Sui Q2 and Q3 2024 Report: 80% Performance Boost, TVL Surpasses $1 Billion — A Milestone Quarter for Sui
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Sui Q2 and Q3 2024 Report: 80% Performance Boost, TVL Surpasses $1 Billion — A Milestone Quarter for Sui
Projects built on Sui raised a total of $16.3 million in the second and third quarters of 2024, representing a 41.7% increase compared to the previous two quarters.
Navigating Web3 tides with focused insightsAuthor: Jake Koch-Gallup
Translation: TechFlow
Key Insights
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Sui launched the Mysticeti consensus mechanism, reducing consensus latency by 80%—achieving just 390 milliseconds at 100,000 transactions per second (TPS)—significantly enhancing efficiency.
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Sui integrated Circle’s USDC and plans to adopt Circle’s Cross-Chain Transfer Protocol (CCTP). This collaboration drove Sui’s market cap up 139% quarter-over-quarter to $4.8 billion, rising to the 21st largest cryptocurrency by market capitalization.
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On May 30, 2024, Sui reached a record high of 2.2 million active addresses. On the same day, 9.3% of the token supply was unlocked, flooding newly released tokens into the market and triggering a surge in transaction and transfer activity.
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Over the past two quarters, Sui’s DeFi total value locked (TVL) grew 42% to reach $1 billion. This growth was partly driven by new features and ecosystem funds from DeFi protocols like NAVI, Scallop, and Cetus, alongside a 117.1% price increase in SUI from Q2 to Q3.
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Projects built on Sui raised $16.3 million in Q2 and Q3 of 2024, a 41.7% increase compared to the prior two quarters. Funded projects include Ambrus Studio, XOCIETY, and RECRD.
Introduction
Sui (SUI) is a delegated proof-of-stake (DPoS) Layer 1 blockchain designed for high scalability and low-latency transactions, aiming for mass user adoption. The core development team, Mysten Labs, was founded in 2021 by Evan Cheng, Sam Blackshear, Adeniyi Abiodun, Kostas Chalkias, and George Danezis. These founders previously led Meta's blockchain initiatives Diem and Novi and bring experience from top institutions including Apple, Alan Turing Institute, Microsoft, R3, and Oracle. Mysten Labs raised $336 million in funding during 2021 and 2022, and approximately $49 million through public token sales on KuCoin, OKX, Bybit, and BitForex in 2023. Sui launched its mainnet in May 2023.
Sui’s technical architecture features several innovations, including an object-centric data model, the Mysticeti consensus mechanism, the Sui Storage Fund, and the Sui Move programming language. Sui Move, developed by Mysten Labs co-founder Sam Blackshear based on the Move language he helped create at Novi, offers greater flexibility and security than other Web3 programming languages. Unlike Solidity, which relies on sequential transaction processing, Sui Move’s object-centric model enables parallel transaction execution, improving efficiency. Moreover, five of the OWASP Top 10 vulnerabilities are impossible in Move, while three others are partially mitigated.
Additional protocols and products have been launched on Sui to improve user onboarding and experience, including sponsored transactions, allowing gas fees to be paid by third parties; zkLogin, enabling Sui users to transact using OAuth credentials; Sui Bridge, a native cross-chain interoperability bridge; and Sui Kiosk, a decentralized system for commercial applications. The development of the Sui ecosystem is led by the Sui Foundation, with Mysten Labs serving as the original contributor to the Sui blockchain protocol. For a comprehensive introduction to Sui, see our full coverage report.
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Key Metrics
Financial Analysis
In Q1 2024, the broader crypto market grew 63.6%. However, the market cooled in Q2, declining 16.4% overall. SUI followed this trend, with its circulating market cap decreasing 15.7% quarter-over-quarter in Q2. By September 2024, however, SUI broke this downtrend, seeing its circulating market cap surge 133.3% within a single month. This growth was primarily driven by the integration with USDC and CCTP, along with the launch of the Grayscale Sui Trust. As of the end of Q3 2024, SUI’s circulating market cap reached $4.8 billion, up 139.4% quarter-over-quarter, rising to 21st place in crypto market capitalization rankings. Although the May 2024 token unlock released 10.19% of the total supply, creating temporary downward price pressure, prices subsequently recovered in line with market cap growth.
Fees on the Sui network consist primarily of gas fees generated from transactions, covering computation costs and non-refundable storage fees. These fees are ultimately distributed to network validators. Following the spike in transaction activity after the May 2024 token unlock, Sui’s total fees hit a record high of $1.1 million (approximately 1 million SUI) in Q2. As market activity subsided from initial post-unlock highs, fees declined 31.8% quarter-over-quarter in Q3 to $750,400 (approximately 789,900 SUI).
SUI has a fixed total supply of 10 billion tokens, with 1 billion specifically allocated for staking rewards. As of the end of Q3 2024, the annualized inflation rate stood at 0.44%, relative to the remaining 9 billion tokens. This rate will decrease by 10% every quarter until all staking reward tokens are fully distributed.
Beyond staking rewards, token unlocks represent another major source of inflationary pressure. As of the end of Q3 2024, 26.8% of the total SUI supply had been distributed—up 10.3% from Q2 and 117.9% from Q1.
Key unlock events include:
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Ecosystem: 147.5 million SUI (worth ~$262.6 million) unlocked for community reserves.
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Public Sale: 34.6 million SUI (worth ~$61.6 million) unlocked for community access programs.
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Total: 182.1 million SUI (worth ~$324.1 million as of September 30, 2024), representing 2.02% of total unlocks and 1.82% of total supply.
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Team: 109.4 million SUI (worth ~$194.7 million) unlocked for early contributors.
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Investors: 496 million SUI (worth ~$882.8 million) for Series A investors; 231.9 million SUI (worth ~$412.7 million) for Series B investors.
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Total: 837.2 million SUI (worth ~$1.49 billion as of September 30, 2024), representing 9.30% of total unlocks and 8.37% of total supply.
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These unlock events significantly increased SUI’s circulating supply, further influencing shifts in market trading activity.
In Q2 and Q3 of 2024, a total of 1.45 billion SUI tokens were unlocked (worth ~$2.58 billion as of September 30, 2024), representing 14.5% of the total supply. As of the end of Q3 2024, 78.8% of the stakable supply was staked, down 2.3% from the previous quarter. It should be noted that even locked tokens can participate in staking and earn liquid staking rewards. Therefore, SUI’s stakable supply is based on total supply, not circulating supply. Due to the high staking rate, SUI’s annualized real yield was slightly negative at -0.31%.
Network Analysis
Usage
Sui network activity, measured by daily transaction volume and daily active addresses, rebounded sharply following major token unlock events in May 2024. In Q2 2024, average daily transaction volume surged 385% quarter-over-quarter to 7.1 million, but declined 53.6% in Q3 to 3.3 million. Daily active addresses rose 2,126% quarter-over-quarter in Q2 to 490,600, then increased a further 31.6% in Q3 to 645,500.
Over the past two quarters, Sui’s single-day transaction volume peaked at 37.5 million on May 4, 2024, due to two primary factors:
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Incentives from the SPAM Sui app: The app encouraged users to send large volumes of transactions on Sui in exchange for SPAM tokens. At peak volume, 82.7% of transactions originated from SPAM Sui users.
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Token unlock momentum: The first token unlock event on May 3, 2024 (event) prompted massive transfers and trades of newly unlocked tokens, further stimulating transaction activity.
Daily active addresses peaked around the second SUI token unlock on May 30, 2024, reaching 2.16 million on that day. Later, in September 2024, active addresses rose again following the launch of the Grayscale Sui Trust and the announcement of USDC and CCTP integration.
Despite the significant increase in transaction volume, Sui’s average transaction fee dropped 59.7% in Q2. Fees rose modestly in Q3, increasing 62.9% quarter-over-quarter, but average transaction cost remained extremely low at 0.0026 SUI (~$0.0024), making millions of daily transactions highly affordable. Beyond ultra-low gas fees, Sui supports sponsored transactions to eliminate user gas costs. For example, via Shinami’s Gas Station API, monthly sponsored transactions on Sui’s mainnet peaked at 41 million in its first year, with sponsorship coverage reaching up to 87% via Shinami’s node services.
Additionally, earlier quarterly initiatives such as Mysten Labs’ Quest campaigns (Quest 1, Quest 2, and Quest 3), along with product launches like DeepBook and zkLogin, contributed significantly to the growth in Sui’s transaction volume and active addresses.
Security & Decentralization
Total staked SUI has gradually declined from a Q1 2024 peak of 8.3 billion (83% of stakable supply) to 7.9 billion by Q3, down 2.7% in Q2 and another 2.3% in Q3. However, due to rising SUI prices, the dollar-denominated total staked value followed a different trajectory, increasing 112% quarter-over-quarter to $14 billion. This made Sui the third-largest blockchain network by staked market cap.
Since launch, the number of active validators on Sui has remained largely stable, growing slightly from 104 to 108. Because the Sui Foundation and Mysten Labs hold large amounts of SUI tokens on behalf of the ecosystem, they’ve been able to distribute stakes more evenly among validators, enhancing network decentralization. As of the end of Q3 2024, Sui’s Nakamoto coefficient stood at 16, higher than the median across many proof-of-stake networks, indicating strong decentralization and security.
Upgrades & Roadmap
Sui frequently rolls out protocol upgrades. From version 41 in Q2 2024 to version 59 by the end of Q3, several key features were introduced:
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Native Randomness: Leverages threshold cryptography and distributed key generation (DKG) to provide unpredictable, tamper-proof, and fast random number generation, enhancing fairness and security.
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Elliptic Curve Operations: Introduces elliptic curve operations into the Move programming language, supporting advanced cryptographic functions and strengthening dApp security.
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Programmable Transaction Blocks (PTBs): Upgraded PTBs now only allow TransferObjects or MergeCoins operations after commands involving randomness, ensuring consistent transaction logic.
In early 2024, Sui announced a consensus upgrade expanding its Narwhal-Bullshark consensus algorithm. The Mysticeti consensus mechanism went live on mainnet in August 2024, significantly boosting performance. At 100,000 TPS, consensus latency dropped by 80% to 390 milliseconds, while also reducing CPU demands on validators. Researchers tested Mysticeti with 50 validator nodes: latency was 400ms at 100,000 TPS, 500ms at 200,000 TPS, and 1 second at 400,000 TPS.
Mysticeti further optimizes transaction processing by distinguishing between “owned objects” and “shared objects,” reducing communication overhead among validators while maximizing bandwidth utilization, thereby improving overall throughput.
These upgrades have enhanced Sui’s network performance while reinforcing its strengths in decentralization and security.
In July 2024, Sui launched its indexing framework—a flexible data ingestion framework enabling developers to build customized access to on-chain data. Through this framework, developers can collect raw and derived datasets to create tailored data streams, improving data processing flexibility and efficiency.
In the same month, Sui announced integration with Amazon Web Services (AWS) Blockchain Node Runner. This collaboration allows developers to easily deploy and manage full Sui nodes in AWS’s cloud environment, leveraging AWS’s high availability, scalability, and reliability to enhance node stability.
September 2024 Updates
Sui announced plans to integrate Circle’s native USDC stablecoin and Cross-Chain Transfer Protocol (CCTP). On October 8, 2024, native USDC officially launched on Sui, making Sui the first Move-based blockchain to support native USDC. Future integration of CCTP will enable secure, permissionless cross-chain transfers of USDC across multiple blockchains, including Arbitrum, Base, Ethereum, and Solana.
Additionally, Sui Bridge went live on mainnet on the final day of Q3, adding a critical native functionality for cross-chain interoperability. Initially supporting asset transfers between Sui and Ethereum, it will gradually expand to include more tokens, assets, and blockchains. During testnet, Sui Bridge attracted 24,000 unique Ethereum addresses through incentive programs, completing over 184,000 transactions.
Sui plans to collaborate with more protocols to fully integrate Circle’s CCTP and continue upgrading its network. Network releases are scheduled months in advance. Additionally, Sui aims to unify exclusive objects under Mysticeti in Q4 2024 to further optimize performance.
Ecosystem Overview
Decentralized Finance (DeFi)
Sui’s DeFi ecosystem saw significant growth over the past two quarters. Its total value locked (TVL) rose from $592 million in Q2 to $1 billion by the end of Q3, surpassing the $1 billion milestone for the first time. When including liquid staking and double-counting, Sui’s DeFi TVL grew 82.5% quarter-over-quarter to $1.26 billion by Q3. However, TVL denominated in SUI declined from 723 million to 555 million, indicating that dollar-denominated growth was largely driven by the rise in SUI’s token price. During this period, SUI appreciated 117.1%, from $0.82 to $1.78. Over the longer term, from Q1 to Q3, Sui’s TVL in SUI increased 50.8%, reflecting organic expansion of the DeFi ecosystem.
As of Q3 2024, lending protocol NAVI became the largest TVL protocol on Sui, with $374.7 million in TVL, capturing 29.8% of the market share. In April 2024, NAVI launched the NAVI X ecosystem fund, allocating 10 million NAVX tokens to support innovation and growth in the DeFi ecosystem. In August, NAVI launched NAVI Pro, offering a more user-friendly interface, advanced DeFi strategies, and higher yields. Additionally, NAVI introduced LST leverage strategies, leveraging liquid staking tokens to boost capital efficiency.
Lending protocol Scallop reported $168.8 million in TVL at the end of Q3, holding 13.4% market share. In July, Scallop launched Wrapped sCoins to improve visibility and utility across Sui wallets and platforms. Additionally, Scallop surpassed $80 billion in cumulative borrowing volume during Q3.
Lending protocol Suilend had $168.5 million in TVL at the end of Q3, also capturing 13.4% market share. Developed by the Solend team, Suilend marks Solend’s first expansion beyond the Solana ecosystem. Suilend launched a points program rewarding deposits, distributing 10 million points daily recorded as non-transferable tokens on the Sui blockchain.
Sui’s average daily decentralized exchange (DEX) trading volume declined gradually from a Q1 2024 peak of $73.2 million, down 0.8% in Q2 and another 32.9% in Q3 to $48.7 million. Cetus and DeepBook led with average daily volumes of $34.6 million and $16.4 million respectively. Other notable DEXs include Turbos ($7.5 million), KriyaDEX ($862,500), and FlowX Finance ($623,300).
Sui’s leading DEX, Cetus, ended Q3 with $169.3 million in TVL, representing 13.5% market share. In Q2, Cetus surpassed 1.2 million users with over $8.8 billion in total trading volume. It launched Cetus limit orders and announced the Cetus Aquarium incubator program in partnership with the Sui Foundation. In Q3, Cetus introduced Cetus Plus, a new swap aggregator on Sui that enhances the DeFi experience through improved order routing, splitting capabilities, and faster swap responses. Cetus also launched the beta version of Cetus DCA, offering users dollar-cost averaging strategies.
As of the end of Q3, Sui’s native liquidity layer DeepBook had accumulated over $500 billion in trading volume. DeepBook has been integrated into numerous protocols, including Cetus, Kriya, FlowX, and Hop Aggregator. Its V2 was used by 740,000 wallets across 100 million transaction blocks. DeepBook V3 launched on October 14, 2024, introducing dynamic fees, improved gas efficiency, flash loans, cross-pool shared liquidity, and the DEEP token. As of October 31, DeepBook V3’s TVL stood at $22.58 million, with $89.23 million in cumulative volume. DEEP debuted at $0.0176 with 2.5 billion in circulating supply (25% of total), and had risen 204.6% to $0.0536 by October 31. Active traders (market makers) can stake deeply across pools to receive lower taker fees, maker rebates, and governance rights. The launch of DEEP boosted activity across Sui’s DeFi ecosystem, with Cetus facilitating an average of $17.3 million in daily DEEP trading volume. With new token launches, Sui’s DeFi transaction infrastructure is expected to evolve alongside expanding asset utility.
Sui’s leading Perps protocol, Bluefin, had $17.2 million in TVL at the end of Q3. In July 2024, Bluefin announced the launch of its governance token BLUE after receiving funding from Flow Traders.
Other notable DeFi protocols on Sui include Aftermath Finance, a DEX aggregator, liquid staking, and liquidity mining protocol; Haedal, a one-click liquid staking platform; and AlphaFi, a yield aggregator.
Other DeFi-related developments in Q2 and Q3 2024 included the launch of Fordefi’s institutional-grade MPC DeFi wallet, Netki’s compliance oracle, First Digital’s FDUSD stablecoin, and Agora’s AUSD stablecoin.
Consumer Applications
Gaming
In Q2 and Q3 2024, Sui expanded beyond DeFi, making notable progress in consumer-facing applications such as gaming, NFTs, and DePIN.
At Korea Blockchain Week in September 2024, Sui announced SuiPlay0X1, a handheld gaming device supporting both blockchain-native and traditional games. Scheduled for release in early 2025, SuiPlay0X1 will run PlaytronOS, a Linux-based optimized gaming OS supporting multiple game stores including Steam, Epic Games Store, and GOG.com. It will feature built-in Sui zkLogin and Sui Kiosk SDK, directly linking asset ownership to the device’s account system. Pre-orders start at $599, accepting payments in SUI, SOL, or ETH.
SWAYE, a Web3 gaming platform on Sui, launched its first game in May 2024. OG Battlefront is an arcade-style Telegram game designed to be "the most accessible Web3 game" using account abstraction, Telegram’s API, and AI.
DARKTIMES, a blockchain-based Norse fighting game backed by Animoca Brands and developed by Animoca’s Blowfish Studios, previewed its pre-alpha test at Korea Blockchain Week. It launched the TIMES token in September 2024 and plans to begin alpha testing in November 2024.
XOCIETY, a popular shooter game with RPG elements developed by NDUS Interactive, plans to launch early access in November or December 2024. Built on Unreal Engine 5 with PvP and PvE gameplay, it leverages Sui’s dynamic NFTs for in-game asset ownership.
Sui partnered with ONE Championship, the world’s largest martial arts organization, to integrate its technology into ONE Fight Arena. ONE Fight Arena is a Web3-enabled mobile game developed by Animoca’s Notre Game, scheduled for release in Q1 2025.
NFTs
Since launch, total NFT trading volume on Sui has reached 13.3 million SUI, up 16.7% from Q1 2024. Leading marketplaces include Clutchy (5.7 million SUI), TradePort (2.5 million SUI), and BlueMove (2.2 million SUI). Top NFT collections by volume include Fuddies (3.6 million SUI), SuiFrens: Bullsharks (1.9 million SUI), SuiFrens: Capys (1.4 million SUI), Prime Machin (735,000 SUI), DeSuiLabs (698,000 SUI), Gommies (539,000 SUI), Egg (392,000 SUI), and DSL Legacy (329,000 SUI).
Sui Generis, rebranded from the Tombheads NFT auction house, migrated from the Sonic blockchain and launched on Sui in April 2024. Sui Kiosk is used to enforce royalties, restrict trading, and create soulbound NFTs. The team also partnered with Aftermath Finance to develop fractionalized NFTs for its S1 Collection.
Artfi, an art investment platform, allows individuals to purchase shares in premium artworks by dividing them into 10,000 individually numbered NFT fractions. Originally operating on Polygon, Artfi transitioned to Sui in late May 2024. Artfi launched the ARTFI token on June 17, 2024, used to pay marketplace fees and reward stakers.
Meanwhile, multi-chain NFT marketplace and aggregator Hyperspace announced it would cease operations on Solana and Sui Layer-1 blockchains effective September 17, 2024. During its operation, Hyperspace achieved 1.7 million SUI in total NFT trading volume on Sui.
Other Use Cases
BytePlus, a subsidiary of TikTok parent company ByteDance, partnered with Sui in April 2024, marking its first step into blockchain. BytePlus will collaborate with Mysten Labs to adapt its recommendation solutions, augmented reality products, and other services to the Sui blockchain.
Innovation-driven manufacturing firm 3DOS announced in September 2024 the integration of its global 3D printing network with the Sui blockchain. This integration will enable peer-to-peer connections globally between users, 3D printers, and manufacturers, with 3DOS aiming to build the world’s largest distributed 3D printing network.
AI startup Atoma Network announced integration with Sui to offer AI inference services for developers, including automated code generation, workflow automation, and risk analysis for DeFi protocols, helping developers leverage AI more efficiently in blockchain applications.
Institutional Interest
In Q2 and Q3 2024, Sui attracted growing institutional interest. Grayscale launched the Grayscale Sui Trust in September 2024, an investment product for qualified investors. Following this news, SUI’s token price rose 89% by the end of Q3.
In June 2024, UK-based digital asset custodian Copper partnered with Sui to gradually expand its custody capabilities. The phased collaboration includes custody support for SUI and native Sui tokens, with future support for staking and DeFi connectivity.
Zero Hash, a cryptocurrency and stablecoin platform, integrated with Sui in July 2024, enabling enterprises to embed Sui technology for value transfers between fiat, crypto, and stablecoins. Institutional Zero Hash clients—including Stripe, Shift4, and Franklin Templeton—can now utilize SUI tokens in their operations.
Infrastructure
Mysten Labs announced the launch of Walrus in June 2024, a decentralized blob storage network powered by Sui, designed for blockchain applications and autonomous agents. Walrus aims to deliver cost-effective, highly resilient data storage. Mysten Labs released a developer preview in July, currently storing over 22 TB of data. From August to October, they hosted a virtual hackathon called Breaking the Ice, bringing together over 200 developers building apps on Walrus. Prominent Web3 media outlet Decrypt announced in September that it would store 100% of its content inventory on Walrus.
In September 2024, Mysten Labs published the Walrus whitepaper and outlined the following roadmap:
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Walrus will become an independent decentralized network and launch its native utility token WAL.
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Walrus will operate via a proof-of-stake mechanism driven by WAL tokens, with storage nodes responsible for network operations.
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A standalone Walrus Foundation will be established to drive technological development and ecosystem expansion.
In May 2024, Mysten Labs enhanced Sui’s social login primitive zkLogin with multi-signature recovery and Apple account support. These updates provided users with additional account recovery options and enabled iOS apps to seamlessly support Sui wallet creation. zkLogin allows users to create Sui addresses using Google, Facebook, or Apple social logins without handling sensitive cryptographic material.
In June 2024, Sui Name Service (SuiNS) introduced sub-names and a new naming standard. The shift from .sui suffixes to @ prefixes enables smoother bridging between Web2 and Web3, with sub-names allowing hierarchical identities (e.g., @gia creates games@gia). This update came with an improved website and user experience. In August 2024, SuiNS announced its move toward decentralization with plans to launch SuiNS governance tokens. NS tokens have not yet launched, and an official release date has not been announced. Potential future enhancements include shorter name registrations, NFT avatar generators, dynamic widgets, auction systems, and fiat on-ramps.
Sui partnered with Google Cloud to enhance security, scalability, and AI capabilities for Web3 applications. Key initiatives include integrating Sui blockchain data into BigQuery public datasets for analytics, using Google Cloud’s generative AI platform Vertex AI to assist Web3 developers with debugging and code generation, and developing AI-powered code audit tools for security. The partnership also leverages Google Cloud’s infrastructure for scalability and integrates zkLogin to bridge traditional and decentralized applications.
Development & Growth
In Q2 2024, three Sui-based projects announced funding rounds totaling $15.3 million, up 33.6% from $11.5 million in Q1. Venture funding cooled in Q3, with only two projects announcing a combined $1 million. Projects funded over the past two quarters include Ambrus Studio, XOCIETY, and RECRD, with the SUI Foundation participating as an investor.
Sui Basecamp (April 2024): Sui’s largest community event took place in Paris, attracting over 1,100 participants from 65 countries. Over two days, the event hosted 44 sessions with over 100 speakers, focusing on Sui’s growth in gaming and DeFi. Attendees engaged in panel discussions, networking, and hands-on workshops to explore the future of the Sui network.
Sui Foundation Grant Recipients (March/April 2024): Ten projects received grants to accelerate Sui’s development, eight of which focused on improving developer experience through better tools such as new integrated development environments (IDEs) and zero-knowledge proof technologies. Notable recipients include Alphaday, Birdeye, Spark Payments, and SWAYE.
DeFi Incubators (May 2024): Sui DEX Cetus and Aftermath Finance launched new incubators, initially funded with $2 million from the Sui Foundation to support early-stage projects. These incubators aim to foster innovation by providing emerging teams in DeFi with resources, mentorship, and financial backing.
SUI Academic Research Awards (June 2024): Proposals from 19 universities, including UC Berkeley, Yale, NYU, and EPFL, were accepted. Topics focus on blockchain technology, smart contract programming, and Sui-based products. The Sui Foundation committed an additional $1 million to fund further research on topics such as zero-knowledge proofs and consensus protocols.
Sui Overflow Hackathon (March–June 2024): Sui’s inaugural global hackathon received over 350 project submissions from 79 countries, resulting in 32 winners. Top projects included Pandora Finance (consumer), Hop Aggregator (DeFi), and AresRPG (gaming).
Sui Foundation Grant Recipients (May/June/July 2024): Ten projects received grants covering areas such as advanced analytics, DeFi, and game development. Recipients include Belong.net, Gamifly, Goldsky, Var Meta’s Unity SDK for Sui, and Verichains’ Sui Move Decompiler.
RFP Grant Recipients (July 2024): The first cohort of Sui’s Request for Proposals (RFP) program was announced. Selected projects include Byzantion Inc.’s minting infrastructure, HashCase’s loyalty platform, and Arden Lab Inc.’s consumer engagement platform.
Sui Builder House: Singapore (September 2024): This one-day event in Singapore brought together over 600 participants from various communities and industries, featuring major announcements about the future of the Sui ecosystem, networking, and discussions.
Summary
Over the past six months, Sui has rolled out several major upgrades and expanded its ecosystem. With the introduction of the Mysticeti consensus mechanism, Sui reduced network consensus latency by 80%, achieving 390 milliseconds at 100,000 TPS under heavy load. Meanwhile, Sui’s cross-chain capabilities have significantly improved with the launch of Sui Bridge and integration of Circle’s native USDC stablecoin, with plans to support Circle’s CCTP functionality in the future. These technical advancements have supported steady growth in Sui’s DeFi ecosystem, where total value locked (TVL) grew 42% to $1 billion, driven by the rise in SUI’s token price and new features from DeFi protocols like NAVI, Scallop, and Cetus. On May 30, 2024, Sui’s network reached a historical peak of 2.16 million active addresses, coinciding with the day’s token unlock event.
Institutional interest in Sui continues to grow. For instance, Grayscale launched an investment trust dedicated to Sui, while partnerships with companies like Copper and Zero Hash have strengthened its position in the institutional market. In Q2 and Q3 2024, projects built on Sui raised $16.3 million in funding, a 41.7% increase compared to the prior two quarters. Furthermore, Sui continues to expand its technical capabilities and ecosystem scale through collaborations with Google Cloud and the launch of infrastructure projects like Walrus. Looking ahead, Sui plans to partner with more protocols to fully integrate Circle’s CCTP and continuously optimize network performance to better serve developers and users.
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This report was commissioned by the Sui Foundation and independently produced by the author. The views expressed do not necessarily reflect those of Messari, Inc. or the commissioning party. The commissioning entity has no influence over editorial decisions or content. The author may hold cryptocurrencies mentioned in this report. This report is for informational purposes only and is not intended as investment advice. You should conduct your own research and consult independent financial, tax, or legal advisors before making any investment decisions. Past performance of any asset is not indicative of future results. Please refer to our Terms of Use for more information.
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