Observing the Current Status of the Sui Ecosystem from Multiple Perspectives

The Sui mainnet has been online for nearly a month. As an important public chain based on the Move language and one of the most anticipated Non-EVM Layer 1 public chains, Sui is currently receiving mixed reviews. As an investor who has been paying attention to the Sui ecosystem for a long time, it is necessary to objectively analyze the current state of the Sui ecosystem. This article will discuss the current state of the Sui ecosystem from the perspectives of data, applications, events, and more.

01. On-chain fundamentals of Sui

1. Overall asset liquidity situation

TVL - The current TVL on the Sui chain is 19.02 million USD, with a peak of 36 million USD in the past month. The largest application by on-chain TVL is the decentralized exchange Cetus, accounting for over 65%, followed by Turbos. Over 60% of the TVL components are stablecoins.

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

2. Activity status on Sui chain

Current activity status on the Sui chain ( on the 7th ):

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

From the trend, the on-chain activity level of Sui has shown a downward trend in the past week. On-chain activities mainly fluctuate with the IDOs of several ecological projects and DeFi activities.

3. $Sui liquidity situation

As the native token and primary reserve asset of the Sui network, the liquidity of $Sui largely determines the liquidity of on-chain assets. Currently, the circulating supply of $Sui is approximately 528 million, with a staking volume of 7.29 billion. Although the circulating supply is valued at over $500 million in USD, it is not reflected in the TVL.

Almost all of the circulating supply is currently in a non-staked state. Among them, the largest holders are estimated to be centralized exchanges, with ( accounting for about 4% or more, ). Only a small portion of $Sui is used for on-chain activities.

The average yield of node staking is less than 6%, which is not very attractive to investors. Due to the lack of LST solutions, $Sui cannot be used as collateral on-chain to obtain higher yields, which further explains why most $Sui chooses to stay on centralized exchanges.

4. Cross-Chain Bridge

Currently, the only available cross-chain bridge for Sui is Wormhole, which supports cross-chain transactions for over ten assets across seven chains. Since Sui's stablecoin does not use the officially recommended format, the trading and minting volume of Sui's stablecoin on this cross-chain bridge has not been disclosed.

02. Sui Ecosystem Status

1. Main Ecological Projects

Dex: Cetus

Cetus is the backbone of the DeFi ecosystem on Sui, holding an absolute dominant position in both TVL and trading volume.

Machine Gun Pool: Mole

Mole is a yield aggregator based on Sui and Aptos, supporting single and dual currency gun pools, with leveraged mining features. The current TVL is $180,000.

NFT Trading Market: Souffl3/Clutchy

Souffl3 is an NFT trading marketplace on Aptos and Sui, supporting 0 royalties, Launchpad, and Free mint.

Cluthy.io is an NFT and gaming marketplace on Sui, with a strong IP reserve.

NFT Collection:Fuddies

Sui Shaniao NFT, known as the "BAYC" of the Sui community, with a total trading volume of 1.44 million $Sui, the highest Twitter profile picture rate among Sui NFTs across the network.

GameFi:Abyss World

Abyss World is a souls-like ARPG game, and its developer has just completed a financing round with a valuation of 100 million. It is currently the most well-known game in the Sui ecosystem.

2. Traffic Entry

Browser Wallet: Sui Wallet, Suiet, Martian, Ethos, OKX Wallet, Surf Wallet

Mobile Wallet: Glass, Bitkeep, OKX

Activity Platform: Port3, Suia

03. Suggestions for the Current Stage of the Sui Ecosystem

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

2. Increase cross-chain facilities

3. Support for native stablecoins

4. Accelerate mobile wallet support

5. Enhance Data Visualization

6. Provide developers with more room for innovation

As an emerging public chain, Sui still has a lot of room for development. By strengthening infrastructure construction, enhancing user experience, and encouraging innovation, Sui is expected to further develop and expand its ecosystem.