Author: OurNetwork
Compiled by: TechFlow
Network Overview
Sui — a high-performance layer 1 blockchain using the Move programming language — raised a whopping $396M in funding (the third-largest infrastructure project in our industry’s history, behind ZK Sync ($458M) and Avalanche ($716M)).
The network has had a strong 2024 — hitting an all-time high of 1.6 million weekly active addresses in May 2024, and averaging over 400,000 active addresses since the beginning of Q2 2024. Total value locked (TVL) has also grown 240% year-to-date, jumping from $226 million to $789 million, with net positive bridge inflows of $104.2 million (inflows: $631.3 million | outflows: $527.7 million), according to DeFiLlama.
DeFILlama
In this episode, we’ll walk you through Sui’s high-level user trends, cover its maturing DeFi and consumer sectors, and provide a data-driven perspective on emerging protocols being built on the network.
Sui Special
Wayne Cunningham | Website | Dashboard
Sui's test showed that the maximum transaction volume per second was 297,000, and the average number of daily active addresses in three months was close to 470,000
In the three months between May 20 and August 20, Sui’s daily active addresses averaged 472,600, a 10x increase from the previous period. It peaked at 2.2 million in June, driven by popular applications in the ecosystem, surpassing Solana’s peak of 2.09 million in the same time frame.
Artemis
Sui is a layer 1 blockchain designed to achieve high transaction per second (TPS) performance—early tests show a maximum TPS of 297,000. This is in part due to Sui’s programmable transaction blocks, which allow up to 1,024 instructions per transaction. In December last year, interest in inscriptions pushed TPS close to 6,000. Notably, fees have remained stable even during peak activity.
SuiVision
Sui's new Mysticeti consensus engine offers low latency, with early results showing a P50 latency of 629 milliseconds in Western Europe. This ultra-low latency ensures near-instant transaction finality, making Sui a strong choice for high-performance applications.
Sui (internal data)
DeFi on Sui
Brady Fox | Dashboard
Sui DeFi continues to soar, TVL exceeds $785 million, bridge net value reaches $260 million
Sui's DeFi ecosystem has grown steadily since the network's mainnet launch, continuing to demonstrate the maturity and stability of the ecosystem. Daily transaction volume so far in 2024, especially since March, indicates growing adoption, usage, and continued participation (averaging over $40 million over the past month) without dramatic swings or dips. The steady rise in transaction volume reflects the market's growing confidence in Sui's DeFi infrastructure, attracting more liquidity, projects, and users to the platform.
DeFiLlama
The total value locked (TVL) on Sui surged by more than 1,500% in the last five months of 2023. It continued to climb in early 2024, peaking at more than $880.7 million at the end of May. As of August 26, 2024, Sui’s TVL was $789 million, up 240% year-over-year.
DeFiLlama
The total value bridged to Sui is also growing, with 92% coming from Ethereum, highlighting the blockchain’s role as a major source of liquidity. Solana contributes 5.9%, while smaller blockchains like Aptos and Arbitrum contribute less than 1%. This growth reflects increased network activity and a diverse influx of assets and users, with net inflows exceeding $104 million so far in 2024.
Artemis
NAVI
NAVI | Website | Dashboard
NAVI Protocol market size reaches $278 million, unique users exceed 850,000, USDC pool exceeds $100 million
As a one-stop liquidity protocol on Sui, NAVI Protocol has maintained a leading position in the lending DeFi category since its launch. NAVI focuses on providing users with efficient use of capital, supporting lending of major native assets, liquid pledge tokens, and stablecoins. With the launch of the NAVI Pro upgrade, the protocol recently exceeded its all-time high TVL, reaching over $250 million, accounting for more than 50% of all lending TVL on Sui.
DeFiLlama
Additionally, NAVI has attracted a highly active user base, second only to the largest decentralized exchange on Sui. The protocol has maintained an average of 2,000 daily active users over the past 30 days, demonstrating continued interest and trust in the protocol.
I feel
Notably, in August, NAVI saw significant growth in asset supply, followed by the launch of new liquidity incentives. In less than a week, the protocol’s USDC TVL grew by over 730%, eventually surpassing $100 million at its peak, bringing the overall TVL to a new all-time high.
I feel
Transaction Level Analysis: NAVI Protocol’s supply/borrowing incentives enable users to benefit from the composability of assets in its ecosystem. This transaction shows a user receiving over $50,000 in rewards, witnessing the opportunities provided by NAVI. In addition, this also demonstrates the flexibility of Move on Sui and how NAVI can fully leverage its advantages to provide users with a smoother lending experience.
Bluefin
Zabi | Website | Dashboard
Sui Network’s Leading Decentralized Exchange Bluefin’s Trading Volume Exceeds $30 Billion
Bluefin is a decentralized order book DEX built for professional and casual traders. Since its launch on the Sui Network, Bluefin has processed over $30 billion in trading volume with over 33,000 users.
OpenBlock
The funding rate is used to balance the difference between the perpetual contract and the spot price of the underlying asset. Bluefin's annualized funding rate remains low, with BTC's annualized rate at 4.41% and Binance's at 4.33%; ETH's annualized rate is -11.71%, while Binance's is 3.21%.
OpenBlock
The liquidation process on Bluefin is designed to protect the platform and its users from the risk of systemic bankruptcy. The following figure shows the liquidation distribution of the trading market on Bluefin.
OpenBlock
Trade Level Analysis: This was the largest liquidation on Bluefin in PnL terms, with a loss of $72,670 on SUI-PERP.
Aftermath Finance
Drew | Website | Dashboard
Aftermath surpasses $50 million in TVL and $300 million in trading volume
According to its documentation, Aftermath Finance is an “all-in-one DeFi platform for trading, investing, and earning yield.” To date, Aftermath has traded over $300 million in volume, and its smart order router has recently undergone several improvements, including the introduction of the V2 routing algorithm, which has increased the sophistication and speed of the platform.
DeFiLlama
The afSUI/SUI pool on Aftermath remains one of the most liquid pools on Sui, with a TVL of over $20 million. A feature called dynamic gas allows afSUI to be used as a gas token on Aftermath, and other protocols have also integrated afSUI in strategies including leveraged staking and as collateral for lending.
DeFiLlama
Transaction Level Analysis:
This is a relatively routine SUI to USDC swap, but demonstrates the intermediate steps the Aftermath DEX aggregator’s routing algorithm takes in finding the best swap and maximizing the amount returned.
DeepBook
Biff Buster | Website | Dashboard
DeepBook reaches milestone of 21 million transactions and 3,000 unique users in the past 6 months
The DeepBook protocol is a centralized limit order book (CLOB) on Sui that aims to bring high-frequency trading to the blockchain. Since the launch of V2, DeepBook’s average daily user activity has doubled between May and June, from 120 users per day to more than 250 users in July and August.
Space and Time
Over the past 5 months, fees earned have increased from $200 to $400 per day, showing a significant increase in revenue.
Space and Time
Transaction Level Analysis: DeepBook aims to provide low latency, low cost fees to traders using its CLOB. For example, looking at the average gas fee for a limit order, the average fee is about $0.005.
Consumer on Sui
Casson Rosenblatt
Sui’s core primitives such as zkLogin, sponsored transactions, and SuiNS drive consumer adoption
Sui’s core primitives and their applications continue to demonstrate value in reducing user friction and ultimately improving the consumer experience. zkLogin allows users to create Sui accounts through social logins (such as Google or Twitch) without giving those companies visibility into the user’s on-chain activity. With continued use of programmable transaction blocks (PTBs) and decentralized applications with wallets (DAWs), zkLogin’s popularity continues to rise, even peaking at 225,000.
Sui (internal data)
Sponsored transactions, a feature that allows developers to cover user transaction fees, has helped apps like Wave Wallet and FanTV attract users, eliminating the need for users to purchase tokens in advance. While the percentage of sponsored transactions varies, Sui saw 32.3% of transactions with no gas fees on some days last quarter, enabling thousands of users to easily conduct on-chain activities.
Sui (internal data)
SuiNS is a decentralized protocol that gives user-readable names, replacing the default alphanumeric names. Currently, by querying the SuiNS object and aggregating unique wallets holding names, more than 180,000 wallets already have names, improving the efficiency and security of asset transfers.
Sui (internal data)
FanTV
Ozair Akhtar | Website | Dashboard
FanTV, a social streaming platform based on SUI, has over 3.5 million registered users and over 9 million transactions
FanTV is a social streaming platform powered by AI and Web3 technology. It is currently the number one social decentralized application on the Sui blockchain, with over 3.5 million registered user wallets and over 9 million transactions.
Sentio and SuiVision
The platform’s rapid growth includes over 20,000 creators and 1 million monthly active users consuming 900,000 hours of content per month. FanTV’s daily active wallets grew healthily, increasing by over 27% month-over-month (from 60,000 in June to 76,000 in July), reflecting a continued upward trend.
I feel
Transaction-level analysis: FanTV’s transactions reflect the active engagement of users, who earn tokens through activities such as “Watch and Earn” and “Upgrade Rewards”, and creators who earn rewards through “Live and Earn”. With over 250 million tokens distributed to 3.5 million users and close to 10 million historical transactions, these interactions demonstrate the dynamic growth and health of our platform. As the leading social decentralized application in the SUI ecosystem, FanTV’s success highlights its important role in driving blockchain adoption and cultivating a global creator community.
Wave Wallet
Wave Wallet | Website | Dashboard
Wave Wallet has over 3 million users, processed over 250 million transactions, and has over 280,000 daily active users.
Wave Wallet experienced explosive growth in early May, peaking at over 1.3 million active wallets at the end of May. While the number of active wallets has declined since then, Wave Wallet remains in the top ten by active addresses among all apps tracked by Artemis.
Artemis
Wave plays a vital role in the Sui ecosystem — it accounts for 80% of the number of daily active addresses. This dominance has remained constant since Wave was launched.
Artemis
Wave Wallet processes 18% to 40% of Sui transactions every day and is an important onboarding channel for new Sui users in both the consumer and DeFi sectors.
Artemis
