Title Surpassing 100 Million Transactions Behind the DeFi Surge Is Socializing and Gaming the New King

The number of transactions on SUI exceeded 100 million in a short period of time!
Recently, Sui’s data has once again seen a significant increase. From October 5th to 7th, the daily transaction volume on the Sui network exceeded 100 million transactions. Among them, on October 5th, it reached 1.17 billion transactions, breaking not only the historical record of the Sui network but also surpassing Solana’s single-day record of 77 million transactions (excluding voting transactions) in May this year. In addition, the recent rise in SUI’s price 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 the SPAM incident, or is it a sign of genuine prosperity in the ecosystem? PANews will present the details by examining the on-chain data.
Another mining project with high transaction volume
This is not the first time that transaction volume has surpassed the entire network on Sui. In May of this year, the spam project, a junk mail project in the Sui ecosystem, created a record of 46 million daily transactions through transaction mining, temporarily surpassing other public chains and attracting attention from the crypto 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 seemed to not actively promote it, and instead responded to user mentions of transaction data surpassing Solana with a casual “maybe nothing”.
Why did the Sui official simply brush over what could have been another great opportunity to show off?
PANews found that this surge in transaction volume was likely due to another mining project in the Sui ecosystem called FomoSUI. According to the data, within the past seven days, the FomoSUI contract has created 2.28 billion transactions, accounting for more than half of the transaction volume on the Sui network. The number of participating accounts is about 95,000.
FomoSUI is a Bitcoin-style POW token implemented on the Sui blockchain launched by Foundation3DAO, with a total issuance of 21,000,000,000,000,000 tokens. It went live on October 4th and has already mined 49% of the tokens as of October 11th.
However, the Github code repository for this token shows that it has been disabled.
In addition, the issuer Foundation3DAO remains anonymous. In September of this year, Foundation3DAO also launched another Pow project called META on Sui, which currently has a market value of only $481,000 and a liquidity pool amount of $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 11th, the token price plummeted by more than 75%, and miners in the community expressed that they are “not making money.”
On October 11th, the market value of the FOMO token was about $730,000, with a liquidity pool fund of $70,000. Many early players have expressed that since many miners sell their tokens immediately after mining, and with the project not investing much money, the price is difficult to rise.
It seems that the surge in transaction volume brought by FomoSUI is another abnormal change. Perhaps learning from the lessons of the previous SPAM incident, the Sui official did not interact with this project.
DeFi data has doubled in a month, with Ethereum