Over the past year, Sui network has emerged as one of the rapidly expanding blockchains in the crypto space. Drawing comparisons with Solana, which has experienced significant growth in its Web3 ecosystem, particularly with the rise of meme coins, Sui’s performance has been noteworthy.
But how does Sui measure up to Solana, and what does its recent growth trajectory suggest for the future? At the beginning of 2023, Solana’s Total Value Locked (TVL) was just below $250 million. Since then, it has witnessed exponential growth, with TVL reaching a peak of $14.24 billion recently.
Similarly, Sui’s growth has been impressive, starting below $250 million and surging to $2.18 billion earlier this month. While Sui’s current TVL is lower than Solana’s, it might follow a similar growth path in the coming months. In terms of transaction volumes, Solana has consistently operated at a larger scale compared to Sui.
For instance, Solana achieved a record daily on-chain volume of $35.89 billion on 18 January, while Sui reached its highest daily volume of $559.97 million on 20 December. Despite the discrepancy in volumes, Sui’s performance is commendable, given that it recorded just over $25 million in daily volume a year ago.
Address Growth Comparison between Sui and Solana
Prior to March 2024, Solana had less than 1 million daily active addresses. However, in the past two months, the network has consistently maintained over 5 million daily active addresses.
In contrast, Sui experienced a significant surge in daily active addresses between April and May 2024. The active addresses initially dropped to 12,000 but later peaked at 2.3 million by 23 May.
While the address count has stabilized since then, recent data indicates that Sui’s daily active addresses were below 600 as of 22 January.
Both Solana and Sui have witnessed a surge in DeFi activities recently, sharing similarities in their growth patterns. The two networks have seen increased adoption in the DeFi sector, driven by factors such as stablecoin growth and institutional interest. Additionally, investors have been exploring opportunities within both ecosystems, with Solana notably benefiting from the meme coin trend. Both projects have also witnessed strong social media activity.
Therefore, while Sui may not have captured as much attention in the meme coin space as Solana due to its relative youth, its first-year performance has been promising. It is poised to continue its growth trajectory, akin to Solana’s trajectory over the past few years.