Could hackers be driving Sui's ecosystem growth? Just shy of an all-time high
TechFlow Selected TechFlow Selected
Could hackers be driving Sui's ecosystem growth? Just shy of an all-time high
Sui has recovered from the hacking incident, and publicly traded company Lion has entered the market to purchase over a million SUI tokens.
Navigating Web3 tides with focused insightsAuthor: 1912212.eth, Foresight News
On July 28, SUI briefly broke above $4.44, marking its highest level since January this year. The SUI token has gained over 53% in the past month, achieving four consecutive days of gains since July 24 and four consecutive weeks of gains since June 23. SUI currently has a market capitalization of $14.7 billion, ranking 11th, with an FDV rising to $43.048 billion. Such strong performance from a large-cap protocol token has naturally attracted significant investor attention.
After setbacks in May, how has the Sui ecosystem recovered? What are the reasons behind its strong price momentum?
Sui Has Recovered from the Cetus Hack Incident
On May 22, Cetus, the largest DEX aggregator on the Sui network, suffered a major security breach that drained liquidity pools totaling approximately $223 million. The attacker manipulated pools using fake tokens to cause the loss. However, the response from the Sui community and development team turned the situation around. The Cetus team suspended trading and initiated a recovery plan, eventually recovering between 85% and 99% of the funds. About $162 million in frozen assets were released following a community vote, although the centralization measures related to asset freezing sparked significant controversy within the community. The Cetus protocol restarted in June and plans to shift to a fully open-source model to enhance transparency and security.
Data from defiLlama shows that after the hack, Sui's total TVL dropped to $1.538 billion. As of now, its total TVL has rebounded to $2.296 billion, reaching a new all-time high.
Its DEX trading volume has steadily recovered since June, exceeding $550 million in the past 24 hours, with a weekly increase of over 8.79%.
Among this, Cetus, one of its ecosystem protocols, recorded a 24-hour trading volume of $225.28 million, accounting for half of Sui's entire DEX trading volume, indicating a remarkably rapid recovery.
In terms of stablecoin data, the total market cap stands at $968.38 million, slightly down over the past seven days but still near historical highs. Notably, USDT inflows surged by 21% in the last 24 hours.
Code commits measure the total number of contributions made to a project’s public GitHub repository, reflecting the activity level of codebase updates. According to Terminal data, after a brief negative impact at the end of May and beginning of June, code commit activity quickly rebounded to high levels.
Data indicators show that rather than destroying SUI, the Cetus incident has instead accelerated its maturation.
Listed Company Lion Buys Over 1 Million SUI Tokens
It has become a trend for U.S.-listed companies to use cash reserves to purchase cryptocurrencies. Earlier, Strategy's purchase of BTC generated massive returns, prompting widespread imitation, followed by growing corporate holdings in ETH, SOL, ENA, and others.
In June 2025, Nasdaq-listed Lion Group Holding Ltd. (LGHL) purchased SUI, SOL, and HYPE tokens, expanding its crypto asset reserves to $9.6 million. Data shows Lion Group acquired 356,129 SUI tokens.
Although Lion is a micro-cap company with a market value of only millions of dollars, its actions carry notable symbolic significance despite limited scale.
On July 24, according to SEC filings, Nasdaq-listed Lion Group increased its SUI holdings, bringing its total position to 1,015,680 tokens. At the current price of $4.25, this stake is worth approximately $4.316 million.
Previously, U.S.-listed company Everything Blockchain Inc. (EBZT) announced plans to allocate $10 million across five blockchain networks: Solana (SOL), XRP, Sui (SUI), Bittensor (TAO), and Hyperliquid (HYPE).
As crypto assets increasingly penetrate mainstream finance, SUI's Layer-1 positioning is attracting listed companies seeking high growth. If more corporations follow suit in the future, SUI’s liquidity and price stability will further improve.
SUI Spot ETF Could Be Approved
The potential approval of a SUI spot ETF marks a key step in cryptocurrency’s path toward mainstream adoption. Currently, the U.S. Securities and Exchange Commission (SEC) has officially initiated its review of Canary Capital’s SUI spot ETF application, filed in March 2025 and deferred by the SEC in June, with the review period extendable up to 240 days. 21Shares’ SUI ETF is also on a similar review track, with the 19b-4 filing submitted by Nasdaq entering evaluation in June.
Following the inflow patterns seen with Bitcoin and Ethereum spot ETFs, the approval of a SUI spot ETF would undoubtedly boost market confidence and have a positive impact on the token’s price.
In June this year, Bloomberg senior ETF analyst Eric Balchunas estimated a 60% chance of SUI ETF approval.
Earlier this year, asset manager VanEck published a report predicting SUI could capture a 5.5% market share, reaching a market cap of about $61 billion. Based on an expected circulating supply of 3 billion tokens, the price per token could reach $16. Yesterday, Twitter KOL 0x0xFeng tweeted, “SUI should be set to hit new highs.”
In this altcoin bull market, SUI may continue to lead the market.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
Foresight News
