Analyzing the Current Status and Development Suggestions of the Sui Ecosystem from Multiple Perspectives

The Sui mainnet has been online for nearly a month. As a representative of public chains based on the Move language and one of the most discussed non-EVM Layer 1 public chains, Sui currently has mixed reviews in public opinion. As an observer who has long followed and invested in the Sui ecosystem, it is necessary to objectively analyze the current state of the Sui ecosystem. This article will explore the development of the Sui ecosystem from the perspectives of data, applications, and events.

Fundamental Analysis on the Sui Chain

Total Asset Liquidity Situation

Currently, the TVL on the Sui chain is approximately $19 million, with a peak of $36 million in the past month. The largest application for TVL on the chain is the decentralized exchange Cetus, accounting for over 65%, followed by Turbos. Over 60% of the TVL consists of stablecoins.

Sui's trading volume on the 7th was at least 32.37 million USD, ranking 20th among all public chains, mainly from the Cetus exchange.

On-chain activity status

Sui on-chain data for the past 7 days:

• Total transactions: 1.129 million
• Total number of Objects ( includes smart contracts, Tokens, NFTs, etc. ): 8.3 million+
• Daily active addresses: 22,000
• Total active addresses: 570,000

Recently, on-chain activity has shown a downward trend, mainly fluctuating with the IDOs of several important ecological projects and DeFi activities.

$Sui liquidity situation

Sui adopts DPOS consensus, with a current circulation of approximately 528 million $Sui and a staking amount of 7.29 billion. Although the circulating market cap exceeds $500 million, the actual on-chain liquidity is much lower. Most $Sui is in a non-staked state, primarily concentrated in centralized exchanges, with only a small amount used for on-chain activities.

Currently, the average annualized yield for Sui staking is less than 6%, which is not attractive to investors. Additionally, there is a lack of LST solutions, making it impossible to use as collateral for leveraging on-chain to obtain higher returns.

Cross-chain bridge status

Currently, only Wormhole is available, supporting over 10 types of assets across 7 chains. Due to technical reasons, the trading volume and minting volume data for stablecoins have not yet been released.

Current Status of the Sui Ecosystem

main ecological projects

• DEX: Cetus dominates the Sui DeFi ecosystem, occupying an absolute share of TVL and trading volume.
• Yield Aggregator: Mole, TVL approximately $180,000
• NFT Market: Souffl3 and Clutchy
• NFT Project: Fuddies is the most representative
• GameFi: Abyss World is gaining attention, but has chosen to launch its IDO on Polygon.

traffic entry

Wallet:

• Browser extension wallets: Sui Wallet, Suiet, Martian, Ethos, OKX Wallet, Surf Wallet, etc.
• Mobile Wallets: Glass, Bitkeep, OKX

Activity platform:

• Port3: A task platform supporting multi-chain activities
• Suia: An activity NFT and social platform based on Sui

Suggestions for the Sui Ecosystem

1. Lower the threshold for verification nodes, open up liquidity staking solutions, and increase the liquidity of on-chain assets.

2. Increase more cross-chain bridges to provide native assets and liquidity for users of different chains.

3. Support native stablecoins, lower the user threshold, and expand the on-chain balance sheet.

4. Accelerate mobile wallet support to enhance user experience on mobile devices

5. Improve on-chain data visualization and provide more comprehensive data metrics.

6. Provide developers with more room for innovation to avoid insufficient innovation caused by excessive centralization.

The Sui ecosystem is still in its early development stage and faces many challenges, but the improvements mentioned above can quickly enhance user experience and ecosystem activity. In the future, Sui is expected to become an important public chain connecting Web2 and Web3.