📝 From the Editorial Team:

Welcome to the next installment of our Ecosystem Mega Issue Series.

Today we're excited to deliver our second installment covering Sui, a blockchain which can theoretically process 297,000 transactions per second.

A lot has happened since our last issue in August — SUI's price has nearly quadrupled, pushing the asset's market cap into the top 20 digital assets. The blockchain has a new native bridge which is threatening to become the largest importer of ETH to Sui. USDC, crypto's second largest stablecoin, launched on the chain.

Monthly active users have even hit a new all-time high of 7.1M November, suggesting that Sui is cementing itself as a network with real staying power.

This issue will go over the developments we mentioned above and more in the onchain data below. It's anything but a quiet time in crypto as a whole — Sui is no exception. If anything it's one of the driving noisemakers in this electric time.

Let's get into it.

• Sui's monthly active addresses have grown steadily over the last 3 months, most recently reaching 8.4M. This growth highlights Sui's strong traction as it continues to attract and retain an active user base, and user engagement increases within the ecosystem.

• Daily creation of new wallets on Sui also shows a consistent trend of growth with notable spikes, including one surpassing 400K in mid-September. Recent activity also sees daily figures often exceeding 200K, reflecting strong adoption and the ecosystem's growing appeal to new users.

• Total value locked (TVL) on Sui has soared to nearly $2.3B, recently hitting an all-time high in mid-November. Over the past 3 months, TVL grew by almost $2B from under $400M in August, reflecting rapid adoption and ecosystem expansion. With SUI's market cap currently sitting at $10B and daily volume ~$250M, Sui continues to stand out as a DeFi powerhouse.

• Over the past 3 months, $944.8M has been bridged into the Sui ecosystem, with Ethereum dominating at 89.6% ($856.6M) of total inflows. Other notable contributors include Solana at $80.15M (8.39%). Sui now ranks sixth in terms of blockchain inflow, trailing only heavy hitters like Ethereum, Arbitrum and Solana. This robust cross-chain activity underscores Sui's increasing role as a hub for decentralized liquidity.

• This chart shows over $930M in transfers bridged to Sui via Wormhole since August. Significant spikes in mid-August and late October highlight peak activity, with consistent inflows throughout. The steady volume reflects strong cross-chain interest and Sui's growing position in the multichain ecosystem.

• Sui Bridge went live on mainnet at the end of September 2024, offering a native avenue for users to bridge assets between Sui and Ethereum that’s secured by Sui’s own network validators. Since then, daily inflows of ETH via Sui Bridge have steadily increased compared to inflows via Wormhole, recently making up roughly 43% of the daily supply of ETH to Sui.

• Walrus is a decentralized storage and data availability protocol powered by the Sui network, currently available on testnet. Built to handle unstructured data (blobs) witNh speed and efficiency, Walrus provides the foundation for scalable, resilient storage across a network of independent nodes. Since launching in testnet on Oct. 17, nearly 300K blobs —single unstructured data objects— and counting have been written on Walrus with over 660K events (single operations run with a blob).

• Comparing the size of registered blobs to the actual used capacity size of the data stored underscores the  impressive storage efficiency of Walrus — registered blob size remains steadily under 1TB, while used capacity exceeds 17TB at its peak, a 17x optimization ratio. Even during fluctuations, actual storage capacity far outpaces registered blob size, showcasing Walrus’ ability to scale data storage with minimal overhead.

• Since launching on testnet, Walrus’s cumulative storage has steadily grown, reflecting rapid network expansion. Tusky, formerly Akord, went live with their new app in November, enabling users to store files with decentralized storage and end-to-end encryption, contributing significantly to the growth of data stored on Walrus.

• Sui Name Service (SuiNS) lets Sui users create and own human-readable and easy-to-remember web3 names using a simple @name format. This name is linked to their underlying blockchain addresses, dramatically simplifying how users can specify Sui accounts and creating a better, smoother user experience. Since its inception, over 263k SuiNS names have been created.

• On Nov. 14, 2024, the NS token officially launched, marking the introduction of community governance for SuiNS. Out of the 500M $NS tokens, 10% were airdropped to active community members. The token introduces a governance framework empowering NS holders to actively shape the platform’s future. On that day, active addresses peaked at over 100k. Also since then, over 200k transactions have been completed over the SuiNS contracts.

• Sui’s expanding stablecoin roster is reshaping DeFi and unlocking new opportunities across the ecosystem. USDC leads daily stablecoin volume, reaching over $3B in mid-November. USDT also shows consistent activity, contributing to the robust ecosystem growth. Smaller stablecoins like Agora and Ondo add diversity, reflecting a healthy and expanding stablecoin landscape on Sui. The latest stablecoin to join the Sui ecosystem is fdUSD, issued by First Digital Labs.

• On Oct. 8, 2024, Circle’s native USDC was made available on Sui Mainnet and accessible to developers and users with no bridging required. On Nov. 7, Sui officially crossed $100,000,000 in native USDC – less than two months since launching, and as of Nov. 22, Sui has a circulating supply of $106.2M officially issued USDC.

• As of Nov. 24, the stablecoin market cap on Sui is $344.94M, after having peaked at nearly $440M in October. USDC continues to lead with 62.46% dominance, reflecting its importance within the ecosystem. Despite recent fluctuations, the chart highlights Sui's resilience and strong foundation for stablecoin activity in DeFi markets.

• Deepbook is a central limit order book built on Sui which is responsible for driving $5.5B in volume since inception. V3 has now been launched for about 6 weeks now, and has slowly started to show signs of activity. Looking at the weekly volume chart below, it's clear that post-V3 launch, weekly volume had reached a 3-month high of $23M, but still lagged April and May highs.

• The token breakdown for Deepbook V3, shows Sui and USDC accounting for 78.6% of TVL.

• Since going live on mainnet on Oct. 14, 2024, the Deepbook $DEEP governance token has seen a significant activity. The airdrop began with the distribution of DBClaim NFTs on Mar. 28, 2024. Users were able to unwrap these NFTs once the $DEEP tokens were available to trade. The Deepbook team airdropped 10% of 10B tokens to active users.

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