Last year, the ecosystem was dominated by $TON this year $SUI is indeed a bright star; during the recent market downturn, the Sui ecosystem still made remarkable progress.
- From mid-February 2025, the number of monthly active addresses on Sui surged from an average of 10 million to over 40 million by mid-April 2025.
- The number of new wallets daily on Sui has increased by 600% compared to the beginning of the year, from 185.6k (01/20/2025) to 2.1 million (04/01/2025, all-time high), then decreased to 1.3 million (04/19/2025).
=> The increase in new wallets coincides with the growth in active addresses monthly (from 10 million to 40 million in mid-April 2025), indicating that Sui is attracting sustainable new users thanks to new projects.
- In the past 90 days, DeFi on Sui has led with 85.4M transactions, followed by leading sectors in terms of active addresses and transactions on Sui being infrastructure (Infra) and gaming.
*Some DeFi Highlights:
- The TVL of the protocol @steammfi (a new AMM protocol launched in mid-February 2025 by @suilendprotocol) on Sui increased from $346.1k (02/20/2025) to $8.5M (04/19/2025) in less than 2 months.
- The DEX @Magma_Finance launched at the beginning of March 2025, achieving over $12M in trading volume after 1 month and currently surpassing $25M.
*BTCfi on Sui - A New Color
- From 04/01/2025 to 04/18/2025, the BTC supply on Sui fluctuated around 1.5k, with 10% of Sui's TVL being BTC assets (wBTC, LBTC, stBTC).
- Specifically, the number of $BTC on Sui exceeded 1.5k, valued at over $130M, including variants: wormhole bridge $stBTC (551.1), native bridge BTC (533.5), native bridge $LBTC (457.5), wormhole bridge BTC (45.1).
=> The reason is that from 11/25/2024, Sui collaborated with Babylon Labs, Lombard, Cubist, and SatLayer (12/18/2024) to integrate Bitcoin, bringing $2T in liquidity to the network. Supporting native bridges for BTC and LBTC doubled the volume, while stBTC via Wormhole stabilized.
*Gaming on Sui
- The social casino game @PebblePlay launched on 02/27/2025, offering many slot machines, achieving over 14M transactions with an average of 25k active wallets daily, peaking at 500.9k active wallets in a day (04/12/2025).
- The mobile game @onefightarena of ONE Championship launched in March 2025 on Sui, simulating MMA fights, reaching nearly 4k accounts and 92.4k transactions as of 04/21/2025.
*Personal Conclusion
- Sui is a bright spot in the current market and has many cards to develop in the near future.
- Projects in the ecosystem like $DEEP, $NS,... have all shown good growth in recent days, especially @DeepBookonSui x3 according to the Upbit listing news.
- What do you think about Sui in the coming time?
#steven_research
