This article will introduce the high-level user trends of Sui, covering its increasingly mature DeFi and consumer sectors, and providing a data-driven perspective on emerging protocols built on the network.
Author: OurNetwork
Translation: Deep Tide TechFlow
Network Overview
Sui - a high-performance Layer 1 blockchain that uses the Move programming language - has a total financing amount of up to $3.96 billion (ranking third in our industry's history, behind only ZK Sync ($4.58 billion) and Avalanche ($7.16 billion)).
The network performed strongly in 2024 - setting a historical high of 1.6 million weekly active addresses in May 2024, with an average of over 400,000 active addresses since the beginning of the second quarter of 2024. According to DeFiLlama's data, the total value locked (TVL) has also grown by 240% from the beginning of the year to $7.89 billion, with a net inflow of $104.2 million (inflow: $631.3 million | outflow: $527.7 million).
In this issue, we will take you through the high-level user trends of Sui, covering its increasingly mature DeFi and consumer sectors, and providing a data-driven perspective on emerging protocols built on the network.
Sui Special
Wayne Cunningham | Website | Dashboard
Sui tests show a maximum transaction volume of 297,000 per second, with an average of nearly 470,000 daily active addresses within three months
- Over the three months from May 20 to August 20, Sui's daily active addresses averaged 472,600, a tenfold increase from the previous period. In June, it reached a peak of 2.2 million, driven by popular applications in the ecosystem, surpassing Solana's peak of 2.09 million during the same period.
- Sui is a Layer 1 blockchain designed for high-performance transactions (TPS) - early tests show a maximum TPS of 297,000. This is partly due to Sui's programmable transaction blocks, allowing up to 1,024 instructions per transaction. In December of last year, interest in inscriptions drove TPS close to 6,000. It is worth noting that even during peak activity periods, fees remained stable.
- Sui's new Mysticeti consensus engine provides low latency, with early results showing a P50 latency of 629 milliseconds in Western Europe. This ultra-low latency ensures near-instant transaction completion, making Sui a strong choice for high-performance applications.
Sui (internal data)
DeFi on Sui
Sui DeFi continues to soar, with TVL exceeding $7.85 billion and a net bridge value of $2.6 billion
- Since the mainnet launch of the network, Sui's DeFi ecosystem has steadily grown, demonstrating the maturity and stability of the ecosystem. The daily trading volume from March onwards in 2024, especially, indicates the increasing adoption, usage, and sustained participation (averaging over $40 million in the past month), without significant fluctuations or declines. The steady increase in trading volume reflects the growing market confidence in Sui's DeFi infrastructure, attracting more liquidity, projects, and users to the platform.
- The total value locked (TVL) on Sui surged by over 1500% in the last five months of 2023. It continued to climb at the beginning of 2024, reaching a peak of over $8.807 billion by the end of May. As of August 26, 2024, Sui's TVL is $7.89 billion, a 240% year-on-year increase.
- The total value bridged to Sui is also growing, with 92% coming from Ethereum, highlighting the blockchain's role as a major source of liquidity. Solana contributes 5.9%, while smaller blockchains like Aptos and Arbitrum contribute less than 1%. This growth reflects the increasing network activity and the diversification of assets and users, with a net inflow of over $104.2 million year-to-date in 2024.
NAVI
NAVI Protocol reaches a market size of $278 million, with over 850,000 unique users, and the USDC pool exceeds $100 million
- As a one-stop liquidity protocol on Sui, NAVI Protocol has maintained a leading position in the lending DeFi category since its launch. NAVI focuses on providing efficient capital utilization for users, supporting borrowing and lending of major native assets, liquidity staked tokens, and stablecoins. With the launch of NAVI Pro upgrade, the protocol recently surpassed its all-time high TVL, reaching over $250 million, accounting for over 50% of Sui's total lending TVL.
- Additionally, NAVI has attracted a highly active user base, second only to the largest decentralized exchange on Sui. The protocol has maintained an average of 2,000 daily active users over the past 30 days, demonstrating sustained user interest and trust in the protocol.
- Notably, in August, NAVI saw significant growth in asset supply, followed by the launch of new liquidity incentives. In less than a week, the protocol's USDC TVL grew by over 730%, eventually surpassing $100 million at its peak, leading to an overall TVL reaching a new all-time high.
- Trade-level analysis: NAVI Protocol's supply/lending incentives enable users to benefit from the composability of assets within its ecosystem. This transaction shows a user receiving over $50,000 in rewards, witnessing the opportunities provided by NAVI. Additionally, this also demonstrates the flexibility of Move on Sui and how NAVI fully leverages its advantages to provide a smoother borrowing and lending experience for users.
Bluefin
Bluefin, the leading decentralized exchange on the Sui network, has processed over $30 billion in trading volume
- Bluefin is a decentralized order book DEX built for professional and retail traders. Since its launch on the Sui network, Bluefin has processed over $30 billion in trading volume with over 33,000 users.
- Funding rates are used to balance the price difference between perpetual contracts and spot prices of underlying assets. Bluefin's annualized funding rates remain low, with BTC at 4.41% and Binance at 4.33%; ETH at -11.71% and Binance at 3.21%.
[Translated Markdown]
- The liquidation process on Bluefin is designed to protect the platform and its users from the risk of systemic bankruptcy. The chart below shows the distribution of liquidations in the trading market on Bluefin.
- Trade-level analysis: This is the largest liquidation on Bluefin calculated in PnL, resulting in a loss of $72,670 on SUI-PERP.
Aftermath Finance
Aftermath's TVL exceeds $50 million, with a trading volume of over $300 million
- According to their documentation, Aftermath Finance is an "all-in-one DeFi platform for trading, investing, and earning yield." To date, Aftermath has a trading volume of over $300 million, and its smart order router has recently undergone some improvements, including the introduction of the V2 routing algorithm, enhancing the platform's precision and speed.
- The afSUI/SUI pool on Aftermath is still one of the most liquid pools on Sui, with a TVL exceeding $20 million. A feature called dynamic gas allows afSUI to be used as a gas token on Aftermath, and other protocols have also integrated afSUI in their strategies, including leveraged staking and as collateral for borrowing.
- Trade-level analysis:
This is a relatively standard exchange of SUI to USDC, but it demonstrates the routing algorithm of Aftermath DEX aggregator taking intermediate steps in finding the best exchange and maximizing the returned amount.
DeepBook
Biff Buster | Website | Dashboard
DeepBook achieves a milestone of 21 million trades and 3,000 unique users in the past 6 months
- The DeepBook protocol is a centralized limit order book (CLOB) on Sui, designed to bring high-frequency trading to the blockchain. Since the launch of V2, DeepBook's average daily user activity doubled from 120 users per day in May to over 250 users in July and August.
- Over the past 5 months, the fees earned increased from 200 $SUI per day to 400 $SUI, indicating a significant growth in revenue.
- Trade-level analysis: DeepBook aims to provide low-latency, low-cost fees for traders using its CLOB. For example, the average gas fee for viewing limit orders is approximately $0.005.
Consumer on Sui
Core primitives on Sui such as zkLogin, sponsored transactions, and SuiNS drive consumer adoption
- The core primitives of Sui and their applications continue to demonstrate the value of reducing user friction and ultimately improving the consumer experience. zkLogin allows users to create Sui accounts through social logins (such as Google or Twitch) without these companies knowing about the users' on-chain activities. With the continued use of Programmable Transaction Blocks (PTBs) and Decentralized Applications with Wallets (DAWs), the popularity of zkLogin has been on the rise, reaching peak values of up to 225,000.
Sui (Internal Data)
- Sponsored transactions is a feature that allows developers to cover user transaction fees, helping applications like Wave Wallet and FanTV attract users and eliminate the need for users to purchase tokens in advance. While the proportion of sponsored transactions varies, on certain days in the previous quarter, 32.3% of transactions on Sui were gas fee-free, enabling thousands of users to easily engage in on-chain activities.
Sui (Internal Data)
- SuiNS is a decentralized protocol that gives users readable names to replace default alphanumeric names. Currently, over 180,000 wallets have unique names through querying SuiNS objects and aggregating held names, improving the efficiency and security of asset transfers.
Sui (Internal Data)
FanTV
Ozair Akhtar | Website | Dashboard
FanTV, a social media platform based on SUI, has over 3.5 million registered users and a trading volume exceeding 9 million
- FanTV is a social media platform driven by AI and Web3 technology. It is currently the top-ranked social decentralized application on the Sui blockchain, with over 3.5 million registered user wallets and over 9 million transactions.
- The platform's rapid growth includes over 20,000 creators and 1 million active users per month, consuming 900,000 hours of content monthly. FanTV's daily active wallets show healthy growth, with a month-over-month increase of over 27% (from 60,000 in June to 76,000 in July), reflecting a sustained upward trend.
- Trade-level analysis: FanTV's transactions reflect user engagement, where users earn tokens through activities like "watch to earn" and "upgrade rewards," and creators earn rewards through "live to earn." Over 250 million tokens have been distributed to 3.5 million users, with nearly 10 million historical transactions, showcasing the dynamic growth and healthy state of our platform. As a leading social decentralized application in the SUI ecosystem, FanTV's success highlights its important role in driving blockchain adoption and nurturing the global creator community.
Wave Wallet
Wave Wallet | Website | Dashboard
Wave Wallet has over 3 million users, processed over 250 million transactions, and has over 280,000 daily active users.
- Wave Wallet experienced explosive growth in early May, reaching a peak at the end of May with over 1.3 million active wallets. Although the number of active wallets has decreased since then, Wave Wallet consistently ranks in the top ten for active addresses among all applications tracked by Artemis.
- Wave plays a crucial role in the Sui ecosystem, accounting for 80% of daily active addresses. This dominance has remained unchanged since the release of Wave.
- Wave Wallet processes 18% to 40% of Sui transactions daily, serving as a significant onboarding channel for new Sui users in the consumer and DeFi sectors.
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