Examining the Current State of the Sui Ecosystem from Multiple Perspectives

The Sui mainnet has been online for nearly a month. As a representative public chain based on the Move language and a highly anticipated non-EVM Layer 1 public chain, Sui seems to have faced a lot of skepticism. As a long-term observer and investor in the Sui ecosystem, it is necessary for us to objectively discuss the current state of the Sui ecosystem. This article will analyze the current situation of the Sui ecosystem from the perspectives of data, applications, events, and more.

1. On-chain fundamentals of Sui

1. Total Asset Liquidity Status

TVL - The current on-chain TVL for Sui is 19.02 million USD, with a peak of 36 million USD in the past month. The largest application contributing to on-chain TVL is the decentralized exchange Cetus, which currently accounts for over 65%, followed by Turbos. More than 60% of the TVL composition is stablecoins.

Trading Volume - Sui's 7-day trading volume is at least 32.37 million USD, ranking 20th among all public chains. The majority of the trading volume occurs on Cetus.

2. On-chain activity of Sui chain

Activity status on Sui chain ( on the 7th ):

• Total transactions: 1,129,884 times
• The total number of Objects ( includes smart contracts, Tokens, NFTs, etc. ): over 8.3 million
• Daily active addresses: 22,000
• Total active addresses: 570,000

If we use the number of unique wallets that have transacted within 24 hours for statistics, the values will be lower compared to Solana and Aptos, which are also non-EVM chains.

The on-chain activity level of Sui has shown a downward trend over the past week. Since its independent online launch, on-chain activities have basically fluctuated with the IDOs and DeFi activities of several major ecological projects.

3. $Sui liquidity situation

As the native token and primary reserve asset of the Sui network, in the absence of an on-chain native stablecoin, the liquidity of $Sui largely determines the liquidity of Sui's on-chain assets.

Sui adopts the DPOS consensus mechanism, and $Sui is currently delegated to 104 staking nodes to obtain fixed $Sui staking rewards. The current circulation of $Sui is approximately 528 million, while the staked $Sui is 7.29 billion. Although the circulation is valued at over 500 million dollars, this is not reflected in the TVL, and there is a significant gap between the two.

The actual situation of insufficient on-chain liquidity has been confirmed in the previous IDOs. The IDOs of Cetus and SUIA were oversubscribed by 135 times and 18 times, respectively, leading to the $Sui lending pool of some exchanges being almost depleted.

The reason for this can be understood by observing the current $Sui holding data, which shows that almost all circulating supply ( likely includes most of the node staking rewards ) currently in a non-staked state. The largest holders are speculated to be centralized exchanges (, estimated to account for over 4% ). In other words, only a small portion of $Sui is used for on-chain activities.

Node staking can be seen as an on-chain risk-free interest rate, which is currently averaging less than 6% on Sui, providing little attraction for token investors who have not yet undergone large-scale unlocking. At the same time, due to the lack of LST solutions, Sui cannot be used as collateral to return to the chain for leverage to obtain higher returns, further explaining why most $Sui remains in centralized exchanges.

4. Cross-Chain Bridge

Currently, Sui only has the Wormhole cross-chain bridge available, supporting cross-chain transactions for over a dozen assets across 7 chains, including ETH, BNB, and Polygon.

Due to the fact that the cross-chain anchor assets such as USDC and USDT have not used the object format recommended by Sui, the totalSupply field in TreasuryCap cannot be read. Therefore, the trading volume and minting volume of stablecoins on Sui through this cross-chain bridge have not been announced yet.

Currently, only two smaller sets of token cross-chain minting data have been found, namely WFTM minting volume of 1949.96442242 and WAVAX minting volume of 31.64116756.

2. Sui Ecosystem Situation

1. Who is supporting the on-chain data of the Sui ecosystem?

Dex: Cetus

Cetus is the backbone of the DeFi ecosystem on Sui and even the entire Sui ecosystem chain's data. Whether in terms of TVL or trading volume, it almost holds an absolute dominant position. However, this state is not healthy for the entire Sui chain.

Machine Gun Pool: Mole

Mole is a yield aggregator based on Sui and Aptos, supporting both single and dual token gun pool modes, while also featuring leveraged mining capabilities similar to Alpaca on the BNB Chain. Currently, the TVL is $180,000.

NFT Trading Market: Souffl3/Clutchy

Souffl3 is an NFT trading market on Aptos and Sui that supports 0 royalties, Launchpad, and Free mint as two launch methods, while also featuring a mini-task module called Bake Off.

Cluthy.io is an NFT and gaming marketplace on Sui. It has a strong IP reserve, including Fuddies NFT, which premiered on Cluthy. In the early stages, many NFT players made Sui NFTs known to the Twitter community through Cluthy's social sharing features. Cluthy also has a mini-game platform similar to 4399, but currently, the number of players is not large.

NFT Collection:Fuddies

Sui Shabird NFT, known as the 'BAYC' of the Sui community, with a total trading volume of 1.44M $Sui(Clutchy.io data), the Sui NFT with the highest Twitter avatar rate across the network. In a sense, it is one of the most prominent representatives of Sui currently.

GameFi:Abyss World

Abyss World is a souls-like ARPG game, and its developer has just completed financing with a valuation of 100 million. The initial promotion and activities have been well executed, attracting a lot of attention, making it one of the most well-known Sui ecosystem games in the industry today.

However, Abyss World chooses to conduct its IDO on Polygon and uses Sui for all game-related asset settlements.

2. Traffic Entrance

Wallets and activity platforms are the main entry points for on-chain activity traffic on public chains. Currently, the wallets that mainly support the Sui ecosystem include:

Browser Wallet:

1. Sui Wallet
2. Suiet
3. Martian
4. Ethos
5. OKX Wallet
6. Surf Wallet

Mobile Wallet:

1. Glass
2. Bitkeep
3. OKX

Activity Platform

1. Port3: Supports a multi-chain activity platform including Sui, supporting both on-chain and off-chain task types. Users can link their Web2 social platform identity and Web3 wallet to complete related tasks and earn rewards.

2. Suia: An event NFT and social platform based on Sui. Users can mint various event commemorative NFTs on Suia and track NFT activities related to the projects.

3. Suggestions for the Current Stage of the Sui Ecosystem

1. Lower the Validator threshold, open and propose liquid staking (LST) plan.

2. Increase cross-chain facilities

3. Support for native stablecoins

4. Accelerate mobile wallet support

5. Improve data visualization capabilities

6. Give developers more freedom, avoid forming an overly rigid "orthodoxy", and encourage innovation.