The number of SUI transactions has exceeded 100 million in a short period of time! Recently, the data of Sui has once again seen a significant increase. From October 5th to October 7th, the daily number of transactions on the Sui chain has continuously exceeded 100 million. Among them, on October 5th, it reached 117 million transactions, setting a new record not only for the Sui network but also surpassing Solana’s record of 77 million transactions in a single day (excluding voting transactions) in May. In addition, the price of SUI has been rising recently, approaching the previous high of 2.18.
What potential changes have occurred on Sui recently? Is the increase in transaction volume another result of data manipulation like SPAM, or is it a sign of true prosperity in the ecosystem? PANews presents the details by examining on-chain data.
Another high transaction volume brought by a mining project
Being ahead of the whole network in terms of transaction volume is not the first time for Sui. In May of this year, the spam project, a junk mail project in the Sui ecosystem, created a record of 46 million transactions in a single day through transaction mining, surpassing other public chains and attracting attention from the crypto industry.
At that time, the Sui ecosystem needed such high traffic to attract attention, and the Sui official had interacted with SPAM multiple times on social media. However, this time, when the transaction volume exceeded 100 million transactions, the Sui official seemed to have not actively promoted it. Instead, when users mentioned that the transaction data exceeded Solana, the official replied, “Maybe it’s not a big deal.”
Why did the Sui official pass over this excellent opportunity to showcase its strength?
PANews found that the surge in transaction volume this time is likely due to another mining project in the Sui ecosystem called FomoSUI. According to data, FomoSUI has created 228 million transactions in the past seven days, accounting for more than half of the transaction volume on the Sui network. The number of participating accounts is about 95,000.
FomoSUI is a Bitcoin-style POW token implemented on the Sui blockchain launched by Foundation3DAO, with a total issuance of 21,000,000,000,000,000 tokens. It started trading on October 4th and has already mined 49% of the tokens as of October 11th.
However, the Github code repository of the token shows that it has been disabled.
In addition, the issuer Foundation3DAO is also in an anonymous state. In September of this year, Foundation3DAO also launched another POW project called META on Sui, with a current market value of only $481,000 and a liquidity pool amount of $111.
This round of mining frenzy triggered by FomoSUI seems to have once again fallen into a cycle of mining and selling. From October 9th to October 11th, the price of the token plummeted by more than 75%, and miners in the community expressed that they were “not making money.”
As of October 11th, the market value of the FOMO token was approximately $730,000, with a liquidity pool of $70,000. Many early players stated that due to many miners selling after mining, coupled with the project’s lack of much investment, it is difficult for the price to rise.
It seems that the surge in transaction volume brought by FomoSUI is once again an abnormal change. Perhaps learning from the lessons of SPAM, the Sui official did not interact with this project.
DeFi data has grown exponentially, and Ethereum funds are flowing into Sui
However, there is still a lot of discussion about Sui on social media recently, especially regarding the development of meme coins.
Analyzing the data from DeFi may provide a more objective view of the changes on Sui. In terms of transaction volume, the transaction amount on the Sui chain has indeed increased significantly, from an average of about $50 million in daily trading volume to around $200 million.
On October 9th, the transaction amount on the Sui network reached $207 million. The number of pure DeFi transactions has also increased significantly, reaching 2.32 million on October 9th, nearly double the level a month ago.
The number of active accounts has also shown a significant increase. Before September 21st, the number of active DeFi users on Sui was basically maintained at around 10,000. By October 9th, this number had grown to 111,000, an increase of over 10 times in about 20 days.
The above data growth is closely related to the popularity of meme coins.
According to official data, on October 9th, the number of new tokens on Sui exceeded 10,000. At the end of September, this number was less than 1,000 per day, and the current level of new token additions is already comparable to Solana. Currently, Solana adds about 18,000 new tokens daily.
This data is much higher than Solana before the appearance of Pump.fun. Before Pump.fun became popular, Solana’s daily new token additions were basically between 2,000 and 3,000.
According to Cointelegraph, nearly 27% of the funds flowing out of SOL last month flowed into SUI. According to Artemis data, the net inflow of funds into Sui in the past three months was $284 million, second only to Solana’s $1.07 billion, ranking second.
However, from the perspective of the direction of fund inflows, Ethereum is still the largest source of funds for Sui, accounting for 87% of Sui’s inflows in the past month.
Social media and gaming are Sui’s real strengths?
As a project originating from Facebook, Sui also has a preference for social development in its ecosystem. Looking at the data of active users in the ecosystem, a social software called RECRD ranks first with 869,000 daily active users and 872,000 daily transactions, second only to FomoSUI.
It is understood that RECRD is a short video software similar to TikTok, and creators can share up to 100% of ad revenue and profit in real time based on the number of views rather than the number of followers.
In July of this year, the platform received a $4 million investment led by the Sui Foundation.
In addition to RECRD, another SocialFi project called FanTV ranks fourth in terms of activity on Sui, with 92,000 active users on October 11th.
In May of this year, as the largest social application on Polygon, FanTV chose to migrate to the Sui network, and one week later, FanTV brought more than 1 million new users to the Sui network.
In addition to social applications, gaming is another key area of the Sui network. Birds, a nurturing-style TG mini-game, has over 190,000 daily active users.
Another GameFi-related project, Aylab, also ranks among the top ten applications. The most popular wallet application, Wave Wallet, is also a Telegram application related to gaming.
According to official introductions, Wave Wallet has over 600,000 daily active users and a total user count of over 3 million. One interesting phenomenon is that the popular GameFi projects on Sui are mostly built on Telegram.
From on-chain activities, DeFi on Sui has not yet become the mainstream. The largest DEX project, Cetus, currently ranks sixth, and the meme listing platform Movepump is not even in the top ten.
On October 11th, the number of DeFi transactions was only 1.92 million, accounting for less than 5% compared to the total of 41 million transactions on the Sui network.
There are about 84,000 active DeFi users, with a total of 1.67 million active users, accounting for about 5%. The active users of the two SocialFi projects account for 65.9%, and the three GameFi-related applications account for about 24.7%.
The active users of these five projects in social and gaming account for as much as 90%.
It seems that the true strength of Sui still relies on social and gaming support.
In terms of user experience, Sui still has a long way to go in terms of infrastructure in the DeFi field, such as most cross-chain bridges can only be connected to Ethereum, and the usage rate of native stablecoins is still relatively low. However, based on the recent updates from the Sui official, the main focus is also on stablecoin and cross-chain bridge construction.
On October 8th, the native USDC officially went live on the Sui network, and on October 1st, the official cross-chain bridge, Sui Bridge, announced its mainnet launch.
Currently, Sui Bridge only supports the transfer of ETH and WETH. In addition, Grayscale has recently released reports and analysis related to Sui, and coupled with the high popularity on social media, the potential of the Sui ecosystem seems to be gradually expanding.
