Sui 2024 second and third quarter report: performance improved by 80%, TVL exceeded 1 billion, Sui's milestone season

author:Jake Koch-Gallup

Compiled by: Xiaobai Navigation coderworld

Key Insights

• Sui launched the Mysticeti consensus mechanism, which reduced the consensus delay by 80%, shortening it to 390 milliseconds when processing 100,000 transactions per second, greatly improving efficiency.

• Sui has completed integration with Circle's USDC and plans to introduce Circle's Cross-Chain Transfer Protocol (CCTP). This cooperation has pushed Sui's market value up by 139% month-on-month to US$4.8 billion, and its market value ranking has risen to 21st.

• On May 30, 2024, Sui’s active addresses reached a historical peak of 2.2 million. On that day, 9.3% was unlocked.TokenCirculating Supply, Newly UnlockedTokenThe influx into the market has led to a surge in trading and transfer activities.

• In the past two quarters, Sui's DeFi total locked value (TVL) has increased by 42% to $1 billion. This growth is partly due to the launch of new features and ecological funds by DeFi protocols such as NAVI, Scallop and Cetus, while the price of SUI has also increased by 117.1% between the second and third quarters.

• Projects built on Sui raised a total of $16.3 million in the second and third quarters of 2024, an increase of 41.7% from the previous two quarters. Among the projects that received financing were Ambrus Studio, XOCIETY, and RECRD.

Introduction

SuiSUI ) is aDelegated Proof of StakeThe first layer of (DPoS)Blockchain, designed for high scalability and low latency transactions, with the goal of achieving large-scale user adoption. Sui's core development team Mysten Labs, founded in 2021 by Evan Cheng, Sam Blackshear, Adeniyi Abiodun, Kostas Chalkias and George Danezis. These founders previously led MetaBlockchainProject Diem and Novi, and has work experience at top institutions such as Apple, Alan Turing Institute, Microsoft, R3 and Oracle. Mysten Labs raised a total of $336 million，，并在 2023 年的几次公开Token销售（ KuCoin、OKX、 Bybit 和 BitForex ）中筹集了约4900 万美元。 Sui 于 2023 年 5 月推出了主网。

Sui's technical architecture is full of innovations, including an object-centric data model, Mysticeti Consensus mechanism, Sui Storage Fundand Sui Move Programming language. Sui Move was developed by Sam Blackshear, co-founder of Mysten Labs, based on the Move language he developed in Novi. Compared with other Web3 programming languages, Sui Move provides higher flexibility andSafetySex. Solidity Unlike sequential transaction processing, Sui Move's object-centric data model enables parallel transaction processing, thereby improving efficiency. OWASP Top 10 Vulnerabilities5 of the vulnerabilities are not possible in Move, and 3 have been partially mitigated.

Several other protocols and products designed to improve user onboarding and experience were also released on Sui, includingSponsorship Deals, allowing gas fees to be extracted from end users; zkLogin , enabling Sui users to conduct transactions using OAuth credentials; Sui Bridge , a native bridge for cross-chain interoperability; and Sui Kiosk , a decentralized system for business applications. The Sui ecosystem is developed bySui Foundationlead, Mysten Labs It's Sui BlockchainAn initial contributor to the protocol development. For a complete primer on Sui, see our coverageReport.

Website / X (Twitter) / Discord

Key Metrics

financial analysis

In the first quarter of 2024,Cryptocurrency MarketThe overall growth was 63.6%. However, the market entered a cooling phase in the second quarter, with an overall decline of 16.4%. SUI's performance was consistent with the overall trend, with its circulating market value falling by 15.7% month-on-month in the second quarter. However, by September 2024, SUI broke this downward trend, with its circulating market value surging by 133.3% in one month. This growth was mainly due to the integration with USDC and CCTP, as well as Grayscale Sui Trust ofroll outAs of the end of the third quarter of 2024, SUI's circulating market value reached US$4.8 billion, a month-on-month increase of 139.4%, ranking first in the crypto market.RankingAlthough the token unlock in May 2024 released 10.19% of the total supply, which put downward pressure on the price for a while, the price gradually kept pace with the market value growth.

The fees of the Sui network are mainly composed of gas fees generated by transactions, including computing costs and non-refundable storage fees. These fees are ultimately distributed to network validators. Due to a surge in trading activity after the token unlock in May 2024, Sui's total fees in the second quarter reached $1.1 million (about 1 million SUI), a record high. As market activity in the early stages of unlocking gradually weakened, fees in the third quarter fell by 31.8% month-on-month to $750,400 (about 789,900 SUI).

The total supply of SUI is fixed at 10 billion, of which 1 billion is reserved for staking rewards. As of the end of the third quarter of 2024, the annualized inflation rate of SUI is 0.44% relative to the remaining 9 billion tokens. This rate will decrease by 10% every three months until all staking reward tokens are distributed.

In addition, token unlocking is also a major source of inflationary pressure. As of the end of the third quarter of 2024, 26.8% of the total supply of SUI has been distributed, an increase of 10.3% from the second quarter and 117.9% from the first quarter.

The following are the main unlocking events:

• May 3, 2024:

  • Ecosystem: Unlock 147.5 million SUI (worth approximately $262.6 million) forCommunityreserve.

  • Public Sale: Unlock 34.6 million SUI (worth about $61.6 million) forCommunityAccess plan.

  • total: 182.1 million SUI (worth approximately $324.1 million as of September 30, 2024) were unlocked, accounting for 2.02% of the total unlocked amount and 1.82% of the total supply.

• May 30, 2024:

  • team: 109.4 million SUI (worth approximately $194.7 million) were unlocked to reward early contributors.

  • investor: 496 million SUI (worth approximately $882.8 million) were unlocked for Series A investors; 231.9 million SUI (worth approximately $412.7 million) were unlocked for Series B investors.

  • total: 837.2 million SUI (worth approximately $1.49 billion as of September 30, 2024) were unlocked, accounting for 9.30% of the total unlocked amount and 8.37% of the total supply.

Through these unlocking events, the circulating supply of SUI has increased significantly, further driving changes in market trading activity.

In Q2 and Q3 of 2024, a total of 1.45 billion SUI tokens (worth approximately $2.58 billion as of September 30, 2024) were unlocked, accounting for 14.5% of the total supply. As of the end of Q3 2024, 78.8% of the stakeable supply had been staked, a decrease of 2.3% from the previous quarter. It is important to note that even locked tokens can participate in staking and receive liquidity staking rewards. Therefore, the stakeable supply of SUI is based on the total supply, not the circulating supply. Due to the high staking rate, the annualized return of SUI isActual rate of returnJust below zero, at -0.31%.

Network analysis

Usage

The activity of the Sui network (measured by daily transactions and daily active addresses) rebounded significantly after the major token unlocking event in May 2024. In the second quarter of 2024, the average daily transaction volume increased by 385% month-on-month to 7.1 million transactions, but fell by 53.6% to 3.3 million transactions in the third quarter. The number of daily active addresses increased by 2126% month-on-month in the second quarter to 490,600, and continued to increase by 31.6% in the third quarter to 645,500.

In the past two quarters, Sui's daily transaction volume peaked at 37.5 million on May 4, 2024. The main reasons include:

1. SPAM Sui Incentive mechanism for application: The application encourages users to send a large number of transactions on the Sui network by rewarding them with SPAM tokens. During peak transaction volumes,82.7% of transactions came from SPAM Sui users.

2. Token unlocking push: First token unlock on May 3, 2024event, resulting in users transferring and trading newly unlocked tokens in large quantities, further stimulating trading activity.

The second peak of active addresses on May 30, 2024SUI Token UnlockThe number of active addresses reached a peak around 2020, with the number of active addresses reaching 2.16 million on that day. Grayscale Sui TrustThe launch and USDC and CCTP IntegrationWith the announcement, the number of active addresses has risen again.

Despite a significant increase in transaction volume, Sui's average transaction fee fell by 59.7% in the second quarter. Fees rebounded in the third quarter, up 62.9% month-on-month, but the average transaction fee remained at 0.0026 SUI (about $0.0024), making the cost of millions of transactions per day still very low. In addition to extremely low Gas fees, Sui also supports sponsored transactions to exempt users from Gas fees. For example, through the Gas Station API of infrastructure provider Shinami, in the first year of Sui's mainnet launch, the monthly transaction sponsorship peaked at 41 million transactions; and through Shinami's node service, the coverage rate of sponsored transactions reached a maximum of 87%.

In addition, in previous quarters, Mysten Labs launched Quest activities (Quest 1, Quest 2, and Quest 3), as well as DeepBook and zkLogin The launch of products such as CoinMarketCap and CoinMarketCap have also made important contributions to the growth of transaction volume and active addresses on the Sui network.

SafetySex and decentralization

The total number of SUI staked has gradually declined from a high of 8.3 billion in Q1 2024 (83% of total stakeable supply). It decreased by 2.7% in Q2 and further decreased by 2.3% in Q3 to 7.9 billion. However, due to the increase in SUI price, the total staked value in USD showed a different trend, increasing by 112% month-on-month to $14 billion. This makes Sui the largest staked token in terms of staked market value.The third largestBlockchainnetwork.

Since the Sui network went live, the number of active validators has remained largely stable, increasing slightly from 104 to 108. Since the Sui Foundation and Mysten Labs hold a large number of SUI tokens on behalf of the ecosystem, they are able to distribute stake more evenly among validators, thereby increasing the decentralization of the network. As of the end of the third quarter of 2024, Sui's Nakamoto coefficient is 16, higher thanMedian of many proof-of-stake networksThis shows that Sui has a high degree of decentralization.Safetysex.

Upgrades and Roadmap

Sui network frequently conducts protocolupgradeStarting with Sui Protocol version 41 in the second quarter of 2024, it has been upgraded to version 59 by the end of the third quarter. Here are some important new features:

• Native randomness (Native Randomness): Through threshold cryptography andDistributed key generation(DKG) 技术，提供不可预测、不可操控且快速的随机数生成功能，提升了网络的公平性和Safetysex.

• Elliptic Curve Operations (Elliptic Curve Operations): Elliptic curve operations are introduced in the Move programming language to support more powerful cryptographic functions, thereby enhancing the security of decentralized applications.

• Programmable transaction blocks (Programmable Transaction Blocks, PTBs): The upgraded PTBs only allow TransferObjects or MergeCoins operations to be executed after commands involving randomness to ensure the consistency of transaction logic.

In early 2024, Sui announced a consensus upgrade to expand its Narwhal-Bullshark Consensus algorithm.Mysticeti The consensus mechanism was launched on the mainnet in August 2024, significantly optimizing performance. At 100,000 transactions per second (TPS), consensus latency was reduced by 80% to 390 milliseconds, while reducing the CPU requirements of validators. The researchers tested the performance of Mysticeti with 50 validator nodes: at 100,000 transactions per second, the consensus latency was 400 milliseconds; at 200,000 transactions per second, the latency was 500 milliseconds; and at 400,000 transactions per second, the latency was 1 second.

Mysticeti also optimizes transaction processing by distinguishing between "owned objects" and "shared objects". This design reduces the need for communication between validators while maximizing the utilization efficiency of network bandwidth, thereby improving overall transaction processing capabilities.

With these upgrades, Sui not only improves network performance, but also further consolidates its advantages in decentralization and security.

In July 2024, Sui launched the indexing framework, a flexible data ingestion framework that provides developers with customized on-chain data access services. Through this framework, developers can collect raw on-chain data and derived data sets to create tailored data streams for specific applications, improving the flexibility and efficiency of data processing.

In the same month, Sui announced integration with Amazon Web Services (AWS) blockchain node operators. This collaboration makes it easier for developers to deploy and manage Sui full nodes in the AWS cloud environment, while taking advantage of the high availability, scalability, and reliability provided by AWS to improve the stability of node operation.

September 2024 Update

Sui announced plans to integrate Circle's native USDC stablecoin and the Cross-Chain Transfer Protocol (CCTP). On October 8, 2024, native USDC was officially launched on Sui, making Sui the first Move programming language-based blockchain to support native USDC. In the future, the integration of CCTP will enable secure, permissionless cross-chain transfers of USDC between multiple blockchains, including Arbitrum, Base, Ethereum, and Solana.

also,Sui Bridge It was launched on the mainnet on the last day of the third quarter, providing important native functions for cross-chain interoperability. At launch, Sui Bridge supports asset transfers between Sui and Ethereum, and will gradually expand to support more tokens, assets, and blockchains in the future. During the testnet phase, Sui Bridge attracted 24,000 independent Ethereum addresses through an incentive program and completed more than 184,000 transactions.

Sui plans to work with more protocols to fully integrate Circle’s CCTP, and continuously upgrades its network. The network launch is scheduled several months in advance. In addition, Sui plans to unify exclusive objects for Mysticeti in the fourth quarter of 2024 to further optimize network performance.

Ecosystem Overview

Decentralized Finance (DeFi)

Sui’s decentralized finance ecosystem has seen significant growth over the past two quarters. Its total value locked (TVL) grew from $592 million in Q2 to $1 billion at the end of Q3, breaking the $1 billion mark for the first time. If liquidity staking and double counting are included in the statistics, Sui’s DeFi TVL grew by 82.5% month-on-month to $1.26 billion at the end of Q3. However, TVL denominated in SUI fell from $723 million to $555 million, indicating that the dollar growth of TVL was mainly driven by the increase in the price of the SUI token. During this period, the SUI token price rose by 117.1%, from $0.82 to $1.78. Over a longer period of time, Sui’s TVL (in SUI terms) grew by 50.8% from Q1 to Q3, reflecting the inherent expansion of the DeFi ecosystem.

As of the third quarter of 2024, the loan agreement NAVI It became Sui's highest TVL protocol with a TVL of $374.7 million and a market share of 29.8%. In April 2024, NAVI launched the NAVI X Ecosystem Fund, allocating 10 million NAVX tokens to support the innovation and development of the DeFi ecosystem. In August, NAVI launched NAVI Pro, providing a more user-friendly interface, advanced DeFi strategies and higher yields. In addition, NAVI launched LST Leverage Strategy, using liquidity staking tokens to improve capital efficiency.

Loan Agreement Scallop At the end of the third quarter, TVL was $168.8 million and market share was 13.4%. In July, Scallop launched Wrapped sCoins , in order to improve Sui walletand visibility and utility of the platform. In addition, in the third quarter, Scallop's historical lending volume exceeded $80 billion.

Loan Agreement Suilend At the end of the third quarter, the TVL was $168.5 million and the market share was 13.4%. Solend Developed by the team, it marks Solend’s first attempt outside the Solana ecosystem. Suilen launched a points campaign to reward user deposits, distributing 10 million points per day, which are recorded as non-transferable tokens on the Sui blockchain.

Sui’s daily average decentralizationexchange The transaction volume of Decentralized Exchange (DEX) has gradually declined from the high of $73.2 million in the first quarter of 2024, down 0.8% in the second quarter, and further down 32.9% in the third quarter, to $48.7 million.Cetus and DeepBook They ranked first with an average daily trading volume of US$34.6 million and US$16.4 million respectively. Other outstanding DEXs include Turbos (US$7.5 million), KriyaDEX ($862,500) and FlowX Finance ($623,300).

Sui Leading Decentralizationexchange Cetus, with a TVL of $169.3 million and a market share of 13.5% at the end of the third quarter. In the second quarter, Cetus had more than 1.2 million users and a total transaction volume of more than $8.8 billion. It launched the Cetus limit order feature and announced a partnership with the Sui Foundation to launch the Cetus Aquarium incubator program. In the third quarter, Cetus launched Cetus Plus , a new exchange aggregator on the Sui network that enhances the DeFi experience with improved order hopping, split functionality, and faster exchange responses. Cetus has also launched a beta version of Cetus DCA , providing users with an average cost strategy.

As of the end of the third quarter, Sui’s native liquidity layer DeepBook Cumulative transaction volume exceeds $500 billion. DeepBook has been integrated into many protocols, including Cetus , Kriya , FlowX and Hop Aggregator Its V2 was used by 740,000walletUsed in 100 million transaction blocks. DeepBook V3 was released on October 14, 2024, introducing dynamic transaction fees, improved gas efficiency, flash loans, cross-pool shared liquidity, and DEEP TokenAs of October 31, DeepBook V3 TVL It is 22.58 million US dollars, and the cumulative trading volume is 89.23 million US dollars. The initial price of DEEP token is 0.0176 US dollars, and the circulating supply is 2.5 billion (accounting for 25% of the total supply). As of October 31, its price has risen by 204.6% to 0.0536 US dollars. Active traders (market makers) can make deep pledges in various pools to obtain lower taker fees, market maker rebates and participate in governance. The launch of DEEP has promoted the activities of Sui's DeFi ecosystem. Cetus On average, it facilitates $17.3 million in DEEP trading volume per day. As new tokens are launched, Sui’s DeFi trading infrastructure is expected to evolve as the utility of these assets continues to expand.

The leading Perps protocol on Sui Bluefin At the end of the third quarter, TVL was $17.2 million. In July 2024, Bluefin received Flow Traders After raising a sum of funds, it announced the launch of its governance token BLUE.

Other notable DeFi protocols on Sui include Aftermath Finance , DEX aggregators, liquidity staking and liquidity mining protocols; Haedal, a one-click liquid staking platform; and AlphaFi , a revenue aggregator.

Other DeFi-related activities in Q2 2024 and Q3 2024 include the launch of Fordefi ’s institutional-grade MPC DeFi wallet, Netki’s compliant oracle, First Digital’s stablecoin FDUSD, and Agora’s AUSD stablecoin.

consumer

game

In the second and third quarters of 2024, the Sui Network continued to expand beyond DeFi and made significant progress in consumer applications such as games, NFTs, and DePIN.

At the Korea Blockchain Week in September 2024, Sui announced SuiPlay0X1 , a handheld gaming device that supports both blockchain-native and traditional games. SuiPlay0X1 will be released in early 2025, using PlaytronOS , a Linux-based operating system optimized for gaming that supports multiple game stores, including Steam , EXiaobai Navigationpic Games Store and GOG.com It will be built-in Sui zkLogin and Sui Kiosk SDK , enabling asset ownership to be directly connected to the device’s account system. Pre-orders start at $599, with payments accepted in SUI, SOL, or ETH.

SWAYE It is a Web3 gaming platform on Sui, which launched its first game in May 2024. OG Battlefront is an arcade-style Telegram game that aims to use account abstraction, Telegram’s API, and artificial intelligence to create “Web3’s most accessible game.”

DARKTIMES is a blockchain-based Nordic fighting game. Animoca Brands Supported by Animoca Blowfish Studios Built by , it previewed its pre-alpha game test at Korea Blockchain Week. It will be available in September 2024.LaunchedTIMES Token, and plans to launch alpha testing in November 2024.

XOCIETY It is a NDUS Interactive A popular shooter with RPG elements developed by Sui, scheduled to launch in Early Access in November or December 2024. It is built on Unreal Engine 5 and features PvP and PvE gameplay, utilizing Sui'sDynamic NFTRealize in-game asset ownership.

Sui and the world's largest martial arts organization ONE Champions cooperate, integrating its technology into ONE Fight Arena ONE Fight Arena is a mobile game that supports Web3 and is developed by Animoca Notre Game Development, with launch planned for Q1 2025.

NFTs

Since its launch, the total NFT trading volume has reached 13.3 million SUI, an increase of 16.7% from the first quarter of 2024. The leading markets in terms of trading volume include Clutchy (5.7 million SUI), TradePort (2.5 million SUI) and BlueMove (2.2 million SUI). The top NFT series by volume include Fuddies (3.6 million SUIs), SuiFrens: Bullsharks (1.9 million SUI), SuiFrens: Capys (1.4 million SUI), Prime Machin (735,000 SUI), DeSuiLabs (698,000 SUI), Gommies (539,000 SUI),Egg(392,000 SUI), and DSL Legacy(329,000 SUI).

Sui Generis It is a rebranded incarnation of the Tombheads NFT auction house, which migrated from the Sonic blockchain earlier this year and will be available on Sui in April 2024.roll outSui Kiosk is used to enforce royalties, restrict transactions and createsoul bindingThe team is also working with Aftermath Finance to develop fragmented NFTs for its S1 Collection.

Artfi Artfi is an art investment platform that allows individuals to purchase shares in high-end artworks by dividing them into 10,000 individually numbered NFT shares. Polygon The blockchain will be run on theSui. Artfi The ARTFI token was launched on June 17, 2024 to pay NFT market transaction fees and reward stakers.

On the other hand, the multi-chain NFT marketplace and aggregator Hyperspace announced that it will cease operations on the Solana and Sui Layer-1 blockchains on September 17, 2024. During its operation, Hyperspace's total NFT transaction volume on Sui reached 1.7 million SUI.

Other Use Cases

A subsidiary of TikTok's parent company, ByteDance BytePlus It took its first step into blockchain by partnering with Sui in April 2024. BytePlus will work with Mysten Labs to adapt its recommendation solutions, augmented reality products, and other services to the Sui blockchain.

Manufacturing innovation enterprise 3DOS In September 2024, 3DOS announced that it would integrate its global 3D printing network with the Sui blockchain. This integration will enable users, 3D printers, and manufacturers to achieve peer-to-peer connections on a global scale, and 3DOS aims to build the world's largest distributed 3D printing network.

AI Startups Atoma Network Announced the integration of its inference network with Sui to provide developers with AI Service support. These services include automatic code generation, workflow automation, and risk analysis of DeFi protocols, helping developers use DeFi more efficiently in blockchain applications. AI technology.

Institutional Interest

In the second and third quarters of 2024, Sui attracted increasing institutional attention.Grayscale Launched in September 2024 Grayscale Sui Trust, a Sui investment product designed for qualified investors. Influenced by this news, the price of SUI tokens rose by 89% at the end of the third quarter.

June 2024, UK-based digital asset custody service provider Copper With Sui cooperate, gradually expanding its custody capabilities. This partnership is implemented in phases and includes custody support for SUI and native Sui tokens, as well as future staking support and DeFi connectivity.

Zero Hash is acryptocurrencyand stablecoin platform, integrated with Sui in July 2024. This enables enterprises to embed Sui technology to trade in fiat currencies,cryptocurrencyand stablecoins. Institutional Zero Hash clients include Stripe , Shift4 and Franklin Templeton , can use SUI tokens in its operations.

infrastructure

Mysten Labs Announced for release in June 2024 Walrus , a decentralized blob storage network powered by Sui for blockchain applications and autonomous agents. Walrus Mysten Labs launched a developer preview in July and currently stores more than 22 TB From August to October, they held an event called Breaking the Ice The virtual development network hackathon brought together more than 200 developers building applications on Walrus. Decrypt In September it was announced that 100%'s content library would be stored on Walrus.

Mysten Labs released Walrus White Paper, and planned the following development stages:

1. Walrus will become an independent decentralized network and launch its native utility token WAL.

2. The operation of Walrus will rely on a delegated proof-of-stake mechanism driven by WAL tokens, and storage nodes will be responsible for network operations.

3. An independent Walrus Foundation will be established to drive the network’s technological development and ecosystem expansion.

In May 2024, Mysten Labs introduced support for the Sui social login primitive zkLogin The update adds multi-signature recovery and support for Apple accounts. These updates provide users with more account recovery options and allow iOS apps to easily support Sui wallet creation. zkLogin enables users to create Sui addresses using social logins from Google, Facebook, or Apple without having to deal with sensitive cryptographic material.

In June 2024, Sui Name Service (SuiNS) introduced subnames and a new naming standard. The shift from the .sui suffix to the @ prefix allows users to bridge Web2 and Web3 more seamlessly, and subnames can create hierarchical identities (e.g., @gia creates games@gia). This update was accompanied by an improved website and user experience. In August 2024, SuiNS launched SuiNS Governance through the plannedTokens,AnnounceTransition to decentralization. The NS token is not live yet and the official launch date has not been announced. Potential future initiatives include shorter name registration, NFT avatar generator, dynamic widgets, auction system, and legal on-ramp.

Sui and Google Cloud cooperate, enhancing the security, scalability, and AI capabilities of Web3 applications. The main initiatives of this collaboration include integrating Sui blockchain data into BigQuery public datasets for analysis, using Google Cloud’s generative AI platform Vertex AI Assist Web3 developers with debugging and code generation, as well as create AI-based code auditing tools to ensure security. The collaboration also leverages Google Cloud’s infrastructure for scalability and integration zkLogin To bridge traditional and decentralized applications.

Development and Growth

In the second quarter of 2024, three Sui-based projects announced several rounds of financing. These rounds raised a total of $15.3 million, an increase of 33.6% from $11.5 million in the first quarter. In the third quarter, venture capital cooled, with only two projects announcing financing totaling $1 million. Projects raised in the past two quarters include Ambrus Studio , XOCIETY and RECRD ,SUI FoundationGet involved as an investor.

Sui Basecamp （2024 年 4 月）：Sui 社区最大的活动在巴黎举行，吸引了来自 65 个国家的 1,100 多名参与者。在两天的时间里，该活动举办了 44 场会议，有 100 多名演讲者，重点关注 Sui 在游戏和 DeFi 领域的发展。与会者参加了小组讨论、社交活动和实践研讨会，深入了解了 Sui 网络的未来。

Sui Foundation Grant Recipients(March/April 2024): 10 projects were funded to accelerate Sui development, 8 of which focused on accelerating the development of Sui through better tools such as new integrated development environments (IDEs) andZero knowledge prooftechnologies) to enhance the developer experience. Notable winners include Alphaday , Birdeye , Spark Payments and SWAYE .

DeFi Incubator(May 2024): Sui Decentralized Exchange Cetus and Aftermath Finance New incubators were launched with an initial donation of $2 million from the Sui Foundation to support early-stage projects. These incubators aim to foster innovation by providing resources, mentorship, and financial support to emerging teams in the DeFi space.

SUI Academic Research Award(June 2024): 19 proposals from universities including UC Berkeley, Yale University, New York University, and EPFL were accepted. These proposals focus on blockchain technology, smartcontractprogramming and Sui-based products. The Sui Foundation has invested an additional $1 million to further fund research, coveringZero knowledge proofand consensus protocols, among other topics.

Sui Overflow Hackathon (March-June 2024): Sui’s first global hackathon received over 350 project submissions from 79 countries and produced 32 winners. Top projects include Pandora Finance (consumer), Hop Aggregator (DeFi) and AresRPG (game).

Sui Foundation Grant Recipients(May/June/July 2024): 10 projects received funding, covering areas such as advanced analytics, DeFi, and game development. Recipients include Belong.net , Gamifly , Goldsky , Var Meta Unity SDK for Sui and Verichains Sui Move Decompiler .

RFP Funding Recipients(July 2024): The first recipients of Sui’s Request for Proposal (RFP) program have been announced. Selected projects include Byzantion Inc.Minting infrastructure, HashCaseloyalty platform and Arden Lab Inc.’s consumer engagement platform.

Sui Builder House: Singapore(September 2024): This one-day event in Singapore brought together over 600 participants from various communities and industries. It included major announcements, networking, and discussions about the future of the Sui ecosystem.

Summarize

Over the past six months, Sui has launched several important upgrades and expanded its ecosystem. By introducing the Mysticeti consensus mechanism, Sui reduced the network's consensus latency by 80%, achieving a latency performance of 390 milliseconds under a high load of 100,000 TPS. At the same time, Sui's cross-chain capabilities have also been significantly enhanced, with the launch of Sui Bridge and the integration of Circle's native USDC stablecoin, while planning to support Circle's CCTP function in the future. These technological advances have helped Sui's DeFi ecosystem grow steadily, with its total locked volume (TVL) increasing by 42% to $1 billion, thanks to the rise in the price of SUI tokens and new features of DeFi protocols such as NAVI, Scallop, and Cetus. On May 30, 2024, the number of active addresses on the Sui network reached a historical peak of 2.16 million, coinciding with the token unlocking event on that day.

Institutional interest in Sui continues to grow. For example, Grayscale has launched an investment trust product focused on Sui, and Sui's collaborations with companies such as Copper and Zero Hash have further consolidated its position in the institutional market. In the second and third quarters of 2024, Sui-based projects raised a total of $16.3 million in funding, an increase of 41.7% from the previous two quarters. In addition, Sui continues to expand its technical capabilities and ecological scale through partnerships with Google Cloud and the launch of infrastructure projects such as Walrus. In the future, Sui plans to work with more protocols to fully integrate Circle's CCTP, while continuously optimizing its network performance to provide stronger support for developers and users.

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This report was commissioned by the Sui Foundation. The content is independently produced by the author and does not reflect the views of Messari, Inc. or the commissioning organization. The commissioning organization does not influence editorial decisions or content. The author may holdcryptocurrencyThis report is for informational purposes only. It is not intended as investment advice. You should conduct your own research and consult with independent financial, tax or legal advisors before making any investment decision. Past performance of any asset is not indicative of future results. Please refer to ourTerms of ServiceLearn more.

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