Author: Frank, PANews
Aptos and Sui, which originate from the same team, are often compared, especially with the recent market boom. The SUI token has led the public chains, with a maximum increase of 117% within half a month and has set a new historical high. On the other hand, APTOS is also not to be outdone, as the world's largest asset management company, BlackRock, has expanded its BUIDL fund to Aptos.
PANews conducted an investigation based on on-chain data to compare the ecosystem development of Aptos and Sui.
With the backing of capital, prices are rising.
Aptos and Sui are public chain networks created by former members of the Diem blockchain project team from the former Facebook (now renamed Meta). The same team background means that these two public chain projects have many similarities, such as both using the Move language as the fundamental programming language and emphasizing high performance and low latency. As new public chains launched in the past two years, Aptos and Sui are highly anticipated by the market in this bull market.
From a messaging perspective, both Aptos and Sui have made good progress recently, especially with the favor from large capital.
On November 13, BlackRock's BUIDL fund announced its expansion to the Aptos, Arbitrum, Avalanche, OP, and Polygon chains, which is considered a significant benefit for Aptos. At the end of last month, Tether announced the introduction of the USDT stablecoin to the Aptos network. Additionally, on November 12, Bitwise will launch the world's first Aptos Staking ETP on the Swiss stock exchange on November 19. Institutional-level products may attract more investor attention and new capital inflow for Aptos. At the same time, this is also seen as a form of endorsement, increasing market confidence.
It is also worth mentioning that Aptos has recently gained some popularity due to the song 'APT' released by a South Korean star in collaboration with Mars Brother. The Aptos official account seems to be pleased with this wave of attention, and on November 14, Aptos specifically retweeted the Chinese hip-hop song 'Public Chain Cheetah' created for Aptos by music creator 0xRasTrack.
The Sui network seems to have recently gained support from Binance. On November 11, Binance announced the addition of WBETH, BNSOL, and SUI assets to its dual-currency investment. On November 13, Binance announced the launch of a HIPPO 75x contract, and as the only MEME coin on the Sui ecosystem with a market cap exceeding $100 million, this news rapidly boosted its price by 100%. As of November 14, HIPPO's market cap has surpassed $200 million. In addition to the interactions with Binance, asset management company VanEck announced on November 13 the listing of Sui ETN on Euronext Amsterdam and the Paris Exchange. This product allows investors to participate in the development of the SUI token without directly holding the token.
In summary, both have recently drawn market attention through endorsements from large capital. The prices of governance tokens have also seen a significant increase recently with the market. The SUI token rose from a low of $1.59 on October 29 to a high of $3.52 on November 14, an increase of over 117%, making it the most prominent token among mainstream coins recently. Meanwhile, the APT token increased from $7.74 to a high of $14.11 between November 5 and November 12, with a maximum increase of over 83%. However, APT experienced a significant pullback in the following days, with a maximum drawdown of about 20%. From a historical perspective, the current APT price is still nearly half the peak of $20.4 in 2023. As of November 14, the market cap of SUI is about $9.5 billion, ranking 14th, while APT's market cap is about $6.3 billion, ranking 22nd.
There is no significant growth in on-chain data, and the MEME ecosystem of Sui is more active.
In terms of on-chain data comparison, both Aptos and Sui have not been able to create new heat within their ecosystems recently.
The daily new coins, active addresses, and daily transaction numbers on the Sui chain have not reached the highs of previous times, showing a notable decline. The heat of MEME coins within the ecosystem also reflects this; on November 14, among the tokens with trading volumes exceeding $1 million, only one, PNUT, was created that day, while the others were created a month ago. The daily transaction volume on the Sui network is about 15 million transactions, with daily active users maintaining between 700,000 and 900,000.
The on-chain data of Aptos has not shown any significant changes, with the user transaction volume maintaining around 3 million transactions daily and daily active users around 700,000.
From the on-chain data, the activity levels of the two are relatively close. However, there is still a significant gap compared to the Solana chain.
In terms of the MEME ecosystem performance, the top MEME token on Sui, HIPPO, has a market cap of about $193 million. The current MEME token on Aptos, PNUT, has a market cap of only $1.1 million. As of November 14, there were 9 trading pairs on the Sui chain with daily trading volumes exceeding $1 million, while Aptos had only 5. On November 14, Aptos added only 4 new token trading pairs, with the largest trading volume being $460. From this perspective, Aptos's MEME environment can only be said to be minimally present. The Sui ecosystem is relatively more active, with 176 new trading pairs created on the 14th.
In terms of capital inflow, Sui far exceeds Aptos, while the scale of DeFi is comparable.
In terms of capital flow, the Sui network has seen a net inflow of $178 million in the past month, ranking third in the entire network, only behind Base and Solana. In contrast, Aptos's size is still much smaller, with a total inflow of $10.6 million and a total outflow of $9.7 million in the past month, resulting in a net inflow of about $900,000.
Looking at the capital flow situation in the past month, there has indeed been an increase on the Aptos chain in the last week or so, with a net inflow of $520,000 on November 10. However, in terms of volume, this inflow data cannot be considered a significant entry.
From the perspective of DeFi development trends, Aptos's TVL data has been on the rise since the beginning of this year, and it first broke through the $1 billion mark on November 12, a figure that has grown more than 10 times in the past year.
Currently, the TVL of the Sui network is $1.425 billion (data as of November 14). In terms of growth, the TVL of the Sui network has also increased by more than 10 times in the past year. In comparison, Sui and Aptos have a relatively small gap in TVL.
Overall, in the comparison between Aptos and Sui, the Sui network clearly has the upper hand at this stage. Whether in terms of capital inflow or ecosystem activity, the Sui network has steadily established itself in the mainstream public chain position, riding the wave of MEME.
Aptos clearly emphasizes its performance advantages and focuses on development in DeFi. Despite the recent popularity of the APT song, it seems that Aptos has not been able to fully capitalize on this trend to achieve more actual conversions. It appears that the application heat of Aptos is still lacking. If one must say who is more advanced in the development of 'Facebook-related' public chains, the current result is still the Sui network. Fortunately, the market is still in a bull market, and anything could happen.
