The number of SUI transactions exceeded 100 million in a short time!
Recently, Sui's data has once again experienced a sharp increase. From October 5th to October 7th, the number of daily transactions on the Sui chain continued to exceed 100 million. Among them, the number of transactions reached 117 million on October 5, which not only set a historical record for Sui Network, but also exceeded Solana’s single-day record of 77 million transactions (non-voting transactions) in May this year. In addition, the price of SUI has been rising recently, and was once close to the previous high of 2.18.
What specific potential changes have occurred on Sui recently? Is this increase in transaction volume another result of data manipulation like SPAM or is the real prosperity of the ecosystem coming? PANews presents it one by one by looking at the data on the chain.
Another wash mining project brings high transaction volume
This is not the first time that Sui has led the entire network in transaction volume. In May of this year, Sui’s ecological spam project SPAM created a record of 46 million single-day transactions for Sui by sending transactions for mining, and it also briefly led the way. Compared with other public chains, it has attracted the attention of the encryption industry.
At that time, the Sui ecosystem needed such high traffic to attract attention, and Sui officials had interacted with SPAM on social media many times. However, this time the transaction volume exceeded 100 million, Sui officials did not seem to actively promote it. Instead, users mentioned that the transaction data exceeded Solana and replied "probably nothing".
It was supposed to be another great opportunity to show off muscles, but why did Sui officials just brush it off?
PANews found that this sudden increase in transaction volume should be due to FomoSUI, another Sui ecosystem mining project. According to data, in the past seven days, the FomoSUI contract created 228 million transactions, accounting for more than half of the Sui network’s transaction volume. The number of participating accounts is approximately 95,000.
FomoSUI is a Bitcoin-style POW token launched by Foundation3DAO on the Sui blockchain, with a total issuance of 21,000,000,000,000,000 tokens. It went online on October 4, and as of October 11, 49% of the tokens have been mined.
However, the coin’s Github code repository shows that it has been disabled.
In addition, the issuer Foundation3DAO is also anonymous. In September this year, Foundation3DAO also launched another POW project META on Sui. The current market value of this token is only US$481,000, and the liquidity pool amount is US$111.
FomoSUI, which triggered the mining boom this time, seems to have once again fallen into a cycle of mining sell-offs. From October 9 to October 11, the price of the token fell by more than 75%. Miners expressed in the community that "Not making money".
The market value of token FOMO on October 11 was approximately US$730,000, and the liquidity pool funds were US$70,000. Many early players said that because many miners sold them after digging them up, and the project side did not have much capital investment, it was difficult for the price to rise.
It seems that the surge in transaction volume brought about by FomoSUI is another wave of abnormal changes. Perhaps learning from SPAM’s previous experience, Sui officially did not interact with this project.
DeFi data doubled within the month, and Ethereum funds were transfused
However, there is still a lot of discussion about Sui on social media recently, especially on the development of MEME currency.
Analyzing this situation from DeFi data may be able to see the changes in Sui more objectively. Judging from the transaction volume, the transaction amount on the Sui chain has indeed increased significantly, from an average daily transaction volume of approximately US$50 million to approximately US$200 million.
On October 9, Sui Network’s transaction volume reached US$207 million. The number of pure DeFi transactions has also increased significantly, reaching 2.32 million on October 9, nearly doubling the level a month ago.
Active accounts have also improved significantly. Before September 21, the number of DeFi active users on Sui basically remained at around 10,000. By October 9, this number had grown to 111,000, an increase of more than 10 times in about 20 days.
The above data growth should be closely related to the popularity of MEME.
According to official data, on October 9, the number of new tokens on Sui exceeded 10,000. At the end of September, the number was less than 1,000 per day. The current level of new tokens is almost the same as Solana. At present, There are approximately 18,000 new tokens added to the Solana chain every day.
This data is much higher than Solana before Pump.fun appeared. Before Pump.fun became popular, Solana’s daily new tokens were basically between 2,000 and 3,000.
According to Cointelegraph, nearly 27% of SOL’s capital outflows flowed into SUI last month. According to Artemis data, Sui’s net inflow of public chain funds in the past three months was US$284 million, lagging behind only Solana ranked second with $1.07 billion.
However, from the perspective of the direction of capital inflow, Ethereum is still the largest input party of Sui funds. Data in the past month shows that Ethereum accounts for 87% of Sui’s capital inflow source.
Social networking and gaming are Sui’s real trump cards?
Sui, who came from Facebook, also has a preference for social networking in terms of ecological development. Judging from the ecological active user data.
A social software called RECRD ranks first with 869,000 daily active users and 872,000 daily transactions, second only to FomoSUI.
It is understood that RECRD is a short video software similar to Tiktok. Creators can share up to 100% of advertising costs and make instant profits based on the number of views rather than the number of followers.
In July this year, the platform received a US$4 million investment led by Sui Foundation.
In addition to RECRD, another SocialFi project, FanTV, is also ranked fourth in terms of activity among Sui, with 92,000 active users on October 11.
In May this year, as Polygon's largest social application, FanTV chose to migrate to Sui Network. A week later, FanTV brought more than 1 million new users to Sui Network.
In addition to social applications, games are also another key sector of Sui Network. The development-style TG mini-game called Birds has more than 190,000 daily active users.
Another GameFi-related project, Aylab, is also ranked among the top ten applications. The most popular wallet application, Wave Wallet, is also a Telegram application related to games.
According to the official introduction, Wave Wallet has more than 600,000 daily active users, and the total number of users exceeds 3 million. An interesting phenomenon is that the popular GameFi on Sui basically relies on Telegram to build applications.
Judging from on-chain activities, DeFi on Sui has not really become the main force. The current data of the largest DEX project Cetus can only be ranked sixth, and the meme listing platform Movepump on Sui is not even ranked in the top ten.
Data on October 11th showed that the number of DeFi transactions was only 1.92 million, accounting for less than 5% compared to the total number of transactions on the Sui network of 41 million.
There are about 84,000 DeFi active users, and the total active users are 1.67 million, accounting for about 5%. The active users of the two SocialFi projects accounted for 65.9%, and the three GameFi-related applications accounted for about 24.7%.
The active users of these five projects, social networking and games, account for as high as 90%. From this point of view, Sui’s real strength still depends on the support of social networking and chain games.
From the actual user experience, Sui’s infrastructure in the DeFi field does still have a long way to go. For example, most cross-chain bridges can only communicate with Ethereum, and the usage ratio of native stablecoins is still low. However, Judging from Sui's official news, the main recent goals are also focused on the construction of stable coins and cross-chain bridges.
On October 8, the native USDC was officially launched on the Sui network. On October 1, the official cross-chain bridge Sui Bridge announced that the main network was online.
The current Sui Bridge still only supports ETH and WETH transfers. In addition, Grayscale has recently launched Sui-related reports and analyzes frequently. Coupled with the high popularity of social media, the potential of the Sui ecosystem seems to be gradually amplifying.
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