Sui Ecosystem Data Report: Active Addresses Surpass 8.4 Million, Cross-chain Inflows Approach $1 Billion Over Past 3 Months
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Sui Ecosystem Data Report: Active Addresses Surpass 8.4 Million, Cross-chain Inflows Approach $1 Billion Over Past 3 Months
SUI token price surged nearly fourfold, entering the top 20 digital assets by market capitalization.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Translation: TechFlow
Editor's Note:
Welcome to a new chapter in our ecosystem special series!
Today, we present the second issue, focusing on Sui—a high-performance blockchain theoretically capable of processing up to 297,000 transactions per second.
Since our last update in August, the Sui ecosystem has undergone remarkable transformations: the SUI token price surged nearly fourfold, entering the top 20 digital assets by market cap; a new native cross-chain bridge launched, potentially becoming the largest conduit for ETH inflows into Sui; and USDC, the world’s second-largest stablecoin, officially went live on the Sui network. Additionally, Sui’s monthly active users reached a record high of 7.1 million in November, further solidifying its position as a powerful and sustainable blockchain network.
This edition provides an in-depth analysis of these developments and more on-chain data. Amid the current surge in the broader crypto industry, Sui stands out as one of the central forces driving this electrifying era.
Now, let’s dive deep into Sui’s ecosystem growth!
Sui Special Issue
Sui Ecosystem Accelerates Expansion: Active Addresses, New Wallets, and TVL Grow Together
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Sui’s monthly active addresses have steadily grown over the past three months, now surpassing 8.4 million. This trend indicates that Sui is not only attracting new users effectively but also enhancing user engagement and participation within the ecosystem.
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The daily creation of new wallets continues to rise, marked by significant spikes. For example, in mid-September, daily new wallet creations exceeded 400,000, while recent averages remain above 200,000. This data fully reflects Sui’s appeal to new users and the strong momentum behind its ecosystem expansion.
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Sui’s total value locked (TVL) hit a new all-time high near $2.3 billion in mid-November. Within just three months, TVL surged from less than $400 million in August to nearly $2 billion, showcasing rapid ecosystem growth and widespread adoption. Currently, SUI’s market cap stands at $10 billion, with a daily trading volume of approximately $250 million, firmly establishing Sui as a major player in the DeFi landscape.
Cross-Chain Bridges
Nearly $1 Billion in Cross-Chain Flows Over 3 Months: Sui Emerges as a Multi-Chain Hub
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In the past three months, the Sui ecosystem attracted $944.8 million in cross-chain inflows, with Ethereum dominating at 89.6% ($856.6 million). Solana followed with $80.15 million (8.39%). Sui now ranks sixth in blockchain inbound capital flows, trailing only Ethereum, Arbitrum, and Solana, highlighting its rising potential as a decentralized liquidity hub.
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The chart shows that since August, over $930 million has flowed into Sui via the Wormhole bridge. Notable peaks occurred in mid-August and late October, with consistent inflows overall. This trend reflects both Sui’s cross-chain appeal and its growing centrality within the multi-chain ecosystem.
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The Sui Bridge, launched on mainnet at the end of September 2024, offers users a native asset bridging channel to securely transfer assets between Sui and Ethereum, secured by Sui’s validator nodes. Since launch, daily ETH inflows via Sui Bridge have continuously increased, gradually overtaking Wormhole and now accounting for about 43% of Sui’s daily ETH inflows, underscoring its growing importance in the ecosystem.
Sui (internal)
Walrus
Walrus Testnet Has Stored Nearly 300,000 Blobs
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Walrus is a decentralized storage and data availability protocol built on Sui, currently operating on testnet. Designed specifically for efficient handling of unstructured data (blobs), it enables ultra-fast, high-efficiency storage of massive datasets, laying a solid foundation for scalable, resilient storage across an independent node network. Since its testnet launch on October 17, 2024, Walrus has stored nearly 300,000 blobs (individual unstructured data objects) and triggered over 660,000 related operations, demonstrating robust data processing capabilities.
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Data reveals Walrus’s exceptional storage efficiency. While registered blob sizes remain under 1TB, actual peak storage capacity has exceeded 17TB—achieving an impressive 17x optimization ratio. Even amid fluctuating demand, actual storage far exceeds registered blob sizes, showcasing Walrus’s ability and potential for large-scale data storage at low cost.
Sui (internal)
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Since testnet launch, Walrus’s cumulative storage has consistently climbed, reflecting rapid network expansion and growing user demand. In November, Tusky (formerly Akord) launched a new application offering decentralized storage with end-to-end encrypted file storage services. This app significantly boosted data storage volume on Walrus and further strengthened its technical advantages in security and privacy protection.
Sui (internal)
SuiNS
NS Token Launches; Users Have Created 263,000 SuiNS Names
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The Sui Name Service (SuiNS) provides Sui users with simple @name-format human-readable, easy-to-remember Web3 names. These names are linked to users’ blockchain addresses, greatly simplifying account identification and delivering a smoother user experience. Since launch, SuiNS has attracted over 263,000 name creations, becoming an indispensable part of the Sui ecosystem.
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On November 14, 2024, the NS Token officially launched, marking the beginning of SuiNS’s community governance mechanism. Of the 500 million total $NS tokens, 10% were airdropped to active community members to incentivize participation in ecosystem development. The introduction of NS Token energized the governance framework, enabling holders to collectively shape the platform’s future. On the day of launch, active addresses hit a record high above 100,000. Additionally, transaction volume on the SuiNS contract has surpassed 200,000 since then, reflecting rapid ecosystem growth.
Stablecoins
USDC Launch Pushes Sui Stablecoin Market Cap Past $440M; Now at $345M
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The ongoing expansion of Sui’s stablecoin ecosystem is profoundly impacting DeFi and unlocking new possibilities. USDC stands out, with daily trading volume exceeding $3 billion in mid-November, leading all stablecoins in trading activity. USDT also performs steadily, supporting sustained ecosystem growth. Smaller stablecoins like Agora and Ondo add diversity, reflecting a healthy and expanding stablecoin landscape on Sui. The latest addition is fdUSD, issued by First Digital Labs, further enriching stablecoin options.
Sui (internal)
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On October 8, 2024, Circle-launched native USDC went live on Sui’s mainnet, allowing users to use it directly without relying on bridges. In under two months, native USDC circulation on Sui surpassed $100 million on November 7. By November 22, total native USDC supply on Sui reached $106.2 million, demonstrating rapid growth and strong demand.
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As of November 24, stablecoin market cap on Sui had declined to $344.94 million, down from a historical peak near $440 million in October. USDC maintains dominance with a 62.46% market share, underscoring its role as the core stablecoin in Sui’s ecosystem. Despite recent fluctuations, overall performance reflects resilience and strong fundamentals in Sui’s DeFi stablecoin activity, setting solid conditions for future growth.
DeepBook
DeepBook’s DEEP Token Surges 400% Since Launch
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DeepBook, a centralized limit order book running on the Sui blockchain, has driven $5.5 billion in cumulative trading volume since launch. Version V3, live for six weeks, is gradually showing increasing usage. Weekly trading volume data shows V3 achieved a three-month high of $23 million after launch—though still below April and May’s all-time highs—indicating growing market acceptance and confidence in the new version.
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Data on DeepBook V3’s token distribution shows Sui and USDC account for 78.6% of total value locked (TVL), reinforcing their central roles within the platform’s ecosystem.
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Since launching on mainnet on October 14, 2024, DeepBook’s $DEEP governance token has demonstrated significant market activity. As early as March 28, 2024, the team initiated an airdrop campaign by distributing DBClaim NFTs. Users could unlock these NFTs and claim token rewards once $DEEP became tradable. To incentivize community participation, DeepBook allocated 10% of the 10-billion-token supply to active users—an effective move that boosted community engagement and early platform growth.
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