📝 Editor’s Note: Setting the Scene

Welcome to OurNetwork's latest issue on Sui, a high performance blockchain with potential to enable over 250,000 transactions per second.

A lot has happened since our last issue covering the network in November. Sui has found momentum with its BTFfi ecosystem as holders of crypto’s most valuable digital asset look to generate yield. BTC-pegged assets already make up over 10% of total value locked (TVL) on Sui. 

In broader DeFi, new exchanges, like STEAMM and Magma Finance, have launched on Sui as well. 

Still more broadly, SuiPlay0x1, Web3's first handheld gaming device that's integrated with Sui, has generated over 9,000 preorders, as the network’s consumer ecosystem gains steam. Readers have a chance to dig into the above and more in Dubai next month during Sui’s flagship global conference, Sui Basecamp 2025. 

Let’s get into it. 

– ON Editorial Team

• Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible to everyone. Sui has seen a tremendous rise in monthly active addresses since mid-February. Where this metric had averaged around 10M, it experienced a measured and consistent increase to over 40M as of mid-April 2025, suggesting new projects built on Sui continue to attract sustained user bases.

• Coincident with the sustained increase in monthly active addresses, Sui is picking up a substantial number of new users, as reflected by new wallet addresses. At the mid-Feb inflection point, new addresses went from about 150,000 per day to over a million per day and continues to maintain that rate.

• Looking at application metrics on Sui, top sectors by active addresses and transactions were infrastructure, gaming, and DeFi through the beginning of 2025. Media apps RECRD and FanTV AI, which aren't classified by sector, also contribute a lion's share to both active addresses and transactions.

• Walrus, a decentralized storage and data availability protocol powered by Sui, went live on mainnet on Mar. 27, 2025. Usage of Walrus has already grown rapidly, storing a 347 TB of data as of Apr. 18, 2025. The current total storage capacity of Walrus is 4,123 TB, so utilization is at ~8.4%. Usage and adoption is powered by companies and projects–such as 3DOS, Claynosaurz, Decrypt Media, Linera, Talus, and Tusky–leveraging programmable storage on Walrus.

• With the launch of Walrus, a decentralized storage economy powered by the WAL token comes to life. As part of the staking rewards, storage node operators earn storage revenues for reliably hosting data. Over 1B WAL has already been staked on the network since launching less than a month ago.

• A blob on Walrus is an unstructured data object encoded via erasure coding into slivers across storage nodes. Any subset of slivers can reconstruct the blob—even if two‑thirds are missing. Since mainnet, nearly 4M blobs have been stored, showcasing Walrus’s resilience and efficiency.

• 2024 marked a transformative era for Sui's DeFi ecosystem. Institutional players made bold moves, native stablecoins flourished, and critical infrastructure advanced, helping Sui emerge as a prime destination for DeFi power users and institutional finance. As total value locked (TVL) hitting an all-time high in January of 2025, DeFi on the chain has continued a strong start to the year. Although TVL dipped as the quarter progressed, it still remained high compared to previous quarters, averaging $1.51B for the first quarter of 2025.

• Sui’s stablecoin market cap reached an all-time high of over $800M in mid-April, highlighting the growing trust in Sui’s network for value storage and transfers and signals rising confidence and the maturation of its DeFi ecosystem.

• Sui has surpassed $114B in total decentralized exchange (DEX) volume and currently sits 7th among chains by cumulative volume. This level of sustained trading throughput not only attracts more projects and liquidity providers but also strengthens network effects that drive further growth and innovation.

• One of the newest DeFi protocols on Sui, STEAMM, launched in mid-February and showed rapid growth, hitting over $8M TVL in less than two months. STEAMM, an automated market maker protocol, was built by Suilend, an experienced team which originally built DeFi protocols on Solana. Suilend's work shows the ability to build quickly and leverage Sui's highly performant network.

• New Sui DEX Magma Finance launched the initial version of its platform in early March 2025, bringing a new option for DeFi users on Sui. One month after launch, Magma Finance achieved over $12M in trading volume and is currently sitting at over $25M.

• The new Auto Vault LP Strategies feature on Cetus gives users one-click liquidity management, automatically rebalancing and compounding pool investments. Cetus is a leading DEX & concentrated liquidity protocol and leads the way in DEX volume on Sui with over $80B in cumulative volume.

• On Nov. 25, 2024, Sui announced that Babylon Labs, Lombard, and Cubist were bringing programmable Bitcoin to the network. On Dec. 18, SatLayer—the top Bitcoin restaking platform—joined, bringing Bitcoin’s $2T liquidity and security into Sui. Bitcoin-backed DeFi increased on Sui significantly through the beginning of the year as more Bitcoin variants became available. Native bridge support for BTC and LBTC more than doubled volume, while Wormhole‑bridged stBTC remained steady.

• On Mar. 7, 2025, BTCfi on Sui hit the milestone of more than 1000 BTC on Sui. And as of Apr. 2025, 10% of Sui's TVL is now made up of BTC assets, including wBTC, LBTC, and stBTC.

• At last year’s Sui Basecamp, the Sui ecosystem’s global flagship conference, the SuiPlay0X1—the world’s first blockchain-enabled handheld gaming console—was announced to the world. Pre-orders began in September 2024, and since then over 9,000 SuiPlay0X1s have been pre-ordered by anticipating gamers around the world. For the first time ever, at this year’s Sui Basecamp on May 1 and 2 in Dubai, attendees will get hands-on access to try out the device before pre-order shipments begin this summer.

• Social casino Pebble City offers an endless array of slot machines featuring classic and new themes that encourage social play. Since full access of the Pebble platform went live on Feb. 27, there have been over 14M transactions on the game across an average of over 25k daily active wallets.

• ONE Fight Arena by ONE Championship is a mobile game built on Sui that invites players to experience the furious action of MMA fighting. Since officially launching in March, ONE Fight Arena has seen rapid growth and adoption, with nearly 4,000 accounts and 100k transactions.

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