SUI Network is expanding and closing on a $1B total value locked (TVL). SUI is one of the later arrivals in DeFi, growing its list of projects in the past 12 months. Since then, SUI has achieved almost continued growth, expanding its TVL to $745M.
SUI’s growth was organic, though it relied on social media exposure. The network already hosts stablecoins worth $423.7M, which could potentially flow into its decentralized projects.
SUI is part of a fresh wave of networks, which include Fantom and, to a degree Arbitrum, which are drawing in the new wave of DeFi value.
Among top growth projects, SUI supports the Cetus DEX, which grew its value by more than 30% in the past month. NAVI Protocol is the top project on SUI, locking in more than $173M. DeepBook is the other significant source of liquidity inflows. The DEX, created soon after the launch of SUI, allows for both market and limit orders.
Also read: Sui Price Prediction 2024-2030: Is SUI A Good Investment?
SUI aims for mass adoption, by becoming the go-to layer for digital ownership. The major difference is that SUI wallets will not use seed phrases, which need to be self-stored and secured. Instead, SUI has created a secure process, where new accounts are created similar to web credentials.
SUI Network Adds Mobile Wallet
SUI is still gaining all the infrastructure to become a more influential L1 network. SUI is now accessible through a new mobile wallet by Mysten Labs.
👀 ICYMI, @Mysten_Labs' Sui Wallet has gone mobile!📱 Manage all of your assets on Sui effortlessly and securely, right from your phone.Download the app on the Google Play Store and Apple App Store now: https://t.co/fd06Yex1yo
— Sui (@SuiNetwork) May 23, 2024
Until recently, SUI was mostly supported by the native Suiet wallet, which was also the main avenue for growth. Now, SUI Network also offers access through mobile apps SUI Wallet, Nightly, and Surf Wallet.
SUI Reaches Peak Daily Active Addresses
The growth of daily active users on SUI went vertical in the past few weeks. In May, SUI carries more than 1.3M daily active wallets, reaching around 50% of the level of TRON. At the same time, Ethereum (ETH) marks around 500K daily active wallets.
SUI set the new series of records just days after breaking the 1M daily active wallets barrier.
Because of the confidential nature of SUI, it is impossible to tell how those wallets are tied to unique users. However, the trend still reflects the growth of value that flows into SUI projects.
SUI Targets Developers
As a relatively new Layer 1 network, SUI is directly targeting developers. To reach that goal, SUI also organized a hackathon, and is currently judging the submissions.
Shoutout to all of the #SuiOverflow judges who are reviewing hundreds of submissions to determine the winners of the hackathon!Explore the full list of judges here → https://t.co/nRt0JDyzSWReminder: the submission deadline for Sui Overflow is May 31 @ 11:59 p.m. UTC 📆
— Sui (@SuiNetwork) May 23, 2024
Additionally, the SUI team holds regular calls for developers, besides providing resources for training.
SUI introduced Move, a specially created programming language for smart contracts. The main approach to Move is to have built-in exploit prevention, while also targeting beginner programmers.
👋 Ready to learn #Move on Sui?@letsmovesui offers a gamified experience to make learning Move fun and intuitive. The curriculum dives into both the fundamentals and more advanced Sui features like Sui Kiosk, PTBs, and composable NFTs.📚Get started: https://t.co/yMwNb0OE7M pic.twitter.com/b967z7GoEF
— Sui (@SuiNetwork) May 21, 2024
SUI network has set out to build its dedicated pool of developers, similar to Ethereum’s approach of requiring Solidity knowledge. Move is popularized by Sam Blackshear, co-founder and CTO of Mysten Labs.
For SUI, Mysten Labs is the source of infrastructure projects and key features to drive the network’s adoption. SUI is facing the challenge of growing as a non-EVM network, for now not directly compatible with the Ethereum ecosystem. The development path for SUI may be similar to Solana, relying on a loyal user base and enthusiastic developers.
$SUI ranks 3rd amongst all Non-EVM blockchains when it comes to financial activity (TVL and volume)Only $SOL & $BTC do better…but both are way older! pic.twitter.com/SNubx6cIlL
— Matteo.sui (@matteodotsui) May 23, 2024
Similar to Solana, SUI aims for fast, cheap transactions, while working on tools to lower consensus time to a minimum.
SUI Aims for High-Profile Token
As the SUI narrative gained traction during the 2024 bull market, the token also hopes for a breakout.
SUI managed to climb to the top 50 based on market capitalization, while attempting another price recovery in May. After marking peak blockchain activity, SUI reached $1.10, with expectations of recovering from this month’s lows.
SUI peaked at $1.96 in March, after rapidly recovering from lows of $0.38 during the bear market.
Cryptopolitan reporting by Hristina Vasileva