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 blockchain based on the Move language and a highly anticipated non-EVM Layer 1 blockchain, Sui's performance has sparked considerable controversy. This article will objectively analyze the current situation of the Sui ecosystem from multiple perspectives.

On-Chain Fundamentals of Sui

Asset Liquidity

Currently, the TVL on the Sui chain is $19.02 million, with a peak of $36 million. Among them, the DEX Cetus accounts for over 65%, followed by Turbos. More than 60% of the TVL components are stablecoins.

The trading volume in the last 7 days was at least 32.37 million USD, ranking 20th among all public chains, mainly occurring on Cetus.

On-chain activity

7-day data:

• Total number of transactions: 1.129 million times
• Total Objects: 8.3 million+
• Daily active addresses: 22,000
• Total active addresses: 570,000

Recent activity has shown a downward trend, mainly fluctuating with the IDOs of several ecological projects and DeFi activities.

$SUI liquidity

The circulation of $SUI is about 528 million, with a staking volume of 7.29 billion. The actual on-chain liquidity is insufficient, with most of the circulation being in a non-staking state, possibly mainly existing on centralized exchanges.

The current staking interest rate is less than 6%, which is unattractive. At the same time, there is no LST solution, making it impossible to leverage higher returns as collateral.

Cross-Chain Bridge

Currently, only Wormhole is available, supporting over 10 types of assets across 7 chains. Due to technical reasons, the cross-chain data for stablecoins has not been announced yet.

Sui Ecosystem Situation

main application

• DEX: Cetus dominates TVL and trading volume
• Gun Pool: Mole, TVL $180,000
• NFT Market: Souffl3, Clutchy
• NFT Project: Fuddies
• GameFi: Abyss World( IDO on Polygon)

traffic entrance

Wallet: Sui Wallet, Suiet, Martian, Ethos, OKX Wallet, Surf Wallet, etc.

Mobile Wallets: Glass, Bitkeep, OKX

Activity platforms: Port3, Suia

Suggestions for the Sui Ecosystem

1. Lower the threshold for validating nodes and launch a liquid staking solution.
2. Increase cross-chain facilities
3. Support for native stablecoins
4. Accelerate mobile wallet support
5. Improve the level of data visualization
6. Give developers more room for innovation

The Sui team is hardworking and friendly to Asian developers, but excessive centralization may stifle innovation. Developers should be given the freedom to express themselves, and the ecosystem will naturally thrive.