Sui has been one of the shining stars of 2024! Especially in the last months of the year. The chain has grown in price and in activity as well. The SUI legacy is back in the days of Facebooks Libra experiment that has died.
A ChatGPT short description on Arbitrum:
Sui is a novel layer-1 blockchain built with the Move programming language that aims to deliver high throughput, instant settlement, and cost-efficient transactions. Developed by Mysten Labs, Sui leverages advanced consensus mechanisms and modular architecture to offer unparalleled scalability for decentralized applications. With its object-centric data model, Sui ensures secure and streamlined asset management, supporting complex use cases such as NFTs and gaming. The chain’s robust developer ecosystem includes user-friendly tools, comprehensive documentation, and ongoing support for community innovation. By delivering near-instant transaction finality and low fees, Sui aspires to drive mainstream adoption of blockchain technology across various industries worldwide.
With this said, let’s take a look at some data.
Let’s take a look at the data on the Base network and see what has been happening in the last period.
The data presented here is mainly from base scan, DeFi Lama and Dune Analytics.
We will be looking at:
- Total Value Locked TVL
- Number of Addresses
- Active Addresses
- Daily Transactions
- Fees
- Price
Total Value Locked
This represents how much of value has been bridged to the Sui chain where it seats and is being used in DeFi and other use cases. Here is the chart:
As we can see, for the first time funds started being bridged on back in 2023. More significant funds started flowing at the end of the year 2023, reaching more than 500M at the beginning of 2024. Then it stayed around those levels and dipped a bit in the summer of 2024.
A real growth happened at the end of 2024 when there was almost an explosion in the TVL and reached 2B.
Number of Addresses
One of the key metrics for crypto projects is the number of wallets.
First the overall number of wallets.
A constant growth in the number of unique wallets, with more activities in the last months reaching 50M.
For comparison Ethereum has close to 300M wallets.
Active Addresses
How many of the wallets created are active? Here is the chart.
This is a daily chart for the numbers of active wallets. As we can see there was spikes back in 2023 and then a massive spike in May 2024 reaching close to 3M DAUs. A drop in the summer of 2024 and a growth again in September 2024 to more than 2M wallets.
Daily Transactions
The activity on the network is mostly represented by the number of daily transactions.
On the transactions side we can see a similar pater as for the active wallets.
A spike back in 2023 and again in the last months of 2024. On average there are between 500k to 1M daily transactions.
Another thing to mention here is that transactions can be bundled in blocks on the Sui chain, so there is also blocks of transactions that are recorded as one transaction on the chain.
Fees
Fees are low on the Sui chain.
Here is the chart.
Overall the fees are bellow one cent and are almost meaningless. Even in the period when there are spikes in the activities, there is no increase in the fees.
Price
At the end the chart for the price of the SUI token.
A long period when the price was in the range of 0.5$ to 1.5$ and a growth in the last months of 2024 reaching $5. The price is now hovering at these levels. SUI has entered the top 20 chains with the recent increase in price.
All the best
@dalz
SUI came out of nowhere to me and it already was super big thing, just like with Solana.
I missed on both where the hype started, only noticing when they were already passing LITECOIN!!! on the coinmarketcap rankings :D
But we are still early :)
Sui chain is very popular, and transaction fees are low.
I missed the train for Sui tokens, I didn't have time to buy them at a cheap price.
Oh yeah,, I would like to hear your opinion about $GMT tokens?
It is an interesting chain. I need see the price, perhaps buy a few tokens !
Some awesome growth indeed/ Long live the blockchains! 👊😎
good data!
Da best :)