Many opinions believe$SUI The recent rise is very similar to the start-up phase before the last round of SOL surge, so it is inferred that Sui may become the next Solana. Let's compare the on-chain data. From the on-chain data, Sui's current data is generally better than$SOL Performance in 2021.
In 2021, $SOL experienced a huge increase, but the data of the Solana ecosystem is obviously not impressive enough, especially the daily active users on the chain. In 2021, Solana's daily active users were basically in the range of tens of thousands of addresses, and it was not until 2022 that this data broke through 100,000.
Before April this year, Sui's on-chain daily active addresses were similar to Solana in 2021, averaging tens of thousands of daily active addresses. After experiencing the "blessing" of SPAM spam in April, Sui's on-chain daily active addresses began to surge to more than one million. Even during the cold market period in August, it remained above 400,000. Recently, it has seen another significant increase, with daily active addresses exceeding one million again.
One of the important reasons why Solana saw a sharp rise in social media in 2021 is inseparable from the public support of FTX founder SBF. In addition to the influence of SBF, the investment in Solana by A16z, an investment institution that was in the limelight in the encryption field at the time, also triggered the market's optimism about Solana.
In addition, in 2021, Solana also obtained the cooperation and support of many celebrities such as Mike Tyson, Mike Jordan, and Melania Trump. In 2021, Solana became an absolute Internet celebrity public chain.
In contrast, there are also many KOLs supporting Sui on social media today. In September, K33 Research analyst David Zimmerman said that Sui Network may become a strong competitor to Solana with its technological advantages and upcoming native game consoles. However, Sui does not seem to have a "star spokesperson" like SBF.
Seizing the trend is also the key to a project's success. The trends in 2021 are NFT and DeFi, and Solana has received a lot of attention in the NFT trend. In this round of cycles, MEME is the biggest trend, contributing greatly to the performance of on-chain data. Obviously, this trend has been occupied by Solana before.
However, judging from recent data, the MEME market on Sui seems to have finally made progress. Recently, the number of newly added tokens on Sui has finally exceeded 300 per day, which is a leapfrog growth. However, this data level is still far behind Solana.
Capital boost Capital boost is also an important factor in the growth of token market value.
The recent capital boost for Sui mainly comes from Grayscale. On September 13, the management scale of Grayscale Sui Trust, the SUI Trust Fund, exceeded 1 million US dollars. In addition, on September 17, Jeremy Allaire, co-founder and CEO of Circle, announced that USDC&CCTP was launched on Sui Network.
In 2021, in addition to providing influence on social media, FTX also provided strong financial support to Solana.
It is estimated that FTX and its related investment arm Alameda Research have invested more than $100 million in various companies and projects in the Solana ecosystem. And a16z injected $314 million in financing into Solana in June 2021. The strong binding with FTX has enabled Solana to have a large amount of funds to promote and boost prices. Market performance Sui's token has seen a sharp rise in recent days, rising 256% in 49 days from August 5 to September 23, which is far better than other public chains.
Back to SOL in 2021, from July 20 to August 18, it rose 264% in 29 days. The concentrated rise of the two at a certain stage does look a lot like each other. At present, the circulating market value of SUI is about 4.1 billion US dollars, while the market value of SOL after the first round of increase has reached 18.7 billion US dollars. However, the supply of SUI is currently 26.8%, and the subsequent SUI tokens will still be unlocked every month.
SUI currently still has 21% of its tokens unlocked. Even if the circulating market value of these tokens is added, it is still less than the $18.7 billion after the first round of SOL rise in 2021. Judging from the popularity of transactions, SUI's current round of rise may be inseparable from the enthusiasm of the Korean market. Upbit, the largest exchange in South Korea, currently accounts for about 7.21% of SUI's trading volume, becoming the exchange with the largest trading volume of SUI besides Binance, Coinbase, and OKX.
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