The Number of SUI Transactions Breaks Through 100 Million in a Short Time!
Recently, the data of Sui once again experienced a significant increase. From October 5th to October 7th, the daily number of transactions on the Sui chain exceeded 100 million for consecutive days. On October 5th, the number even reached 117 million, setting a historical record for the Sui network and surpassing Solana’s record of 77 million transactions in a single day in May (excluding voting transactions). In addition, the price of SUI has been rising recently, approaching the previous high of 2.18 at one point.
What potential changes have occurred recently on Sui? Is the increase in transaction volume this time the result of data brushing like the SPAM project, or is it a sign of genuine prosperity in the ecosystem? PANews will present the details by examining the on-chain data.
Another mining project that boosts transaction volume
This is not the first time that transaction volume has led the entire network on Sui. In May of this year, the junk mail project SPAM in the Sui ecosystem created a record of 46 million transactions in a single day by sending transactions for mining, briefly leading other public chains and attracting attention from the crypto 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, the Sui official seemed to have not actively promoted it, and instead responded to users mentioning that the transaction data had exceeded Solana with a simple “Maybe not much.”
PANews found that the recent surge in transaction volume should be attributed to another mining project in the Sui ecosystem, 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, with a total issuance of 21,000,000,000,000,000 tokens. It started operating on October 4th and by October 11th, 49% of the tokens had been mined. However, the Github code repository of the token shows that it has been disabled.
In addition, the issuer, Foundation3DAO, is also in an anonymous state. In September of this year, Foundation3DAO also launched another Pow project, META, on Sui, with the current market value of the token being only $481,000 and a liquidity pool amount of $111.
However, the recent mining frenzy around FomoSUI seems to have once again fallen into a cycle of mining and selling. From October 9th to October 11th, the token’s price once fell by more than 75%, and miners in the community expressed that they were “not making money.”
The market value of the token FOMO on October 11th is approximately $730,000, with a liquidity pool fund of $70,000. Many early players noted that due to many miners selling after mining and the lack of substantial funds from the project party, the price is difficult to rise.
It seems that the surge in transaction volume brought by FomoSUI is once again an abnormal change. Perhaps learning from the lesson of SPAM, the Sui official has not interacted with this project.
DeFi data doubles within a month, Ethereum funds blood transfusion
However, there is still a lot of discussion on social media about Sui recently, especially regarding MEME coins.
Perhaps a more objective view of the changes on Sui can be seen from the analysis of DeFi data. In terms of transaction volume, the transaction amount on the Sui chain has indeed increased significantly, from an average of about $50 million per day to around $200 million.
On October 9th, the transaction amount 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 significant increase. Before September 21st, the number of active DeFi users on Sui was basically maintained at around 10,000, but by October 9th, this number had increased to 111,000, more than a tenfold increase in about 20 days.
The above data growth is closely related to the popularity of MEME.
According to official data, on October 9th, the number of new tokens on Sui exceeded 10,000, which was less than 1,000 per day at the end of September, and the current level of new tokens is similar to Solana. Currently, Solana’s daily new token addition is about 18,000.
This data is much higher than Solana’s before the explosion of Pump.fun. Before Pump.fun became popular, the daily new tokens on Solana were basically between 2,000 and 3,000.
According to Cointelegraph, nearly 27% of the capital outflow from SOL last month flowed into SUI. According to Artemis data, the net inflow of public chain funds within the last three months, Sui’s net inflow of funds is $284 million, second only to Solana’s $1.07 billion, ranking second.
However, from the direction of fund inflow, Ethereum is still the largest source of Sui funds. In the past month, 87% of the fund inflow on Sui came from Ethereum.
Is social media and gaming the real strength of Sui?
As a project originating from Facebook, Sui also has a preference for social development in the ecosystem. Looking at the number of active users in the ecosystem, a social app called RECRD ranks first in terms of daily active users at 869,000 and daily transaction volume at 872,000, second only to FomoSUI.
RECRD is a short video app similar to Tiktok, where creators can share up to 100% of ad revenue and make real-time profits based on 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, FanTV, ranks fourth in terms of activity on Sui, with 92,000 active users on October 11th.
In May, as the largest social app on Polygon, FanTV chose to migrate to the Sui network and brought in over 1 million new users for the Sui network within a week.
Apart from social apps, gaming is also another key segment of the Sui network, with a pet-raising TG game called Birds having over 190,000 daily active users.
Another GameFi-related project, Aylab, also ranks in the top ten applications. The most popular wallet application, Wave Wallet, is also related to gaming Telegram applications.
According to official information, Wave Wallet has over 600,000 daily active users and a total of 3 million users. An interesting phenomenon is that the popular GameFi projects on Sui are mostly built on Telegram.
Looking at on-chain activities, DeFi has not yet become the main force on Sui. The largest DEX project, Cetus, can only rank sixth in terms of data on Sui, and the meme listing platform Movepump is not even in the top ten.
The data on October 11th shows that the number of DeFi transactions is only 1.92 million, accounting for less than 5% compared to the total of 41 million transactions on the Sui network.
The number of active DeFi users is about 84,000, with a total of 1.67 million active users, accounting for about 5%. The active user ratio of the two SocialFi projects is as high as 65.9%, and the three GameFi-related applications account for about 24.7%.
The active user ratio of these five projects in social media and gaming reaches as high as 90%.
It seems that the real strength of Sui depends on social media and chain gaming support.
In terms of user experience, Sui still has a long way to go in terms of infrastructure in the DeFi field, such as most cross-chain bridges only being interoperable with Ethereum and the relatively low usage of native stablecoins. However, from the official dynamics of Sui, the main goal in the near future is also focused on the construction of stablecoins and cross-chain bridges.
On October 8th, the native USDC was officially launched on the Sui network, and on October 1st, the official cross-chain bridge Sui Bridge announced its mainnet launch.
Currently, Sui Bridge can only support the transfer of ETH and WETH. In addition, Grayscale has also frequently released reports and analyses related to Sui recently, coupled with the high heat on social media, the potential of the Sui ecosystem seems to be gradually expanding.