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.
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
Discover Binance
10% off your fees with code SVULQ98B 🔥
🎧 Listen to this article and all other crypto news on Spotify
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.
👉 Also in the news — Tether, a “giant house of cards”? His latest report divides
Our service dedicated to cryptocurrency investors. Get real-time analytics and optimize your crypto portfolio.
Sources: DefiLlama, Suiscan, Sui Explorer
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
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
652 items
