While the Sui blockchain mainnet was deployed almost 15 days ago, what inventory can be made? Number of transactions, number of addresses, balance sheet on staking, we come back to these different elements.
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Sui : 2 semaines après le lancement de la blockchain, quelles sont les données à retenir ?
A first assessment on the Sui blockchain
On May 3, the Sui blockchain officially saw the opening of its mainnet. Since then, we have some data to watch to analyze its first steps.
For the time being, the network lists more than 8.3 million transactions, with a peak occurring on May 11, seeing a day at 185,007 transactions. On average, the blockchain has 3 transactions per second over these first days of activity, although it is not yet relevant to draw conclusions on this figure, given the still very low adoption.
On the side of the number of addresses, there were actually nearly 570,000 when these lines were writtenwith a sharp slowdown in the creation of new accounts, i.e. just over 2,000 during the weekend:
Figure 1 — Number of addresses on the Sui blockchain
As an indication, Aptos (APT), which can be seen as a competing blockchain, has nearly 3.75 million addresses since its launch in October 2022.
Furthermore, these are more than 564,000 non-fungible tokens (NFT) and 1,247 tokens that have been created on the network for now.
👉 To go further — Find our presentation sheet on the blockhain Sui
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Focus on financial data
Regarding the SUI, the main cryptocurrency of the network, it trades at 1.22 dollars per unitwith a capitalization of more than $645 million, earning it the 73rd place in the CoinGecko ranking.
However, there is an inconsistency to note in the valuation of the asset. Indeed, CoinGecko and CoinMarketCap are based on a value of approximately 528 million tokens in circulation. However, the on-chain data indicates that 6.55 billion SUI are staked on the various validators of the network.
Figure 2 — Top 10 largest validators on Sui
In reality, a large part of these tokens is blocked by a “vesting” period. However, the fact is that if they are staked, they serve to generate yield by securing the network, and then it would be appropriate to putting SUI’s capitalization into perspective.
Taking this parameter into account, this would give almost $8 billion in capitalization, i.e. a 12th place in the ranking of cryptocurrencies, which seems largely overvalued for such a young ecosystem.
On the decentralized finance (DeFi) side, the blockchain sees its total value locked (TVL) increased to $35.32 million according to Defillama. These are 6 protocols that have been referenced on the latter, and the biggest is, for the moment, the decentralized exchange Cetus, with 24.3 million dollars of TVL:
Figure 3 — Overview of SUI blockchain protocols
For the moment, Sui is still very young and he must be given time to welcome new protocols to his mainnet. It will then be necessary to make another assessment in a few months to judge the progress of the various works.
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Sources: DefiLlama, Suiscan, Sui Explorer
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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