Observing the Current State of the Sui Ecosystem

The Sui mainnet has been online for nearly a month. As a representative of public chains based on the Move language and a highly anticipated non-EVM Layer 1 public chain, the public opinion regarding Sui has been mixed. As long-term observers and ecosystem investors of Sui, it is necessary for us to objectively analyze the current situation of the Sui ecosystem. This article will explore the development of the Sui ecosystem from multiple perspectives.

On-chain Fundamentals of Sui

Total Asset Liquidity Situation

Currently, the TVL on the Sui chain is approximately $19 million, with a peak value of $36 million in the past month. The largest application in terms of TVL on the chain is the decentralized exchange Cetus, accounting for over 65%. More than 60% of the TVL composition consists of stablecoins.

The trading volume over 7 days is at least 32.37 million USD, ranking 20th among all public chains. The main trading volume comes from Cetus.

On-chain activity status

Sui chain 7-day activity data:

• Total number of transactions: 1.12 million
• Total number of Objects ( includes smart contracts, Tokens, NFTs, etc. ): over 8.3 million
• Daily active addresses: 22,000
• Total active addresses: 570,000

Recently, on-chain activity has shown a downward trend. Since the mainnet launch, on-chain activities have mainly fluctuated with several important ecological projects' IDOs and DeFi activities.

$Sui liquidity situation

$Sui's current circulating supply is approximately 528 million tokens, with a staking amount of 7.29 billion tokens. Although the circulating market value exceeds $500 million, the TVL is far below this figure. This lack of on-chain liquidity has been validated in previous IDOs.

Currently, almost the entire circulating supply ( may include most of the node staking rewards ) in a non-staked state. The largest holders are estimated to be centralized exchanges (, accounting for about 4% or more ). Only a small amount of $Sui is used for on-chain activities.

Node staking can be regarded as an on-chain risk-free interest rate, and currently this rate on Sui averages less than 6%, which is not attractive to investors. At the same time, due to the lack of LST solutions, the staked $Sui cannot be used as collateral to unlock higher returns on-chain, which further explains why most $Sui chooses to remain on centralized exchanges.

Cross-Chain Bridge

Currently, the Wormhole cross-chain bridge is the only one available for Sui, supporting cross-chain transactions of over a dozen assets across 7 chains. Due to technical reasons, the trading volume and minting volume data for stablecoins on Sui have not yet been released. Currently, only two sets of smaller token cross-chain minting data have been found.

Sui Ecosystem Situation

Main Ecological Projects

• Dex: Cetus
• Machine Gun Pool: Mole
• NFT trading platforms: Souffl3, Clutchy
• NFT Collection: Fuddies
• GameFi: Abyss World

Traffic Entry

Mainly supports Sui wallet:

Browser Wallet:

• Sui Wallet
• Suiet
• Martian
• Ethos
• OKX Wallet
• Surf Wallet

Mobile Wallet:

• Glass
• Bitkeep
• OKX

Activity Platform:

• Port3
• Suia

Suggestions for the Sui Ecosystem

1. Lower the validator threshold and launch the liquidity staking (LST) plan.

2. Enhance cross-chain infrastructure

3. Support for native stablecoins

4. Accelerate mobile wallet support

5. Improve data visualization

6. Provide developers with greater room for innovation

Sui is a developer-friendly public chain team, but it also needs to avoid excessive centralization. Developers should have more freedom to express themselves, and the ecosystem will thrive. As the meme community often says, "Let it ride", innovation often comes from the unexpected.