Author: OurNetwork
Compiled by: Deep Tide TechFlow
Editor Team Message:
Welcome to a new chapter of our ecosystem special edition series!
Today, we present the second issue of content, focusing on Sui—a high-performance blockchain theoretically capable of processing up to 297,000 transactions per second.
Since the last release in August, the Sui ecosystem has undergone a series of remarkable changes: the price of the SUI token has surged nearly fourfold, placing its market capitalization among the top 20 digital assets; a new native cross-chain bridge has launched, expected to become the largest channel for ETH inflow into Sui; the world's second-largest stablecoin USDC has also officially landed on the Sui network. Additionally, the monthly active user count of Sui climbed to 7.1 million in November, setting a new historical high, further solidifying its status as a powerful and sustainably developing blockchain network.
Artemis
This issue will provide a detailed analysis of the developments mentioned above and more on-chain data. In the current context of the entire crypto industry surging, Sui's performance is particularly eye-catching, making it one of the backbone forces in this lightning-fast era.
Now, let's delve into the ecological development of Sui!
Sui Special Edition
Website | Dashboard
Sui ecosystem is rapidly expanding: Active addresses, new wallets, and locked value are all progressing simultaneously.
The monthly active addresses on Sui have steadily increased over the past 3 months, with the latest data surpassing 8.4 million. This momentum indicates that Sui excels not only in attracting new users but also in continuously enhancing user activity and ecological participation.
Artemis
The daily creation of new wallets is also showing a continuous upward trend, accompanied by significant growth peaks. For example, the number of new wallets created in mid-September exceeded 400,000 in a single day, 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 ecological expansion.
Artemis
The total locked value (TVL) of Sui reached a historic high of nearly $2.3 billion in mid-November. In just 3 months, the TVL surged from less than $400 million in August by nearly $2 billion, showcasing the rapid expansion of the ecosystem and widespread user adoption. Currently, the market capitalization of SUI has reached $10 billion, with a daily trading volume of about $250 million, and Sui is steadily establishing its position as a significant force in the DeFi field.
DeFiLlama
Cross-Chain Bridge
Dashboard
In 3 months, cross-chain funds approached $1 billion, making Sui a focal point in the multi-chain landscape.
In the past 3 months, the Sui ecosystem has attracted $944.8 million in cross-chain capital inflow, with Ethereum dominating, contributing 89.6% ($856.6 million). Solana followed closely, contributing $80.15 million (8.39%). Currently, Sui ranks sixth in blockchain capital inflow, just behind Ethereum, Arbitrum, and Solana, showcasing its rise as a decentralized liquidity hub.
Artemis
From the chart, we can see that since August, the funds transferred to Sui via the Wormhole cross-chain bridge have exceeded $930 million. The peaks of capital 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.
Wormhole
Sui Bridge officially launched on the mainnet at the end of September 2024, providing users with a native cross-chain asset bridging channel to securely transfer assets between Sui and Ethereum, protected by the validating nodes of the Sui network. Since its launch, the daily inflow of ETH through Sui Bridge has continued to grow, gradually occupying a larger share compared to Wormhole, currently accounting for about 43% of Sui's daily ETH inflow, highlighting its important position in the ecosystem.
Sui (Internal)
Walrus
Website
Walrus testnet has stored nearly 300,000 Blobs.
Walrus is a decentralized storage and data availability protocol based on the Sui network, currently running on the testnet. It is designed for efficiently handling unstructured data (Blob), capable of rapidly and efficiently storing massive amounts of data, 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, showcasing its strong data processing capabilities.
Walruscan
Data shows that Walrus stands out in storage efficiency. Although the registered Blob data size has remained stable at 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 demonstrating Walrus's ability and potential to achieve large-scale data storage at low costs.
Sui (Internal)
Since the testnet launch, the cumulative storage of Walrus has continued to rise, and this trend fully reflects the rapid expansion of its network and the growth of 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 growth of data storage on Walrus but also further reinforced its technological advantages in security and privacy protection.
Sui (Internal)
SuiNS
Website
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 memorable Web3 names. These names are linked to the user's blockchain address, significantly simplifying the complexity of account identification, providing users with a more convenient and smooth experience. Since the service was launched, SuiNS has attracted users to create over 263,000 names, becoming an indispensable part of the Sui ecosystem.
suiscan
On November 14, 2024, NS Token officially launched, marking the beginning of the SuiNS community governance mechanism. Of the total supply of 500 million $NS tokens, 10% was airdropped to active community members, encouraging them to actively participate in ecological construction. The launch of NS Token injected vitality into the governance framework, enabling holders to jointly plan the future development direction of the platform. On the day of the token launch, the number of active addresses reached a new high, exceeding 100,000. Additionally, since then, the trading volume based on SuiNS contracts has exceeded 200,000 transactions, showcasing the rapid development of the ecosystem.
Artemis
Stablecoins
The launch of USDC has driven the market capitalization of stablecoins on the Sui chain to exceed $440 million; the current market capitalization 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 exceeding $3 billion in mid-November, firmly maintaining its position as the top stablecoin by trading volume. USDT's performance has also remained stable, supporting the steady growth of the ecosystem. Meanwhile, 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 native USDC on Sui exceeded $100 million by 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.
usdc.cool
As of November 24, the market capitalization of stablecoins on Sui has reverted to $344.94 million, down from 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 capitalization, the overall performance still demonstrates the resilience and strong foundation of stablecoin activities in Sui within the DeFi market, laying solid conditions for future growth.
DeFiLlama
DeepBook
Biff Buster | Website
The price of DeepBook's DEEP Token has skyrocketed by 400% since its 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 gradually shown an active usage trend over the past 6 weeks. From the weekly trading volume data, the trading volume reached a new high of $23 million in 3 months since the V3 launch, although it has not yet recovered to the historical peaks of April and May, it has indicated a gradual acceptance and confidence in the new version by the market.
DeFiLlama
The token distribution data of DeepBook V3 shows that Sui and USDC account for 78.6% of the total locked value (TVL), further solidifying the core status of these two assets in the platform's ecosystem.
DeFiLlama
Since the mainnet launch on October 14, 2024, the $DEEP governance token of DeepBook has shown significant market activity. As early as March 28, 2024, the team initiated an airdrop activity 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 early development of the platform.
CoinGecko
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