The price of SUI tokens has surged nearly fourfold, with a market cap ranking among the top 20 digital assets.
Author: OurNetwork
Compiled by: Deep Tide TechFlow
Message from the editorial team:
Welcome to a new chapter in our ecosystem special issue series!
Today, we present the second issue, focusing on Sui—a high-performance blockchain that can theoretically process up to 297,000 transactions per second.
Since the last issue was published in August, a series of remarkable changes have occurred in the Sui ecosystem: the price of SUI tokens has surged nearly fourfold, with a market cap ranking among the top 20 digital assets; a brand new native cross-chain bridge has been launched, expected to become the largest channel for ETH inflows to Sui; the world’s second-largest stablecoin USDC has also officially landed on the Sui network. Additionally, the number of monthly active users on Sui soared to 7.1 million in November, setting a historic high and further solidifying its position as a powerful and sustainable blockchain network.
Artemis
This issue will provide a detailed analysis of the developments mentioned above and more on-chain data. In the current backdrop of the entire crypto industry surge, Sui's performance is particularly eye-catching, making it one of the backbone forces of this lightning-fast era.
Now, let's delve deeper into the development of the Sui ecosystem!
Sui Special Issue
Website | Dashboard
Sui ecosystem is accelerating its expansion: active addresses, new wallets, and locked value are progressing simultaneously.
The monthly active addresses on Sui have steadily grown over the past 3 months, with the latest data surpassing 8.4 million. This momentum indicates that Sui is not only excelling at attracting new users but also continuously enhancing user activity and ecosystem participation.
Artemis
The daily creation of new wallets also shows a continuing upward trend, accompanied by significant growth peaks. For instance, in mid-September, the daily number of new wallets surpassed 400,000, while the recent daily average has stabilized above 200,000. This data fully reflects Sui's appeal to new users and the strong momentum of ecosystem 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 to nearly $2 billion, showcasing the rapid expansion of the ecosystem and widespread user adoption. Currently, the market cap of SUI has reached $10 billion, with a daily trading volume of approximately $250 million, firmly establishing Sui as an important force in the DeFi space.
DeFiLlama
Cross-Chain Bridge
Dashboard
Nearly $1 billion in cross-chain funds over 3 months, Sui becomes a multi-chain focus
In the past 3 months, the Sui ecosystem has attracted $944.8 million in cross-chain capital inflows, with Ethereum dominating, contributing 89.6% ($856.6 million). Solana follows closely, contributing $80.15 million (8.39%). Currently, Sui ranks sixth in blockchain capital inflows, only behind Ethereum, Arbitrum, and Solana, showcasing its rising potential as a decentralized liquidity hub.
Artemis
The chart shows that since August, more than $930 million has flowed into Sui via the Wormhole cross-chain bridge. The peaks of capital inflow in mid-August and late October are particularly significant, while 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 asset cross-chain bridging channel, enabling secure asset transfers between Sui and Ethereum, safeguarded by the verification nodes of the Sui network. Since its launch, the daily inflow of ETH through Sui Bridge has continuously grown, gradually occupying a larger share compared to Wormhole, currently accounting for about 43% of Sui's daily ETH inflow, highlighting its importance in the ecosystem.
Sui (Internal)
Walrus
Website
Walrus has stored nearly 300,000 Blobs on the testnet
Walrus is a decentralized storage and data availability protocol based on the Sui network, currently running on the testnet. It is designed to efficiently handle unstructured data (Blob), capable of storing massive amounts of data with extreme speed and efficiency, providing a solid foundation for scalable and highly resilient storage across a distributed network of independent nodes. 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, demonstrating strong data processing capabilities.
Walruscan
Data shows that Walrus stands out in terms of storage efficiency. Although the registered Blob data size has remained consistently below 1TB, the actual storage capacity peak has exceeded 17TB, achieving an astonishing 17x optimization ratio. Even amidst fluctuations in storage demand, the actual storage capacity far exceeds the size of registered Blobs, fully demonstrating Walrus's ability and potential for large-scale data storage at low costs.
Sui (Internal)
Since the testnet launch, Walrus's cumulative storage has continued to rise, reflecting its rapid network expansion and growing user demand. In November, Tusky (formerly Akord) officially launched a new application that provides users with decentralized storage and end-to-end encrypted file storage services. The launch of this application has significantly driven the growth of data storage on Walrus, further strengthening its technological advantages in security and privacy protection.
Sui (Internal)
SuiNS
Website
NS Token Launch; 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 easy-to-remember Web3 names. These names are linked to the user's blockchain address, significantly simplifying the complexity of account identification, and providing users with a more convenient and smooth experience. Since its launch, 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 start of the SuiNS community governance mechanism. Of the total 500 million $NS Tokens, 10% were airdropped to active community members to encourage their participation in ecosystem building. The launch of NS Token injects 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, surpassing 100,000. Since then, the trading volume based on the SuiNS contract has exceeded 200,000 transactions, showcasing the rapid development of the ecosystem.
Artemis
Stablecoins
The launch of USDC has driven the market cap of stablecoins on the Sui chain to surpass $440 million; the current market cap is $345 million
The continuous expansion of the Sui 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 surpassing $3 billion in mid-November, firmly maintaining its position as the leader in stablecoin trading volume. USDT's performance is also stable, supporting steady growth in 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 launched its native USDC on the Sui mainnet, allowing users to use it directly without going through cross-chain bridges. In less than two months, the circulation of native USDC on Sui exceeded $100 million on November 7. As of November 22, the total circulation of native USDC on Sui reached $106.2 million, demonstrating its rapid growth and strong demand in a short period.
usdc.cool
As of November 24, the market cap of stablecoins on Sui has fallen to $344.94 million, previously reaching a historic peak of nearly $440 million in October. USDC continues to dominate with a 62.46% market share, reflecting its importance as the core stablecoin in the Sui ecosystem. Despite recent fluctuations in market cap, the overall performance still shows the resilience and strong foundation of stablecoin activity on Sui in the DeFi market, laying a solid groundwork for future growth.
DeFiLlama
DeepBook
Biff Buster | Website
The price of DeepBook's DEEP Token has soared 400% since its launch.
DeepBook is a centralized limit order book running on the Sui blockchain, which has accumulated $5.5 billion in trading volume since its launch. The V3 version has shown a gradually active usage trend since its launch 6 weeks ago. From the weekly trading volume data, the trading volume reached a new high of $23 million in 3 months after the V3 launch. Although it has not yet recovered to the historical highs of April and May, it shows the market's gradual acceptance and confidence in the new version.
DeFiLlama
The token distribution data for DeepBook V3 shows that Sui and USDC account for 78.6% of the total locked value (TVL), further solidifying the core position of these two assets in the platform ecosystem.
DeFiLlama
Since its mainnet launch on October 14, 2024, DeepBook's $DEEP governance token has shown significant market activity. As early as March 28, 2024, the team initiated an airdrop campaign by distributing DBClaim NFTs. After the $DEEP token began trading, users could unlock these NFTs and receive token rewards. To incentivize community participation, the DeepBook team airdropped 10% of the total 10 billion tokens to active users, effectively boosting community engagement and the platform's early development.
CoinGecko
Getting Started with Sui
Start Building on Sui
Learn More
