Breaking News Over 100 Million Transactions Recorded in SUI Is Social Media and Gaming the New Frontier Behind the DeFi Boom

The number of transactions on SUI exceeds 100 million in a short period of time!
Recently, the data of Sui has once again seen a significant increase. From October 5th to October 7th, the daily transaction volume on the Sui chain exceeded 100 million transactions for consecutive days. Among them, on October 5th, it reached 1.17 billion transactions, breaking not only the historical record of the Sui network but also surpassing Solana’s 77 million transactions in a single day in May (excluding voting transactions). In addition, the recent rise in SUI’s price has approached its previous high of 2.18.
What potential changes have occurred on Sui recently? Is this increase in transaction volume another result of data manipulation like SPAM or a sign of genuine prosperity in the ecosystem? PANews will present the analysis by examining on-chain data.
Another high transaction volume brought by mining projects
Leading the network in terms of transaction volume is not the first time for Sui. In May of this year, the spam project, a junk email project in the Sui ecosystem, created a record of 46 million transactions in a single day through transaction mining, surpassing other public chains and attracting attention from the cryptocurrency industry.
At that time, the Sui ecosystem needed such high traffic to attract attention, and the Sui official had interacted with SPAM on social media multiple times. However, this time, when the transaction volume exceeded 100 million transactions, the Sui official seemed to be less proactive in promoting it. Instead, when users mentioned that the transaction data exceeded Solana, the official simply replied, “It may not be a big deal.”
Why did the Sui official downplay this excellent opportunity to show its strength?
PANews found that this surge in transaction volume is likely due to another mining project in the Sui ecosystem called FomoSUI. According to data, within the past seven days, the FomoSUI contract has created 228 million transactions, accounting for more than half of the total transaction volume on the Sui network. The number of participating accounts is approximately 95,000.
FomoSUI is a Bitcoin-style POW token implemented on the Sui blockchain launched by Foundation3DAO. The total issuance of FomoSUI tokens is 21,000,000,000,000,000, and it started trading on October 4th. As of October 11th, 49% of the tokens have been mined.
However, the Github code repository for FomoSUI shows that it has been disabled.
In addition, the issuer Foundation3DAO remains anonymous. In September of this year, Foundation3DAO also launched another Pow project called META on Sui, which currently has a market value of only $481,000 and a liquidity pool amount of $111.
It seems that FomoSUI, which sparked this mining frenzy, has once again fallen into a cycle of mining and selling. From October 9th to October 11th, the token price dropped by more than 75%, and miners in the community expressed that they are not making money.
On October 11th, the market value of the FOMO token was about $730,000, with a liquidity pool of $70,000. Many early players expressed that due to many miners selling off their mined tokens and the lack of significant capital investment from the project, it is difficult for the price to rise.
DeFi data has multiplied in the past month, and Ethereum provides liquidity
However, there is still a lot of discussion about Sui on social media recently, especially regarding the development of meme coins.
Analyzing this situation from the perspective of DeFi data may provide a more objective view of the changes on Sui. In terms of transaction volume, the transaction amount on the Sui chain has indeed seen a significant increase, from an average daily trading volume of about $50 million to around $200 million.
On October 9th, the transaction volume on the Sui network reached $207 million. The number of pure DeFi transactions has also increased significantly, reaching 2.32 million on October 9th, nearly double the level of a month ago.
The number of active accounts has also shown a noticeable increase. Before September 21st, the number of active DeFi users on Sui was basically around 10,000. By October 9th, this number had increased to 111,000, a growth of over 10 times in about 20 days.
The growth of these data is closely related to the popularity of meme coins.
According to official data, on October 9th, the number of new tokens on Sui exceeded 10,000. At the end of September, this number was less than 1,000 per day, and the current level of new token additions is similar to Solana. Currently, Solana adds approximately 18,000 new tokens daily.
This data is much higher than before the appearance of Pump.fun on Solana. Before Pump.fun became popular, Solana’s daily new token additions were basically between 2,000 and 3,000.
According to Cointelegraph, nearly 27% of the funds flowing out of SOL last month flowed into SUI. According to Artemis data, the net inflow of funds into Sui over the past three months is $284 million, second only to Solana’s $1.07 billion, ranking second.
However, in terms of the direction of fund inflows, Ethereum is still the largest source of funds for Sui. Data from the past month shows that Ethereum accounted for 87% of the funds flowing into Sui.
Social media and gaming are Sui’s real trump cards?
As a project originating from Facebook, Sui also has a preference for social development in its ecosystem. Looking at the data on active users in the ecosystem, a social software called RECRD ranks first with 869,000 daily active users and 872,000 daily transactions, second only to FomoSUI.
RECRD is a short video software similar to TikTok, where creators can share up to 100% of advertising revenue and profit in real-time based on the number of views rather than the number of followers.
In July of this year, the platform received a $4 million investment led by the Sui Foundation.
In addition to RECRD, another SocialFi project called FanTV ranks fourth in terms of activity on Sui, with 92,000 active users on October 11th.
In May of this year, FanTV, as the largest social application on Polygon, chose to migrate to Sui. One week later, FanTV brought more than 1 million new users to the Sui network.
Apart from social applications, gaming is also a key area in the Sui network. A cultivation-style TG mini-game called Birds has over 190,000 daily active users.
Another GameFi-related project called Aylab also ranks among the top ten applications. The most popular wallet application, Wave Wallet, which is also related to gaming, is built on Telegram.
According to official information, Wave Wallet has over 600,000 daily active users and a total user base of over 3 million. An interesting phenomenon is that popular GameFi projects on Sui are mostly built on Telegram.
From on-chain activities, DeFi on Sui has not yet become the mainstream. The largest DEX project, Cetus, currently ranks only sixth, and the meme listing platform Movepump does not make it into the top ten.
On October 11th, the number of DeFi transactions was only 1.92 million, accounting for less than 5% of the total 41 million transactions on the Sui network.
There are approximately 84,000 active DeFi users, accounting for about 5% of the total active users of 1.67 million. In contrast, the active users of the two SocialFi projects account for 65.9%, and the three GameFi-related applications account for about 24.7%.
The active users of these five projects in social and gaming account for a staggering 90%.
Therefore, it seems that the true strength of Sui relies on social and gaming support.
In terms of user experience, Sui still has a long way to go in terms of infrastructure in the DeFi field. For example, most cross-chain bridges can only interact with Ethereum, and the usage of native stablecoins is still relatively low. However, based on recent updates from the Sui official, the main focus is on the construction of stablecoins and cross-chain bridges.
On October 8th, native USDC officially went live on the Sui network, and on October 1st, the official cross-chain bridge, Sui Bridge, announced its mainnet launch.
Currently, Sui Bridge only supports the transfer of ETH and WETH. In addition, Grayscale has recently released reports and analysis related to Sui, and combined with the high activity on social media, the potential of the Sui ecosystem seems to be gradually expanding.