Sui [SUI] appears poised to encroach on Solana’s [SOL] market dominance as it experiences substantial growth across crucial areas.
On the 5th of October, the Layer 1 platform surpassed Solana in transaction volume, processing over 58 million transactions compared to Solana’s 35 million on the same day.
SUI’s Vigorous Expansion
In response to this growth, Adeniyi Abiodun, a key figure within Sui, commented,
“No failed transactions, no sandwich attack, and swaps executed in under a second!”
Moreover, SUI has also demonstrated significant growth in other aspects. Currently, it is exceeding Solana’s throughput, processing 756 transactions per second (tps) as opposed to SOL’s 726 tps.
Furthermore, substantial traction has been observed in Ethereum-based outflows and average costs. SUI’s weekly Ethereum outflows totaled $55 million, while SOL recorded $69 million during the same period.
In terms of user fees, SUI emerges as a more cost-effective choice compared to Solana, with an average fee of $0.00018 versus SOL’s $0.0044. In essence, SUI meets all the requirements that position Solana as a preferable option to Ethereum [ETH].
Some market analysts have begun to view SUI’s aggressive advancement as a potential threat to Solana’s market dominance, with doubts arising about SOL’s ability to reach $1000 amidst Sui’s rapid growth.
Notably, this traction is reflected in the price charts as well. The SUI/SOL ratio, tracking SUI’s performance relative to SOL, has steadily increased since August.
It surged by +200% from 0.003 to 0.013, highlighting SUI’s price surge. Currently, SUI is trading just below $2, close to reaching a price discovery phase.
Despite this, SOL’s total value locked (TVL) surpasses SUI’s. SOL boasts a TVL of $5.5 billion compared to SUI’s $1 billion, indicating that more investors are still engaged within the Solana network.