysten Labs raised $336 million in 2021 Collection A and 2022 Collection B rounds. Sui’s mainnet launched in Could 2023.
Sui’s technological stack options many novel elements, together with its object-centric data model, Mysticeti consensus mechanism, Sui Storage Fund, and Sui Move programming language. Sui Transfer builds on the unique Move language, which was created by Mysten Labs co-founder Sam Blackshear. It provides enhanced flexibility and security in comparison with different Web3 programming languages. In contrast to Solidity’s reliance on sequential transaction processing, which may result in inefficiencies and better gasoline charges, Sui Transfer’s object-centric information mannequin allows parallel transaction processing, enhancing effectivity. Moreover, 5 of the OWASP Top 10 vulnerabilities are not possible in Move, and three others are partially mitigated.
A number of different protocols and merchandise to enhance consumer onboarding and expertise have been launched on Sui. These embody:
- Sponsored transactions: permits gasoline charges to be abstracted away from finish customers
- zkLogin: allows Sui customers to transact utilizing OAuth credentials
- Sui Bridge: a local bridge for cross-chain interoperability
- Sui Kiosk: a decentralized system for commerce functions
Progress of the Sui ecosystem is led by the Sui Foundation, with Mysten Labs being the preliminary contributor to the event of the Sui blockchain protocol. For an entire primer on Sui, confer with our Initiation of Protection report.
Website / X (Twitter) / Discord
Key Metrics
Monetary Evaluation
In Q4 2024, SUI’s circulating market cap elevated by 153.6% to $12.22 billion QoQ, outperforming the broader crypto market (52.8% enhance) by almost threefold. This surge will be partly attributed to the introduction of native USDC on Sui, the launch of the VanEck Sui ETN, Sui’s strategic partnership with Franklin Templeton Digital Assets, and Phantom’s integration of Sui. By the tip of Q4, Sui climbed six spots from Q3 to rank because the fifteenth largest cryptocurrency by market cap, reaching an all-time excessive of $4.93 on Dec. 16, 2024. Over the previous 12 months, SUI’s value rose 428.2%, and its circulating market cap elevated by 1,410.1%.
Sui’s charges embody all gasoline charges generated from transactions on the community, which consist of computation prices and non-refundable storage charges. These charges are subsequently distributed to community validators. In Q4 2024, whole quarterly charges reached an all-time excessive of $5.4 million (equal to 1.8 million SUI), marking a 613.6% QoQ enhance and a 1,063.8% YoY enhance.
This rise in charges will be attributed to a number of elements:
- The introduction of native USDC on Sui
- The launch of the VanEck Sui ETN.
- Elevated adoption of Sui’s DeFi protocols.
- The rising value of SUI.
Whereas the worth of SUI elevated by 131.5% QoQ, contributing to the expansion in charges when measured in USD, charges denominated in SUI additionally grew by 127.9% QoQ. This means that whereas value appreciation performed a task, different elements drove the rise in community exercise and price technology.
SUI has a hard and fast whole provide of 10 billion, with 1 billion tokens put aside for staking rewards. Relative to the remaining 9 billion tokens, SUI’s annualized inflation price from staking reward issuance was 0.34% on the finish of Q4 2024. This price is about to proceed reducing by 10% each three months till all 1 billion tokens are distributed.
Different inflationary pressures got here from token provide unlocks. By the tip of Q4 2024, 29.30% of SUI’s whole provide was distributed, a 9.30% QoQ enhance from Q3 2024.
This enhance in provide got here from unlocks that occurred on the next dates. All values are primarily based on SUI’s value on Dec. 31, 2024.
- Oct. 1, 2024:
- Ecosystem: 12.6 million SUI ($51.9 million) unlocked for the Neighborhood Reserve
- Workforce: 12.5 million SUI ($51.5 million) unlocked for the Early Contributors and Mysten Labs Treasury
- Personal Buyers: 39.2 million SUI ($161.5 million) unlocked for the Collection A and Collection B buyers
- Staking Rewards: 19.7 million SUI ($81.2 million) unlocked for the Staking Subsidies
- Complete: 83.93 million SUI ($345.8 million) unlocked – 0.93% of whole tokens vesting and 0.84% of whole token provide
- Nov. 1, 2024:
- Ecosystem: 12.6 million SUI ($51.9 million) unlocked for the Neighborhood Reserve
- Workforce: 12.5 million SUI ($51.5 million) unlocked for the Early Contributors and Mysten Labs Treasury
- Personal Buyers: 39.2 million SUI ($161.5 million) unlocked for the Collection A and Collection B buyers
- Staking Rewards: 17.8 million SUI ($73.3 million) unlocked for the Staking Subsidies
- Complete: 82.03 million SUI ($338 million) unlocked – 0.91% of whole tokens vesting and 0.82% of whole token provide
- Dec. 1, 2024:
- Ecosystem: 12.6 million SUI ($51.9 million) unlocked for the Neighborhood Reserve
- Workforce: 12.5 million SUI ($51.5 million) unlocked for the Early Contributors and Mysten Labs Treasury
- Personal Buyers: 39.2 million SUI ($161.5 million) unlocked for the Collection A and Collection B buyers
- Staking Rewards: 17.8 million SUI ($73.3 million) unlocked for the Staking Subsidies
- Complete: 82.03 million SUI ($338 million) unlocked – 0.91% of whole tokens vesting and 0.82% of whole token provide
In whole, 248 million SUI tokens ($1.02 billion) have been unlocked in Q4 2024, which is 2.48% of the overall provide. On the finish of Q4 2024, 78.6% of the eligible provide was staked, a 0.30% QoQ lower. Word that locked tokens can nonetheless be staked and earn liquid staking rewards. Thus, the provision eligible to be staked is SUI’s whole provide slightly than its circulating provide. With such a excessive stake price, SUI’s annualized real yield is barely under zero, at -0.24%.
Community Evaluation
Utilization
Community exercise, measured by each day transactions and each day lively addresses, continued to develop following the numerous SUI token unlocks in Could 2024. In Q4 2024, common each day transactions elevated by 153.3% QoQ to eight.4 million, a 263.5% YoY enhance. Common each day lively addresses elevated by 35.6% QoQ to 875,000, a 1,248.4% YoY enhance. The quantity of each day transactions hit an all-time excessive of 58.4 million on Oct. 5, 2024, partly because of increased memecoin exercise.
Regardless of the numerous enhance in transactions, Sui’s common transaction price decreased by 7.7% in Q4. The common transaction price was 0.0024 SUI ($0.0069), making tens of millions of each day transactions viable. Along with offering gasoline charges at a fraction of a penny, Sui allows dApps and different entities to summary away gasoline charges from finish customers through sponsored transactions. Throughout Q4, on common, ~6.3% of all transactions on Sui were sponsored.
In earlier quarters, Sui noticed a rise within the quantity of transactions and lively addresses following Mysten Labs’ Quests (Quest 1, Quest 2, and Quest 3), vital token unlocks, and have launches corresponding to DeepBook and zkLogin.
Safety and Decentralization
Complete SUI staked steadily decreased from Q1 highs of 8.3 billion (83% of whole eligible provide) to 7.9 billion (79% of whole eligible provide) by Q4. With SUI’s value appreciation, development in whole staked denominated in USD tells a unique story, up 131.3% QoQ to $32.4 billion. Consequently, Sui is the third-highest network in phrases of staked market cap.
Lively validators on Sui have remained comparatively regular since launch, with slight development from 104 to 108. The Sui Basis holds a good portion of the overall SUI provide on behalf of the Ecosystem allocation and helps distribute stakes equally amongst validators. Consequently, Sui ended Q4 2024 with a Nakamoto coefficient of 17, which is above the median for a curated selection of Proof-of-Stake Networks.
On Nov. 21, 2024, Sui Mainnet experienced an entire community halt because of a bug in its congestion management system, inflicting validators to crash when processing transactions. The Sui engineering staff recognized and resolved the problem, deploying a repair that restored community performance inside roughly two and a half hours.
Upgrades and Roadmap
Sui steadily upgrades its protocol. It entered Q4 2024 on Sui Protocol Model 59 and concluded Q4 2024 on Model 70. Notable new options embody:
- Random Beacon Protocol Optimization: The minimal shares required for the random beacon protocol have been decreased to 700, probably reducing operational prices.
- Gas-Budget-Based Congestion Control: A congestion management mechanism primarily based on gasoline budgets was launched, permitting for restricted overages and implementing absolute caps to handle community useful resource allocation successfully.
- Move 2024 Edition: The Transfer 2024 version was added and set because the default for brand spanking new Transfer packages and migrations, providing up to date options and enhancements for builders.
- Deepbook Indexer: The Deepbook indexer was carried out to boost information accessibility and facilitate extra environment friendly information retrieval throughout the ecosystem.
In September 2024, Sui announced the deliberate integration of Circle’s native USDC stablecoin and Cross-Chain Transfer Protocol (CCTP). On Oct. 8, 2024, native USDC became obtainable on Sui. This integration made Sui the primary blockchain utilizing the Transfer programming language to assist native USDC. On Oct. 24, 2024, Coinbase enabled deposits and withdrawals of USDC on Sui; on Nov. 13, 2024, Crypto.com enabled deposits of USDC on Sui.
On Dec. 17, 2024, Sui Bridge implemented Circle’s CCTP, enabling safe, permissionless USDC transfers between a number of different blockchains, together with Arbitrum, Base, Ethereum, and Solana. On Dec. 23, 2024, Sui Bridge added assist for Tether’s USDT stablecoin, permitting customers to bridge property between chains utilizing USDT.
Within the close to future, Sui will increase its partnerships and technical integrations within the U.S., improve its concentrate on BTCfi to convey programmability to Bitcoin, spend money on developer coaching and SuiHubs to foster ecosystem development, and repeatedly improve its community. The network release schedule is deliberate a number of months forward.
Ecosystem Overview
DeFi
Lending protocol Suilend concluded Q4 2024 as Sui’s prime protocol by TVL, reaching $736.2 million in TVL, a 337% QoQ enhance. Suilend captured a 32.6% market share regardless of having launched solely in March 2024. In October, Suilend partnered with Shio to introduce MEV safety for its Swap operate and launched sSui, a liquid staking token constructed on its SpringSui normal. Inside two months, sSui became the biggest LST by circulating provide on Sui. On Dec. 5, Suilend announced a $6 million fundraising round led by Robot Ventures, adopted by the launch of its native SEND token on Dec. 12. It additionally raised an extra 1.1 million SUI by way of its mdrop mechanism.
Lending protocol NAVI concluded Q4 with $568.5 million in TVL, a 25.1% market share. In April 2024, In November, NAVI launched its second flagship product, a DEX aggregator referred to as NAVI.ag. NAVI launched a frictionless migration characteristic, enabling customers emigrate their wrapped USDC lending and borrowing positions for the native model on Sui. NAVI added 9 new liquidity swimming pools, secured a Bybit itemizing for its NAVX token, and collaborated with Ondo Finance to combine Ondo’s US Dollar Yield Token.
Lending protocol Scallop concluded Q4 with $159.4 million in TVL, a 7.1% market share. Like NAVI, Scallop introduced a seamless migration characteristic, permitting customers to swap their wrapped USDC for native USDC. Moreover, Scallop secured an undisclosed strategic investment from the Sui Foundation to speed up DeFi development. Scallop launched Scallop Lite, a simplified model of its platform, and Isolated Asset Pools, which confine threat to particular person swimming pools, decreasing the potential for account-wide insolvency.
Sui’s common each day DEX quantity hit an all-time excessive of $265.5 million in Q4, a 444.8% QoQ enhance and a 1,591.1% YoY enhance. Cetus and Kriya led with $187.8 million and $26.2 million in common each day DEX quantity, respectively. Different prime DEXs by quantity included Turbos ($18.6 million), DeepBook ($14.4 million), and FlowX Finance ($1.3 million).
Cetus, the main DEX on Sui, concluded Q4 with $213 million in TVL, a 9.4% market share. Throughout Q4, Cetus partnered with Shio to implement MEV safety on all transactions, processed a complete of $17.3 billion in quantity (accounting for 75.6% of all Sui DEX quantity), surpassed 5 million customers, and secured a Binance itemizing for its native token, CETUS.
DeepBook, Sui’s native liquidity layer, is built-in into quite a few protocols, together with Cetus, Kriya, FlowX, and Hop Aggregator. Its V2 was used by 740,000 wallets in 100 million transaction blocks. DeepBook V3 was released on Oct. 14, 2024, introducing dynamic buying and selling charges, improved gasoline effectivity, flash loans, shared liquidity throughout swimming pools, and the DEEP token. By the tip of Q4, DeepBook V3 had $23.7 million in TVL and $1.1 billion in cumulative volume. The DEEP token launched at an preliminary value of $0.0176 with a circulating provide of 2.5 billion (25% of the overall provide), and by the tip of Q4, its value had increased by 475% to $0.1012. Lively merchants (market makers) can stake DEEP in particular person swimming pools to obtain decreased taker charges and maker rebates, and to take part in governance. On the finish of December, the Sui Basis launched an RFP program to speed up the expansion of DeepBook.
Bluefin, the main perps protocol on Sui, concluded Q4 with $94.2 million in TVL. In November, the protocol launched Bluefin Spot, a Concentrated Liquidity Market Maker (CLMM). All through Q4, Bluefin partnered with protocols corresponding to Notifi, AlphaFi, and 7K. On Dec. 11, Bluefin launched its native token, BLUE, which enables onchain governance voting for holders. The BLUE token debuted at an preliminary value of $0.26 with a circulating provide of 150.4 million (15.4% of the overall provide), and by the tip of Q4, its value had increased by 53.8% to $0.40.
Different notable DeFi protocols on Sui embody Aftermath Finance, a DEX aggregator, liquid staking, and yield farming protocol; Haedal, a one-click liquid staking platform; and AlphaFi, a yield aggregator.
November noticed a number of key developments within the Sui DeFi ecosystem. Babylon Labs and Lombard Protocol announced a strategic initiative to combine Bitcoin liquidity with Sui by way of LBTC. By staking BTC through Babylon’s protocol, customers can mint LBTC natively on Sui, unlocking Bitcoin’s liquidity for lending, borrowing, and buying and selling inside Sui’s DeFi ecosystem. This effort, supported by Web3 safety developer Cubist and Bitcoin restaking platform SatLayer, expands alternatives for BTCfi and allows new functions. Additionally in November, First Digital Labs’s FDUSD stablecoin went live on Sui. FDUSD joins comparable native stablecoins on Sui, together with USDC and AUSD.
Shopper
Gaming
In Q4 2024, Sui continued its growth past DeFi with vital progress in shopper apps corresponding to gaming, NFTs, and RWAs.
At Korea Blockchain Week in September 2024, Sui unveiled the SuiPlay0X1, a handheld gaming machine designed to assist each blockchain-native and conventional video games. Following the announcement, Sui revealed two titles slated for launch on the machine: Samurai Shodown R and Panzerdogs. Samurai Shodown R is a player-versus-player combating sport initially launched in 1993. Panzerdogs, developed by Lucky Kat Studios, is a blockchain-native on-line tank brawler.
Gamisodes, a platform reworking basic exhibits into interactive video games, is bringing Inspector Gadget to life on Sui. Gamers interact with episodes by fixing puzzles, enjoying mini-games, and amassing iconic devices powered by Sui’s unique object structure for versatile in-game merchandise programming.
Warped Games is growing Warped Universe, a multi-genre sport combining third-person real-time motion, turn-based technique, and base-building components. Constructed on Unreal Engine 5, the sport leverages Sui for player-owned, tradable in-game property.
MemeFi, a Telegram gaming ecosystem with over 28 million month-to-month lively customers, announced in October 2024 that it’s going to launch its native MEMEFI token on Sui. MEMEFI will be used as in-game forex and for governance, income share yield farming, and in-game character development. On Nov. 22, MEMEFI started trading on OKX, Bybit, MEXC Global, and Gate.io and was fully live on Nov. 26.
Ambrus Studio, the developer behind E4C: Final Salvation—a 3v3 cell multiplayer on-line battle area—leverages Sui’s blockchain expertise to allow progressive options. These options embody Move and Dynamic NFTs, which energy tradeable and upgradeable skins, and zkLogin for seamless Web2-to-Web3 onboarding. E4C: Closing Salvation soft-launched in India on Sep. 27, 2024, and expanded to a worldwide viewers in December 2024.
NFTs
Since launch, there was 15.1 million SUI in whole NFT buying and selling volume, a 13.5% enhance from Q3 2024. Main marketplaces by quantity embody Clutchy (6 million SUI), TradePort (3.3 million SUI), and BlueMove (2.3 million SUI). High NFT collections by volume embody Fuddies (3.7 million SUI), SuiFrens: Bullsharks (1.9 million SUI), SuiFrens: Capys (1.4 million SUI), Prime Machin (888,000 SUI), DeSuiLabs (726,000 SUI), Gommies (571,000 SUI), Egg (545,000 SUI), and Rootlets (398,000 SUI).
Sweet, a blockchain-based digital assortment platform, partnered with Major League Soccer (MLS) to launch MLS QUEST on Sui. The expertise lets followers gather and commerce Key Play of the Recreation Medallions, formally licensed digital property that includes MLS broadcast footage, to finish quests and unlock rewards. With Sui’s Kiosk primitive, Candy custom-made switch guidelines to make sure safe possession, whereas sponsored transactions simplify collectible acquisition for followers.
Trace, a Web3 sports activities advertising and marketing platform, makes use of Sui to mint Traces, dynamic digital collectibles celebrating iconic sports activities moments. In partnership with the Association of Tennis Professionals (ATP), Hint launched Momentum, a restricted assortment for the 2024 Nitto ATP Finals (Nov. 10–17).
Team Liquid, a number one esports group, launched MyBlue, a fan engagement platform on Sui, on Nov. 14, 2024. MyBlue offers followers a customizable, soulbound avatar of Blue, Workforce Liquid’s mascot, saved on Sui. Followers can earn and personalize their avatars by finishing quests, enhancing their fan expertise. MyBlue makes use of zkLogin and sponsored transactions for a seamless consumer expertise.
Different Use Instances
Ant Digital Technologies and its Web3 model ZAN plan to tokenize real-world assets (RWA) on Sui, specializing in ESG requirements. These tokenized “notes” shall be held by a global photo voltaic supplies producer, with the Sui Basis collaborating as an anchor investor.
In Could 2024, FanTV, a video-sharing platform, migrated from its earlier blockchain to Sui. The platform rewards creators and customers with tokens for his or her engagement, leveraging Sui’s object-based data structure. By mid-November 2024, FanTV onboarded over 5 million wallets and processed over 10 million transactions, making it Sui’s prime video streaming platform. It attracts ~1.5 million month-to-month lively customers, every averaging 90 minutes per session.
Beforehand often called dWallet Community, Ika is an MPC community enabling Sui sensible contracts to regulate and coordinate property throughout a number of blockchains. This creates the potential for cross-chain DeFi tremendous apps constructed on Sui. Ika’s testnet launched on Oct. 30, 2024, and its mainnet launch is planned for Q1 2025.
Atoma Network, a decentralized AI engine, went live on Sui’s mainnet on Dec. 12, 2024. Its alpha launch includes a demo chat software constructed on Sui, enabling customers to personal their non-public information totally. Atoma relies on Sui to settle, handle funds, and validate transactions and Walrus to safe non-public information entry.
Institutional Curiosity
Institutional curiosity in Sui continued to develop all through Q4 2024. On Nov. 7, 2024, VanEck launched the VanEck Sui ETN, a completely collateralized exchange-traded notice that invests in SUI and can supply tens of millions of institutional buyers entry to SUI in a regulated custodian surroundings.
On Nov. 22, 2024, Sui announced a strategic partnership with Franklin Templeton Digital Assets to foster development throughout the Sui ecosystem and deploy novel applied sciences constructed on Sui. Franklin Templeton Digital Property, a division of the worldwide funding administration agency Franklin Templeton, has been concerned in blockchain expertise since 2018, developing blockchain-based options, operating node validators, and creating numerous funding methods.
On Dec. 3, 2024, Republic, a registered and controlled non-public funding platform, announced its plans to develop the Sui Launchpad, a platform designed to assist firms create utility tokens. DeLorean Labs, the Web3 division of DeLorean Motor Company, will collaborate on this initiative and situation the DMC token as the primary consumer of the Sui Launchpad.
Infrastructure
Mysten Labs announced the discharge of Walrus in June 2024, a decentralized blob storage community powered by Sui for blockchain apps and autonomous brokers. Walrus goals to supply cost-effective and high-resilience information storage. Mysten Labs launched the Walrus Public Testnet on Oct. 17, 2024, with assist from over 40 community-operated storage nodes. Because the Testnet launch, there have been over 700,000 whole blobs written on Walrus (single unstructured information objects), over 1.6 million blob occasions emitted (outcomes of operating single operations with blobs), and 36 TB of information saved.
In August 2024, SuiNS announced plans to transition towards decentralization by launching a governance token. The NS token was launched on Nov. 14, 2024. As of Dec. 31, 2024, the token accumulated ~$1.33 billion in whole buying and selling quantity, with a completely diluted valuation of ~$125 million. NS token holders can purchase SuiNS names at a reduced value and participate in governance by voting on selections and incomes rewards for his or her involvement.
In October 2024, Sui integrated SCION, a community structure that strengthens web routing and forwarding protocols towards assaults like rerouting and DDoS. This integration allows validators to take care of consensus throughout disruptions, decreasing downtime and enhancing epoch rewards. Full nodes additionally profit from improved state synchronization, avoiding bottlenecks and delays, additional bolstering the community’s resilience and effectivity.
Switchboard, an oracle aggregator, went live on Sui on Nov. 19, 2024. Switchboard’s On-Demand Oracles present Sui-based initiatives like Suilend, Scallop, and Bucket Protocol with aggregated, permissionless, and easy-to-integrate information feeds.
In December 2024, Phantom, a number one non-custodial multichain cryptocurrency pockets, announced its deliberate integration of Sui. This addition positions Sui alongside Solana, Bitcoin, and Ethereum as one of the choose Layer-1 blockchains supported by Phantom. Sui’s ecosystem beneficial properties publicity to Phantom’s round seven million month-to-month active users and superior pockets options, together with staking, in-app token swaps, NFT storage, and Ledger integration. This was adopted by Backpack’s Dec. 11 announcement to include SUI into its Exchange and Wallet.
Growth and Progress
In Q4, 2024, 4 initiatives constructing on Sui introduced funding rounds totaling $10 million, a 900% enhance from Q3’s $1 million. The 4 initiatives that raised cash in Q4 embody Scallop, Arttoo, Wave, and Ambrus Studio, with the Sui Foundation collaborating as an investor.
Updated Request for Proposals (RFP) Program: The Sui Basis up to date its RFP program in October to higher assist ecosystem growth. The revamped program introduces rolling RFP cohorts for long-term initiatives and Flash RFPs for short-term, instant wants, aiming to fund initiatives that align intently with Sui’s targets.
DeepBook RFP Grant Program: The Sui Basis launched an RFP program in December to speed up the expansion of DeepBook, Sui’s native decentralized central restrict order guide. This initiative goals to foster impactful innovation and strengthen ecosystem collaboration by funding initiatives that improve DeepBook’s capabilities and align with Sui’s broader targets.
SuiHub Dubai: In October, Sui established SuiHub Dubai in collaboration with Ghaf Group, a blockchain agency in MENA. This incubator aims to host month-to-month hackathons and assist blockchain growth throughout the Sui ecosystem.
SuiHub Vietnam: In October, Sui launched SuiHub Ho Chi Minh Metropolis—an area for builders, creators, and builders to attach, study, and collaborate.
SuiConnect: Dubai: In October, Sui hosted a group occasion through the Future Blockchain Summit that attracted greater than 500 attendees.
Sui Connect: EthSofia: In October, Sui and Walrus participated within the EthSofia Hackathon and hosted a group occasion that attracted 90 attendees.
Sui Connect: Bangkok: In November, Sui hosted a group engagement occasion in Bangkok that attracted greater than 600 attendees, many of whom skilled the Sui ecosystem for the primary time.
SuiHub Global Accelerator Program: In November, Sui launched the SuiHub World Accelerator Program in partnership with CoinList, Brinc, and Ghaf Group. Startups constructing on Sui acquire entry to as much as $200,000 in funding, engineering assist, token design, market attain, and extra.
Closing Abstract
Over the previous quarter, Sui noticed ecosystem growth pushed by native USDC, CCTP, Backpack, and Phantom integrations. These developments contributed to a 153.6% QoQ market cap enhance to $12.1 billion and boosted community exercise, with each day transactions reaching a document 58.4 million. Sui’s DeFi TVL grew by 67.9% to $1.7 billion, supported by the launch of native tokens from DeFi Protocols, surging DEX volumes, and rising SUI costs. Alongside frequent protocol upgrades, the community carried out key options like gas-budget-based congestion management and launched Transfer 2024 Version for builders.
Institutional curiosity intensified as main gamers supported or built-in with the community, exemplified by the VanEck Sui ETN, partnership with Franklin Templeton Digital Property, and Republic’s forthcoming Sui Launchpad. In parallel, Sui’s infrastructure ecosystem matured by way of the deployment of Walrus on testnet, and the combination of SCION and Switchboard, whereas consumer-facing dApps in gaming, NFTs, and RWA tokenization continued to onboard customers. Sui plans to develop its infrastructure additional, improve cross-chain capabilities, and increase its international footprint by way of group occasions and accelerator packages.
Tell us what you liked concerning the report, what could also be lacking, or share every other suggestions by filling out this short form. All responses are topic to our Privacy Policy and Terms of Service.
This report was commissioned by the Sui Basis. All content material was produced independently by the creator(s) and doesn’t essentially replicate the opinions of Messari, Inc. or the group that requested the report. The commissioning group doesn’t affect editorial determination or content material. Writer(s) might maintain cryptocurrencies named on this report. This report is supposed for informational functions solely. It’s not meant to function funding recommendation. You must conduct your personal analysis, and seek the advice of an impartial monetary, tax, or authorized advisor earlier than making any funding selections. Previous efficiency of any asset shouldn’t be indicative of future outcomes. Please see our Terms of Service for extra data.
No half of this report could also be (a) copied, photocopied, duplicated in any kind by any means or (b) redistributed with out the prior written consent of Messari®.
