Analysis of the Current Status of Sui Ecosystem Development

Since the launch of the Sui mainnet nearly a month ago, as a representative work based on the Move language and the most notable non-EVM Layer 1 public chain, Sui's performance has sparked considerable controversy. As long-term observers and investors in the Sui ecosystem, we find it necessary to objectively analyze the current development status of the Sui ecosystem. This article will explore the current situation of the Sui ecosystem from multiple perspectives.

Sui Chain Fundamentals

Asset Liquidity

Currently, the TVL on the Sui chain is approximately $19 million, with a peak of $36 million in the past month. The largest application by TVL is the decentralized exchange Cetus, accounting for over 65%. More than 60% of the TVL components are stablecoins.

The trading volume over 7 days is at least $32 million, ranking 20th among all public chains. The main trading occurs on Cetus.

On-chain activities

Data from the past 7 days:

• Total transactions: 1.13 million
• Total number of Objects: over 8.3 million
• Daily Active Addresses: 22,000
• Total active addresses: 570,000

Recent activity has shown a downward trend, mainly fluctuating with important ecological project IDOs and DeFi activities.

$Sui liquidity

The circulating supply of $Sui is approximately 528 million, with a staking amount of 7.29 billion. However, there is insufficient on-chain liquidity, and most of the $Sui is stored in centralized exchanges. Currently, the annualized staking yield is only around 6%, which is not attractive to investors. There is a lack of LST solutions, making it impossible to leverage higher returns as collateral on-chain.

Cross-Chain Bridge

Currently, only the Wormhole cross-chain bridge is available, supporting cross-chain for more than a dozen assets across 7 chains. However, due to technical reasons, the cross-chain data for some assets has not yet been disclosed.

Sui Ecosystem Situation

main applications

• DEX:Cetus dominates the TVL and trading volume with absolute authority.
• Machine Gun Pool: Mole, TVL approximately $180,000
• NFT Market: Souffl3 and Clutchy
• NFT:Fuddies, total trading volume 1.44 million $Sui
• GameFi: Abyss World

traffic entrance

Main Wallet:

• Browser extension wallets: Sui Wallet, Suiet, Martian, Ethos, OKX Wallet, Surf Wallet
• Mobile Wallet: Glass, Bitkeep, OKX

Activity Platform:

• Port3: A multi-chain on-chain/off-chain task platform
• Suia: An activity NFT and social platform based on Sui

Improvement Suggestions

1. Lower the threshold for Validators and open up liquid staking options.

2. Increase cross-chain infrastructure

3. Support for native stablecoins

4. Accelerate mobile wallet support

5. Improve the level of data visualization

6. Provide developers with greater room for innovation

The Sui ecosystem is still in its early stages, facing many challenges, but there is also significant room for improvement. Through the above measures, it is expected to accelerate ecosystem development, enhance user experience, and strengthen Sui's ecological competitiveness.