Key Insights
- Sui integrated Circle’s USDC and Cross-Chain Transfer Protocol, VanEck launched a Sui ETN, and Phantom announced plans to integrate Sui. These developments contributed to a 153.6% QoQ increase in Sui’s market cap to $12.1 billion, ranking it 15th.
- The number of daily transactions peaked at 58.4 million on Oct. 5, 2024, partially due to increased memecoin activity.
- Sui’s DeFi TVL increased by 67.9% to $1.7 billion in Q4 2024, a 698.5% YoY growth. This growth was driven by the launch of native tokens from DeFi protocols such as DeepBook, Suilend, and Bluefin, along with a 131.5% increase in SUI’s price from Q3 to Q4.
- Sui’s average daily DEX volume increased 444.8% QoQ to $265.5 million, marking a 1,591.1% YoY increase, with Cetus accounting for 75.6% of all volume.
- Sui projects Scallop, Arttoo, Wave, and Ambrus Studio raised $10 million in Q4.
Primer
Sui (SUI) is a delegated proof-of-stake (DPoS) Layer-1 blockchain designed for high scalability and low-latency transactions optimized for mass adoption. Sui’s core developer, Mysten Labs, was created in 2021 by Evan Cheng, Sam Blackshear, Adeniyi Abiodun, Kostas Chalkias, and George Danezis. These founders previously led Meta’s Diem and Novi blockchain projects and have experience at Apple, the Alan Turing Institute, Microsoft, R3, and Oracle. Mysten Labs raised $336 million in 2021 Series A and 2022 Series B rounds. Sui’s mainnet launched in May 2023.
Sui’s technological stack features many novel aspects, including its object-centric data model, Mysticeti consensus mechanism, Sui Storage Fund, and Sui Move programming language. Sui Move builds on the original Move language, which was created by Mysten Labs co-founder Sam Blackshear. It offers enhanced flexibility and safety compared to other Web3 programming languages. Unlike Solidity’s reliance on sequential transaction processing, which can lead to inefficiencies and higher gas fees, Sui Move’s object-centric data model enables parallel transaction processing, enhancing efficiency. Additionally, five of the OWASP Top 10 vulnerabilities are not possible in Move, and three others are partially mitigated.
Several other protocols and products to improve user onboarding and experience have been released on Sui. These include:
- Sponsored transactions: allows gas fees to be abstracted away from end users
- zkLogin: enables Sui users to transact using OAuth credentials
- Sui Bridge: a native bridge for cross-chain interoperability
- Sui Kiosk: a decentralized system for commerce applications
Growth of the Sui ecosystem is led by the Sui Foundation, with Mysten Labs being the initial contributor to the development of the Sui blockchain protocol. For a complete primer on Sui, refer to our Initiation of Coverage report.
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Key Metrics
Financial Analysis
In Q4 2024, SUI’s circulating market cap increased by 153.6% to $12.22 billion QoQ, outperforming the broader crypto market (52.8% increase) by nearly threefold. This surge can be partly attributed to the introduction of native USDC on Sui, the launch of the VanEck Sui ETN, Sui’s strategic partnership with Franklin Templeton Digital Assets, and Phantom’s integration of Sui. By the end of Q4, Sui climbed six spots from Q3 to rank as the 15th largest cryptocurrency by market cap, reaching an all-time high of $4.93 on Dec. 16, 2024. Over the past year, SUI’s price rose 428.2%, and its circulating market cap increased by 1,410.1%.
Sui’s fees include all gas fees generated from transactions on the network, which consist of computation costs and non-refundable storage fees. These fees are subsequently distributed to network validators. In Q4 2024, total quarterly fees reached an all-time high of $5.4 million (equivalent to 1.8 million SUI), marking a 613.6% QoQ increase and a 1,063.8% YoY increase.
This rise in fees can be attributed to several factors:
- The introduction of native USDC on Sui
- The launch of the VanEck Sui ETN.
- Increased adoption of Sui’s DeFi protocols.
- The rising price of SUI.
While the price of SUI increased by 131.5% QoQ, contributing to the growth in fees when measured in USD, fees denominated in SUI also grew by 127.9% QoQ. This indicates that while price appreciation played a role, other factors drove the increase in network activity and fee generation.
SUI has a fixed total supply of 10 billion, with 1 billion tokens set aside for staking rewards. Relative to the remaining 9 billion tokens, SUI’s annualized inflation rate from staking reward issuance was 0.34% at the end of Q4 2024. This rate is set to continue decreasing by 10% every three months until all 1 billion tokens are distributed.
Other inflationary pressures came from token supply unlocks. By the end of Q4 2024, 29.30% of SUI’s total supply was distributed, a 9.30% QoQ increase from Q3 2024.
This increase in supply came from unlocks that occurred on the following dates. All values are based on SUI’s price on Dec. 31, 2024.
- Oct. 1, 2024:
- Ecosystem: 12.6 million SUI ($51.9 million) unlocked for the Community Reserve
- Team: 12.5 million SUI ($51.5 million) unlocked for the Early Contributors and Mysten Labs Treasury
- Private Investors: 39.2 million SUI ($161.5 million) unlocked for the Series A and Series B investors
- Staking Rewards: 19.7 million SUI ($81.2 million) unlocked for the Staking Subsidies
- Total: 83.93 million SUI ($345.8 million) unlocked – 0.93% of total tokens vesting and 0.84% of total token supply
- Nov. 1, 2024:
- Ecosystem: 12.6 million SUI ($51.9 million) unlocked for the Community Reserve
- Team: 12.5 million SUI ($51.5 million) unlocked for the Early Contributors and Mysten Labs Treasury
- Private Investors: 39.2 million SUI ($161.5 million) unlocked for the Series A and Series B investors
- Staking Rewards: 17.8 million SUI ($73.3 million) unlocked for the Staking Subsidies
- Total: 82.03 million SUI ($338 million) unlocked – 0.91% of total tokens vesting and 0.82% of total token supply
- Dec. 1, 2024:
- Ecosystem: 12.6 million SUI ($51.9 million) unlocked for the Community Reserve
- Team: 12.5 million SUI ($51.5 million) unlocked for the Early Contributors and Mysten Labs Treasury
- Private Investors: 39.2 million SUI ($161.5 million) unlocked for the Series A and Series B investors
- Staking Rewards: 17.8 million SUI ($73.3 million) unlocked for the Staking Subsidies
- Total: 82.03 million SUI ($338 million) unlocked – 0.91% of total tokens vesting and 0.82% of total token supply
In total, 248 million SUI tokens ($1.02 billion) were unlocked in Q4 2024, which is 2.48% of the total supply. At the end of Q4 2024, 78.6% of the eligible supply was staked, a 0.30% QoQ decrease. Note that locked tokens can still be staked and earn liquid staking rewards. Thus, the supply eligible to be staked is SUI’s total supply rather than its circulating supply. With such a high stake rate, SUI’s annualized real yield is slightly below zero, at -0.24%.
Network Analysis
Usage
Network activity, measured by daily transactions and daily active addresses, continued to grow following the significant SUI token unlocks in May 2024. In Q4 2024, average daily transactions increased by 153.3% QoQ to 8.4 million, a 263.5% YoY increase. Average daily active addresses increased by 35.6% QoQ to 875,000, a 1,248.4% YoY increase. The number of daily transactions hit an all-time high of 58.4 million on Oct. 5, 2024, partly due to increased memecoin activity.
Despite the significant increase in transactions, Sui’s average transaction fee decreased by 7.7% in Q4. The average transaction fee was 0.0024 SUI ($0.0069), making millions of daily transactions viable. In addition to providing gas fees at a fraction of a penny, Sui enables dApps and other entities to abstract away gas fees from end users via sponsored transactions. During Q4, on average, ~6.3% of all transactions on Sui were sponsored.
In previous quarters, Sui saw an increase in the number of transactions and active addresses following Mysten Labs’ Quests (Quest 1, Quest 2, and Quest 3), significant token unlocks, and feature launches such as DeepBook and zkLogin.
Security and Decentralization
Total SUI staked gradually decreased from Q1 highs of 8.3 billion (83% of total eligible supply) to 7.9 billion (79% of total eligible supply) by Q4. With SUI’s price appreciation, growth in total staked denominated in USD tells a different story, up 131.3% QoQ to $32.4 billion. As a result, Sui is the third-highest network in terms of staked market cap.
Active validators on Sui have remained relatively steady since launch, with slight growth from 104 to 108. The Sui Foundation holds a significant portion of the total SUI supply on behalf of the Ecosystem allocation and helps distribute stakes equally among validators. As a result, Sui ended Q4 2024 with a Nakamoto coefficient of 17, which is above the median for a curated selection of Proof-of-Stake Networks.
Copilot Insights: How does the Nakamoto coefficient compare to other metrics used to measure decentralization in blockchain networks?
On Nov. 21, 2024, Sui Mainnet experienced a complete network halt due to a bug in its congestion control system, causing validators to crash when processing transactions. The Sui engineering team identified and resolved the issue, deploying a fix that restored network functionality within approximately two and a half hours.
Upgrades and Roadmap
Sui frequently upgrades its protocol. It entered Q4 2024 on Sui Protocol Version 59 and concluded Q4 2024 on Version 70. Notable new features include:
- Random Beacon Protocol Optimization: The minimum shares required for the random beacon protocol have been reduced to 700, potentially decreasing operational costs.
- Gas-Budget-Based Congestion Control: A congestion control mechanism based on gas budgets was introduced, allowing for limited overages and enforcing absolute caps to manage network resource allocation effectively.
- Move 2024 Edition: The Move 2024 edition was added and set as the default for new Move packages and migrations, offering updated features and improvements for developers.
- Deepbook Indexer: The Deepbook indexer was implemented to enhance data accessibility and facilitate more efficient data retrieval within the ecosystem.
In September 2024, Sui announced the planned integration of Circle’s native USDC stablecoin and Cross-Chain Transfer Protocol (CCTP). On Oct. 8, 2024, native USDC became available on Sui. This integration made Sui the first blockchain using the Move programming language to support native USDC. On Oct. 24, 2024, Coinbase enabled deposits and withdrawals of USDC on Sui; on Nov. 13, 2024, Crypto.com enabled deposits of USDC on Sui.
On Dec. 17, 2024, Sui Bridge implemented Circle’s CCTP, enabling secure, permissionless USDC transfers between multiple other blockchains, including Arbitrum, Base, Ethereum, and Solana. On Dec. 23, 2024, Sui Bridge added support for Tether’s USDT stablecoin, allowing users to bridge assets between chains using USDT.
In the near future, Sui will expand its partnerships and technical integrations in the U.S., enhance its focus on BTCfi to bring programmability to Bitcoin, invest in developer training and SuiHubs to foster ecosystem growth, and continuously upgrade its network. The network release schedule is planned several months ahead.
Ecosystem Overview
DeFi
Lending protocol Suilend concluded Q4 2024 as Sui’s top protocol by TVL, reaching $736.2 million in TVL, a 337% QoQ increase. Suilend captured a 32.6% market share despite having launched only in March 2024. In October, Suilend partnered with Shio to introduce MEV protection for its Swap function and launched sSui, a liquid staking token built on its SpringSui standard. Within two months, sSui became the largest LST by circulating supply on Sui. On Dec. 5, Suilend announced a $6 million fundraising round led by Robot Ventures, followed by the launch of its native SEND token on Dec. 12. It also raised an additional 1.1 million SUI through its mdrop mechanism.
Lending protocol NAVI concluded Q4 with $568.5 million in TVL, a 25.1% market share. In April 2024, In November, NAVI launched its second flagship product, a DEX aggregator called NAVI.ag. NAVI launched a frictionless migration feature, enabling users to migrate their wrapped USDC lending and borrowing positions for the native version on Sui. NAVI added nine new liquidity pools, secured a Bybit listing for its NAVX token, and collaborated with Ondo Finance to integrate Ondo’s US Dollar Yield Token.
Lending protocol Scallop concluded Q4 with $159.4 million in TVL, a 7.1% market share. Like NAVI, Scallop introduced a seamless migration feature, allowing users to swap their wrapped USDC for native USDC. Additionally, Scallop secured an undisclosed strategic investment from the Sui Foundation to accelerate DeFi growth. Scallop launched Scallop Lite, a simplified version of its platform, and Isolated Asset Pools, which confine risk to individual pools, reducing the potential for account-wide insolvency.
Sui’s average daily DEX volume hit an all-time high of $265.5 million in Q4, a 444.8% QoQ increase and a 1,591.1% YoY increase. Cetus and Kriya led with $187.8 million and $26.2 million in average daily DEX volume, respectively. Other top DEXs by volume included Turbos ($18.6 million), DeepBook ($14.4 million), and FlowX Finance ($1.3 million).
Cetus, the leading DEX on Sui, concluded Q4 with $213 million in TVL, a 9.4% market share. During Q4, Cetus partnered with Shio to implement MEV protection on all transactions, processed a total of $17.3 billion in volume (accounting for 75.6% of all Sui DEX volume), surpassed 5 million users, and secured a Binance listing for its native token, CETUS.
DeepBook, Sui’s native liquidity layer, is integrated into numerous protocols, including Cetus, Kriya, FlowX, and Hop Aggregator. Its V2 was used by 740,000 wallets in 100 million transaction blocks. DeepBook V3 was released on Oct. 14, 2024, introducing dynamic trading fees, improved gas efficiency, flash loans, shared liquidity across pools, and the DEEP token. By the end of Q4, DeepBook V3 had $23.7 million in TVL and $1.1 billion in cumulative volume. The DEEP token launched at an initial price of $0.0176 with a circulating supply of 2.5 billion (25% of the total supply), and by the end of Q4, its price had increased by 475% to $0.1012. Active traders (market makers) can stake DEEP in individual pools to receive reduced taker fees and maker rebates, and to participate in governance. At the end of December, the Sui Foundation launched an RFP program to accelerate the growth of DeepBook.
Bluefin, the leading perps protocol on Sui, concluded Q4 with $94.2 million in TVL. In November, the protocol launched Bluefin Spot, a Concentrated Liquidity Market Maker (CLMM). Throughout Q4, Bluefin partnered with protocols such as Notifi, AlphaFi, and 7K. On Dec. 11, Bluefin launched its native token, BLUE, which enables onchain governance voting for holders. The BLUE token debuted at an initial price of $0.26 with a circulating supply of 150.4 million (15.4% of the total supply), and by the end of Q4, its price had increased by 53.8% to $0.40.
Other notable DeFi protocols on Sui include Aftermath Finance, a DEX aggregator, liquid staking, and yield farming protocol; Haedal, a one-click liquid staking platform; and AlphaFi, a yield aggregator.
November saw several key developments in the Sui DeFi ecosystem. Babylon Labs and Lombard Protocol announced a strategic initiative to integrate Bitcoin liquidity with Sui through LBTC. By staking BTC via Babylon’s protocol, users can mint LBTC natively on Sui, unlocking Bitcoin’s liquidity for lending, borrowing, and trading within Sui’s DeFi ecosystem. This effort, supported by Web3 security developer Cubist and Bitcoin restaking platform SatLayer, expands opportunities for BTCfi and enables new applications. Also in November, First Digital Labs’s FDUSD stablecoin went live on Sui. FDUSD joins similar native stablecoins on Sui, including USDC and AUSD.
Consumer
Gaming
In Q4 2024, Sui continued its expansion beyond DeFi with significant progress in consumer apps such as gaming, NFTs, and RWAs.
At Korea Blockchain Week in September 2024, Sui unveiled the SuiPlay0X1, a handheld gaming device designed to support both blockchain-native and traditional games. Following the announcement, Sui revealed two titles slated for release on the device: Samurai Shodown R and Panzerdogs. Samurai Shodown R is a player-versus-player fighting game originally launched in 1993. Panzerdogs, developed by Lucky Kat Studios, is a blockchain-native online tank brawler.
Gamisodes, a platform transforming classic shows into interactive games, is bringing Inspector Gadget to life on Sui. Players engage with episodes by solving puzzles, playing mini-games, and collecting iconic gadgets powered by Sui’s unique object structure for flexible in-game item programming.
Warped Games is developing Warped Universe, a multi-genre game combining third-person real-time action, turn-based strategy, and base-building elements. Built on Unreal Engine 5, the game leverages Sui for player-owned, tradable in-game assets.
MemeFi, a Telegram gaming ecosystem with over 28 million monthly active users, announced in October 2024 that it will launch its native MEMEFI token on Sui. MEMEFI can be used as in-game currency and for governance, revenue share yield farming, and in-game character progression. On Nov. 22, MEMEFI started trading on OKX, Bybit, MEXC Global, and Gate.io and was fully live on Nov. 26.
Ambrus Studio, the developer behind E4C: Final Salvation—a 3v3 mobile multiplayer online battle arena—leverages Sui’s blockchain technology to enable innovative features. These features include Move and Dynamic NFTs, which power tradeable and upgradeable skins, and zkLogin for seamless Web2-to-Web3 onboarding. E4C: Final Salvation soft-launched in India on Sep. 27, 2024, and expanded to a global audience in December 2024.
NFTs
Since launch, there has been 15.1 million SUI in total NFT trading volume, a 13.5% increase from Q3 2024. Leading marketplaces by volume include Clutchy (6 million SUI), TradePort (3.3 million SUI), and BlueMove (2.3 million SUI). Top NFT collections by volume include Fuddies (3.7 million SUI), SuiFrens: Bullsharks (1.9 million SUI), SuiFrens: Capys (1.4 million SUI), Prime Machin (888,000 SUI), DeSuiLabs (726,000 SUI), Gommies (571,000 SUI), Egg (545,000 SUI), and Rootlets (398,000 SUI).
Sweet, a blockchain-based digital collection platform, partnered with Major League Soccer (MLS) to launch MLS QUEST on Sui. The experience lets fans collect and trade Key Play of the Game Medallions, officially licensed digital assets featuring MLS broadcast footage, to complete quests and unlock rewards. With Sui’s Kiosk primitive, Sweet customized transfer rules to ensure secure ownership, while sponsored transactions simplify collectible acquisition for fans.
Trace, a Web3 sports marketing platform, uses Sui to mint Traces, dynamic digital collectibles celebrating iconic sports moments. In partnership with the Association of Tennis Professionals (ATP), Trace launched Momentum, a limited collection for the 2024 Nitto ATP Finals (Nov. 10–17).
Team Liquid, a leading esports organization, launched MyBlue, a fan engagement platform on Sui, on Nov. 14, 2024. MyBlue gives fans a customizable, soulbound avatar of Blue, Team Liquid’s mascot, stored on Sui. Fans can earn and personalize their avatars by completing quests, enhancing their fan experience. MyBlue utilizes zkLogin and sponsored transactions for a seamless user experience.
Other Use Cases
Ant Digital Technologies and its Web3 brand ZAN plan to tokenize real-world assets (RWA) on Sui, focusing on ESG standards. These tokenized “notes” will be held by an international solar materials manufacturer, with the Sui Foundation participating as an anchor investor.
In May 2024, FanTV, a video-sharing platform, migrated from its previous blockchain to Sui. The platform rewards creators and users with tokens for their engagement, leveraging Sui’s object-based data structure. By mid-November 2024, FanTV onboarded over 5 million wallets and processed over 10 million transactions, making it Sui’s top video streaming platform. It attracts ~1.5 million monthly active users, each averaging 90 minutes per session.
Previously known as dWallet Network, Ika is an MPC network enabling Sui smart contracts to control and coordinate assets across multiple blockchains. This creates the potential for cross-chain DeFi super apps built on Sui. Ika’s testnet launched on Oct. 30, 2024, and its mainnet release is planned for Q1 2025.
Atoma Network, a decentralized AI engine, went live on Sui’s mainnet on Dec. 12, 2024. Its alpha release includes a demo chat application built on Sui, enabling users to own their private data fully. Atoma relies on Sui to settle, manage payments, and validate transactions and Walrus to secure private data access.
Institutional Interest
Institutional interest in Sui continued to grow throughout Q4 2024. On Nov. 7, 2024, VanEck launched the VanEck Sui ETN, a fully collateralized exchange-traded note that invests in SUI and will offer millions of institutional investors access to SUI in a regulated custodian environment.
On Nov. 22, 2024, Sui announced a strategic partnership with Franklin Templeton Digital Assets to foster growth within the Sui ecosystem and deploy novel technologies built on Sui. Franklin Templeton Digital Assets, a division of the global investment management firm Franklin Templeton, has been involved in blockchain technology since 2018, developing blockchain-based solutions, operating node validators, and creating diverse investment strategies.
On Dec. 3, 2024, Republic, a registered and regulated private investment platform, announced its plans to develop the Sui Launchpad, a platform designed to help companies create utility tokens. DeLorean Labs, the Web3 division of DeLorean Motor Company, will collaborate on this initiative and issue the DMC token as the first user of the Sui Launchpad.
Infrastructure
Mysten Labs announced the release of Walrus in June 2024, a decentralized blob storage network powered by Sui for blockchain apps and autonomous agents. Walrus aims to provide cost-effective and high-resilience data storage. Mysten Labs launched the Walrus Public Testnet on Oct. 17, 2024, with support from over 40 community-operated storage nodes. Since the Testnet launch, there have been over 700,000 total blobs written on Walrus (single unstructured data objects), over 1.6 million blob events emitted (results of running single operations with blobs), and 36 TB of data stored.
In August 2024, SuiNS announced plans to transition toward decentralization by launching a governance token. The NS token was launched on Nov. 14, 2024. As of Dec. 31, 2024, the token accumulated ~$1.33 billion in total trading volume, with a fully diluted valuation of ~$125 million. NS token holders can purchase SuiNS names at a discounted price and participate in governance by voting on decisions and earning rewards for their involvement.
In October 2024, Sui integrated SCION, a network architecture that strengthens internet routing and forwarding protocols against attacks like rerouting and DDoS. This integration allows validators to maintain consensus during disruptions, reducing downtime and enhancing epoch rewards. Full nodes also benefit from improved state synchronization, avoiding bottlenecks and delays, further bolstering the network’s resilience and efficiency.
Switchboard, an oracle aggregator, went live on Sui on Nov. 19, 2024. Switchboard’s On-Demand Oracles provide Sui-based projects like Suilend, Scallop, and Bucket Protocol with aggregated, permissionless, and easy-to-integrate data feeds.
In December 2024, Phantom, a leading non-custodial multichain cryptocurrency wallet, announced its planned integration of Sui. This addition positions Sui alongside Solana, Bitcoin, and Ethereum as one of the select Layer-1 blockchains supported by Phantom. Sui’s ecosystem gains exposure to Phantom’s around seven million monthly active users and advanced wallet features, including staking, in-app token swaps, NFT storage, and Ledger integration. This was followed by Backpack’s Dec. 11 announcement to incorporate SUI into its Exchange and Wallet.
Development and Growth
In Q4, 2024, four projects building on Sui announced funding rounds totaling $10 million, a 900% increase from Q3’s $1 million. The four projects that raised money in Q4 include Scallop, Arttoo, Wave, and Ambrus Studio, with the Sui Foundation participating as an investor.
Updated Request for Proposals (RFP) Program: The Sui Foundation updated its RFP program in October to better support ecosystem development. The revamped program introduces rolling RFP cohorts for long-term projects and Flash RFPs for short-term, immediate needs, aiming to fund initiatives that align closely with Sui’s objectives.
DeepBook RFP Grant Program: The Sui Foundation launched an RFP program in December to accelerate the growth of DeepBook, Sui’s native decentralized central limit order book. This initiative aims to foster impactful innovation and strengthen ecosystem collaboration by funding projects that enhance DeepBook’s capabilities and align with Sui’s broader objectives.
SuiHub Dubai: In October, Sui established SuiHub Dubai in collaboration with Ghaf Group, a blockchain firm in MENA. This incubator aims to host monthly hackathons and support blockchain development within the Sui ecosystem.
SuiHub Vietnam: In October, Sui launched SuiHub Ho Chi Minh City—a space for developers, creators, and builders to connect, learn, and collaborate.
SuiConnect: Dubai: In October, Sui hosted a community event during the Future Blockchain Summit that attracted more than 500 attendees.
Sui Connect: EthSofia: In October, Sui and Walrus participated in the EthSofia Hackathon and hosted a community event that attracted 90 attendees.
Sui Connect: Bangkok: In November, Sui hosted a community engagement event in Bangkok that attracted more than 600 attendees, many of whom experienced the Sui ecosystem for the first time.
SuiHub Global Accelerator Program: In November, Sui launched the SuiHub Global Accelerator Program in partnership with CoinList, Brinc, and Ghaf Group. Startups building on Sui gain access to up to $200,000 in funding, engineering support, token design, market reach, and more.
Closing Summary
Over the past quarter, Sui saw ecosystem expansion driven by native USDC, CCTP, Backpack, and Phantom integrations. These developments contributed to a 153.6% QoQ market cap increase to $12.1 billion and boosted network activity, with daily transactions reaching a record 58.4 million. Sui’s DeFi TVL grew by 67.9% to $1.7 billion, supported by the launch of native tokens from DeFi Protocols, surging DEX volumes, and rising SUI prices. Alongside frequent protocol upgrades, the network implemented key features like gas-budget-based congestion control and introduced Move 2024 Edition for developers.
Institutional interest intensified as major players supported or integrated with the network, exemplified by the VanEck Sui ETN, partnership with Franklin Templeton Digital Assets, and Republic’s forthcoming Sui Launchpad. In parallel, Sui’s infrastructure ecosystem matured through the deployment of Walrus on testnet, and the integration of SCION and Switchboard, while consumer-facing dApps in gaming, NFTs, and RWA tokenization continued to onboard users. Sui plans to develop its infrastructure further, enhance cross-chain capabilities, and expand its global footprint through community events and accelerator programs.
