A Multidimensional Analysis of the Sui Ecosystem

The Sui mainnet has been online for nearly a month. As a representative work of a public chain based on the Move language and a highly anticipated non-EVM Layer 1 public chain, the public opinion about Sui has been mixed. As a long-term observer and investor in the Sui ecosystem, it is necessary to objectively analyze the current state of the Sui ecosystem. This article will explore the development of the Sui ecosystem from the perspectives of data, applications, and events.

On-chain Fundamentals of Sui

Total Asset Liquidity

The current total locked value on the Sui chain (TVL) is 19.02 million USD, with a monthly high reaching 36 million USD. Among them, DEX Cetus accounts for over 65%, followed by Turbos. Over 60% of the TVL consists of stablecoins.

The trading volume on the 7th was at least 32.37 million USD, ranking 20th among all public chains, primarily occurring on the Cetus platform.

On-chain activity status

Sui recent 7-day data:

• Total transactions: 1.129 million
• Total number of Objects: over 8.3 million
• Daily active addresses: 22,000
• Total active addresses: 570,000

According to the statistics on the number of independent wallets traded in the last 24 hours, Sui's activity is lower than that of Solana and Aptos. In the past week, the activity on the Sui chain has shown a downward trend, mainly fluctuating with several important ecological project IDOs and DeFi activities.

$SUI liquidity situation

Currently, the circulating supply of $SUI is about 528 million, with a staking amount of 7.29 billion. Although the circulating market value exceeds 500 million USD, the actual on-chain liquidity is far lower than this figure.

During the IDO, it almost led to the depletion of the $SUI lending pool on the exchange. Analysis revealed that most of the circulating $SUI is in a non-staked state, with about 4% held by centralized exchanges and only a small amount used for on-chain activities.

The yield on node staking is less than 6%, which is not attractive to investors. At the same time, there is a lack of LST solutions, making it impossible to leverage $SUI on-chain for higher returns, further explaining why most $SUI remains on centralized exchanges.

Cross-Chain Bridge

Currently, only the Wormhole cross-chain bridge is available, supporting cross-chain transactions of over 10 assets across 7 chains. Due to technical reasons, it is currently impossible to account for stablecoin cross-chain data. It is known that there are a small number of cross-chain mints for WFTM and WAVAX.

Sui Ecosystem Situation

Main Projects

• DEX: Cetus almost monopolizes the DeFi data on the Sui chain.
• Yield Aggregator: Mole, TVL approximately $180,000
• NFT Market: Souffl3 and Clutchy
• Popular NFT: Fuddies, total trading volume 1.44 million $SUI
• GameFi: Abyss World, valued at 100 million USD, but chose to do IDO on Polygon.

Traffic Entrance

Main Wallet:

• Browser extensions: Sui Wallet, Suiet, Martian, Ethos, OKX, Surf
• Mobile: Glass, Bitkeep, OKX

Main activity platform:

• Port3: Multi-chain Task Platform
• Suia: An NFT and social platform based on Sui

Suggestions

1. Lower the threshold for validation nodes and introduce a liquid staking solution.
2. Increase cross-chain infrastructure
3. Support for native stablecoins
4. Accelerate mobile wallet support
5. Enhance Data Visualization Capabilities
6. Give developers more freedom for innovation.

The Sui ecosystem is still in its infancy and faces some foreseeable challenges. However, with the improvements mentioned above, it is expected to quickly enhance ecological vitality and user experience, attracting more developers and users to participate.