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 a highly anticipated Non-EVM Layer 1 public chain, the public opinion surrounding Sui has not been satisfactory. As investors who have been closely following the Sui ecosystem for a long time, it is necessary for us to objectively discuss the current state of the Sui ecosystem. This article will analyze the development of the Sui ecosystem from the perspectives of data, applications, events, and more.

01. On-chain fundamentals of Sui

1. Overall liquidity of assets

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

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

2. Sui Chain On-Chain Activity

7-day on-chain activity data:

• Total transactions: 1,129,884 times
• Total number of Objects: over 8.3 million
• Daily active address count: 22,000
• Total active addresses: 570,000

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

3. $Sui liquidity situation

$Sui is currently delegated to 104 staking nodes. The current circulation of $Sui is approximately 528 million, with 7.29 billion $Sui staked. There is insufficient on-chain liquidity, with almost the entire circulation in a non-staked state, and the largest holders are estimated to be centralized exchanges.

The average yield rate of node staking is less than 6%, which is not attractive to investors. Due to the lack of LST solutions, $Sui cannot be used as collateral to return to the chain for higher yields, which explains why most $Sui remains on centralized exchanges.

4. Cross-Chain Bridge

Currently, Sui only has the Wormhole cross-chain bridge available, supporting over a dozen assets across 7 chains including ETH, BNB, and Polygon. Due to technical reasons, the trading volume and minting volume of stablecoins on this cross-chain bridge in Sui have not been announced yet.

02. Sui Ecosystem Situation

1. Main ecological projects

• Dex: Cetus is the core of the DeFi ecosystem on Sui, dominating in terms of TVL and trading volume.

• Gun Pool: Mole supports single and dual currency gun pools, with leveraged mining functionality, currently with a TVL of $180,000.

• NFT trading markets: Souffl3 and Clutchy are the main NFT trading platforms.

• NFT Collection: Fuddies is one of the most well-known NFT projects in the Sui community.

• GameFi:Abyss World is a highly anticipated souls-like ARPG game.

2. Traffic Entry

The main wallets include: Sui Wallet, Suiet, Martian, Ethos, OKX Wallet, Surf Wallet and other browser extension wallets, as well as Glass, Bitkeep, OKX and other mobile wallets.

The activity platforms include Port3 and Suia.

03. Suggestions for the Sui Ecosystem

1. Lower the threshold for validators, propose a liquid staking solution, and increase on-chain asset liquidity.

2. Increase cross-chain infrastructure and introduce more cross-chain bridges.

3. Support native stablecoin projects to expand on-chain credit.

4. Accelerate mobile wallet support to enhance the user experience on mobile devices.

5. Improve on-chain data visualization and enhance data integration.

6. Provide developers with more space for innovation to avoid forming restrictive "meta-narratives".