SUI Trading Volume Surpasses 100 Million Behind the Surge in DeFi Social and Gaming Reign Supreme

The number of transactions on SUI exceeded 100 million in a short period of time!
Recently, the data of Sui once again experienced a substantial increase. From October 5th to October 7th, the daily transaction volume on the Sui chain exceeded 100 million for consecutive days. Among them, on October 5th, it reached 117 million transactions, which not only set a historical record for the Sui network, but also surpassed Solana’s 77 million single-day record in May of this year (excluding voting transactions). In addition, the recent price of SUI has been rising and has approached its previous high of 2.18.
What potential changes have occurred on Sui recently? Is the increase in transaction volume this time the result of data manipulation like SPAM, or is it a sign of genuine prosperity in the ecosystem? PANews will present the details by examining the on-chain data.
Another high transaction volume brought by a mining project
Being ahead in transaction volume on Sui is not the first time. In May of this year, SPAM, a spam project in the Sui ecosystem, created a record of 46 million transactions in a single day through transaction mining, surpassing other public chains and attracting attention in the cryptocurrency industry.
At that time, the Sui ecosystem needed such high traffic to attract attention, and the Sui official had interacted with SPAM on social media multiple times. However, this time, when the transaction volume exceeded 100 million, the Sui official did not actively promote it. Instead, when users mentioned that the transaction data exceeded Solana, the official replied with a “maybe not much.”
Why did the Sui official simply pass over this great opportunity to show its strength?
PANews found that the increase in transaction volume this time should be due to another mining project in the Sui ecosystem, FomoSUI. According to the data, within the past seven days, the FomoSUI contract has created 228 million transactions, accounting for over half of the transaction volume on Sui’s network. The number of participating accounts is about 95,000.
FomoSUI is a PoW token implemented on the Sui blockchain launched by Foundation3DAO, with a total issuance of 21,000,000,000,000,000 tokens. It started on October 4th and has already mined 49% of the tokens as of October 11th.
However, the GitHub code repository of the token shows that it has been disabled.
In addition, the issuer Foundation3DAO is also anonymous. In September of this year, Foundation3DAO also launched another Pow project called META on Sui. The current market value of this token is only $481,000, and the liquidity pool amount is $111.
This round of mining frenzy caused by FomoSUI seems to have once again fallen into a cycle of mining and selling. From October 9th to October 11th, the price of the token plummeted by more than 75%, and miners in the community expressed their dissatisfaction with “not making money.”
The market value of the token FOMO on October 11th is about $730,000, and the liquidity pool funds are $70,000. Many early players mentioned that due to many miners selling after mining, combined with the lack of substantial investment from the project team, the price is difficult to rise.
The surge in transaction volume brought by FomoSUI seems to be another abnormal change. Perhaps, learning from the lesson of SPAM, the Sui official did not interact with this project.
DeFi data multiplied within a month, with Ethereum funds flowing in
However, there is still a lot of discussion about Sui on social media recently, especially in the development of meme coins.
Analyzing the data from DeFi may provide a more objective view of the changes happening on Sui. In terms of transaction volume, the transaction amount on the Sui chain has indeed greatly increased, from an average of about $50 million in daily transactions to about $200 million.
On October 9th, the transaction amount on the Sui network reached $207 million. The number of pure DeFi transactions also increased significantly, reaching 2.32 million on October 9th, nearly twice the level of a month ago.
The number of active accounts has also increased significantly. Before September 21st, the number of active DeFi users on Sui was basically around 10,000. By October 9th, this data had grown to 111,000, an increase of over 10 times in about 20 days.
The above growth in data is closely related to the popularity of meme coins.
According to official data, on October 9th, the number of new tokens on Sui exceeded 10,000. At the end of September, this number was less than 1,000 per day, and the current level of new token additions is comparable to Solana. Currently, Solana adds about 18,000 new tokens daily.
This data is much higher than Solana before the emergence of Pump.fun. Before Pump.fun became popular, Solana’s daily new token additions were basically between 2,000 and 3,000.
According to Cointelegraph, nearly 27% of the funds outflow from SOL last month flowed into SUI. According to Artemis data, the net inflow of public chain funds in the past three months is $284 million for Sui, ranking second only to Solana’s $1.07 billion.
However, from the direction of fund inflows, Ethereum is still the largest source of funds for Sui, accounting for 87% of the inflows in the past month.
Social media and games are the real strengths of Sui?
Coming from Facebook, Sui also has a preference for social development in its ecosystem. Looking at the data on active users in the ecosystem.
A social software called RECRD ranks first with 869,000 daily active users and 872,000 daily transactions, second only to FomoSUI.
It is understood that RECRD is a short video software similar to TikTok, where creators can share up to 100% of ad revenue and earn profits based on the number of views rather than the number of followers in real-time.
In July of this year, the platform received a $4 million investment led by the Sui Foundation.
In addition to RECRD, another SocialFi project, FanTV, ranks fourth in terms of activity within Sui, with 92,000 active users on October 11th.
In May of this year, FanTV, as the largest social application on Polygon, chose to migrate to Sui’s network, and one week later, FanTV brought in over 1 million new users to the Sui network.
In addition to social applications, games are also a key sector in the Sui network. A nurturing-style TG mini-game called Birds has over 190,000 daily active users.
Another GameFi-related project, Aylab, is also among the top ten applications. The most popular wallet application, Wave Wallet, is also a Telegram application related to games.
According to official introductions, Wave Wallet has over 600,000 daily active users and a total user count of over 3 million. One interesting phenomenon is that the popular GameFi projects on Sui are mostly built on Telegram.
From the on-chain activities, DeFi on Sui has not truly become the mainstream. The largest DEX project, Cetus, currently ranks only sixth, and the meme listing platform Movepump cannot even make it into the top ten on Sui.
On October 11th, the data showed that the number of DeFi transactions was only 1.92 million, accounting for less than 5% compared to the total of 41 million transactions on the Sui network.
There are about 84,000 active DeFi users, accounting for about 5% of the total active users of 1.67 million. The active users of the two SocialFi projects accounted for 65.9%, and the three GameFi-related applications accounted for about 24.7%.
These five projects in social media and games account for a high percentage of active users, reaching 90%.
From the perspective of user experience, Sui still has a long way to go in terms of infrastructure in the DeFi field. For example, most cross-chain bridges can only interact with Ethereum, and the usage of native stablecoins is still relatively low. However, based on the recent updates from the Sui official, the main focus is on the construction of stablecoins and cross-chain bridges.
On October 8th, the native USDC officially went live on the Sui network, and on October 1st, the official cross-chain bridge, Sui Bridge, announced its mainnet launch.
Currently, Sui Bridge can only support ETH and WETH transfers. In addition, Grayscale has recently released several reports and analyses related to Sui, and combined with the high heat on social media, the potential of the Sui ecosystem seems to be gradually amplifying.