Over the past year, the Sui network has demonstrated remarkable growth, positioning itself as one of the rapidly expanding blockchains in the cryptocurrency space. Comparisons can be drawn between Sui and Solana, another blockchain that has experienced a surge in its Web3 ecosystem, especially in the realm of meme coins.
Delving into the numbers, Solana kicked off 2023 with a Total Value Locked (TVL) of under $250 million. In contrast, the TVL skyrocketed to an impressive $14.24 billion earlier this week, reflecting a parabolic uptrend.
Similarly, Sui has witnessed exponential growth, with its TVL soaring from under $250 million to a notable $2.18 billion earlier this month.
Although Sui’s current TVL falls short of Solana’s, there is speculation that it might follow a similar growth trajectory in the coming year. When it comes to transaction volumes, Solana has operated on a larger scale compared to Sui.
For instance, Solana saw its highest daily on-chain volume peak at $35.89 billion on January 18th. In comparison, Sui’s peak daily volume stood at $559.97 million on December 20th. This marks considerable progress, considering that Sui’s daily volume was just over $25 million a year ago.
Address Growth: A Comparison Between Sui and Solana
Prior to March 2024, Solana had less than 1 million daily active addresses. However, in the past two months, daily active addresses have consistently surpassed the 5 million mark.
In contrast, Sui experienced its first surge in daily active addresses between April and May 2024. The network witnessed a drop to 12,000 addresses in mid-April but spiked to 2.3 million active addresses by May 23rd.
Subsequently, the number of daily active addresses has stabilized, with recent data indicating figures below 600 as of January 22nd.
Both Solana and Sui have witnessed a surge in activity within the Decentralized Finance (DeFi) sector recently, highlighting more parallels between the two networks. Both have seen substantial growth in DeFi, driven by factors such as increased stablecoin adoption and heightened institutional interest. Investors are actively exploring opportunities within both ecosystems, with Solana particularly benefiting from the meme coin frenzy. Additionally, both platforms have experienced a surge in social media engagement.
While Sui may not have embraced meme coin mania to the same extent as Solana due to its relatively recent inception, it has shown promising growth in its first year of operation. The trajectory indicates a potential continuation of robust growth for Sui, akin to Solana’s upward trajectory in recent years.