Sui Network and $SUI saw a recent downwards price trend through no fault of its own. Here are some of Sui's growth metrics showing Sui's strength.
So, let’s take a look at the recent growth of the Sui Network.
The Sui Network currently shines with plenty of different growth metrics. So, let’s take a closer look at some of these metrics.
The Sui Network passed $500 billion or half a trillion dollars in token volume last week. That’s a massive achievement. Especially considering that Sui only launched a bit over two years ago. This metric also has nothing to do with hype. The registered token volume is all real on-chain activity.
This metric emphasizes some of Sui’s outstanding features. For instance, Sui has a lightning-fast finality. Finality is when a transaction becomes irreversible and becomes permanent. Sui’s finality is in general under half a second. To be precise, the finality is between 0.39 to 0.4 seconds. According to Perplexity, an AI research tool, this puts Sui in second place among all blockchains for finality. See the picture below.
Source: Perplexity
Furthermore, Sui has extremely low transaction fees and a high throughput. It can process up to 300,000 TPS or transactions per second. It also shows that its ecosystem activity is accelerating without congestion. The key points here are lots of fast, confirmed transactions. And everyone from DeFi to gaming needs that.
Ethereum has seen a lot of outflows during the year’s time. Sui caught 25% of all these outflows. This makes Sui the second chain that profits most off of Ethereum outflows for one year. Only Solana caught more outflows compared to Sui. This is only measured with outflows through the Wormhole bridge. See the picture below.
Source: X
Sui flipped Solana in monthly stablecoin transactions. This happened during the first three weeks of June. The numbers are $92.19 billion for Sui and $91.56 billion for Solana. This is a clear indicator of the growing adoption and usage of the Sui Network. It also makes Sui a serious contender among other blockchains. Sui positions itself as a fast and secure chain that offers great scalability. This in turn can grow Sui’s DeFi ecosystem. Sui’s current TVL is $1.76 billion. See the picture below for the stablecoin transaction chart.
Source: X
So, to stay with stablecoins, Mysten Labs released the ‘Sui for governments’ whitepaper. Mysten Labs is the team behind Sui. Adeniyi Abiodun is one of Mysten Labs and Sui’s co-founders. He stated
“Stablecoins are crypto’s clearest product-market fit. The Sui Network will turn that into real-world adoption.”
Sui is powering an on-chain capital markets pilot with the Athens Stock Exchange. It shows that Sui is firing on all cylinders.
Last week, we also saw the introduction of SuiPay. This allows you to accept payments on the Sui Network, straight into your bank. This should be launched soon.
The Sui DeFi ecosystem also showed some great growth. Here are some metrics that relate to Sui’s DeFi ecosystem growth.
The Sui blockchain saw over $45 billion in total aggregator volume. That’s a 19.22% increase during the last 30 days, counting back from 20th June. See the picture below.
Source: X
Momentum Finance is teaming up with Wormhole and OKX Wallet. With Momentum, we have one of the latest additions to Sui’s ecosystem at our hands. This will unlock billions in cross-chain liquidity for Sui Network and its ecosystem.
Wormhole has its NTT (Native Token Transfer) framework launch on Sui. Momentum is the first DEX on Sui to support these NTT-powered assets. In other words, EVM and Solana native assets can transfer seamlessly to Sui. Wormhole’s all-time volume exceeds $60 billion. This makes it the leading interoperability platform that connects TradFi and Web3.
$GT (Gate.io’s token) and $MX (MEXC’s token) are among the first tokens to Wormhole NTT to Sui. Solana’s $BONK memecoin will also be in this list. This should launch in September.
The OKX Wallet is also known as the Cryptopedia. This is OKX’s flagship learn-to-earn campaign. Momentum will go live on Cryptopedia with two tokens.
To finish these growth metrics, here’s one last stunning sample for you. Sui surpassed the 12-month combined gains of Bitcoin, Gold, S&P 500, QQQ, and Coinbase. This shows that Sui really is on track again and ready to beat some new ATHs. See the picture below.
Source: X
Altcoins have been suffering recently. The strong ones, like $SUI, due to no fault of their own. Market conditions weren’t favorable. Still, Sui kept growing, as the various metrics in this article show. Altcoin Buzz’s Alpha team valued Sui at a $60 billion market cap by the end of this bull run. The current $SUI price is $2.79 with a $9.45 billion market. That gives room for a good 6x from here.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Sui.
Copyright Altcoin Buzz Pte Ltd.
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