The Sui blockchain ecosystem has recorded impressive growth in recent times, with a significant increase in the value of the SUI token, although the current price is only $3.54. This growth is said to be the result of outstanding improvements in the experience of both developers and the user community within the Sui ecosystem.
Ramani Ramachandran, co-founder and CEO of Router Protocol, said this success is mainly due to Sui's combination of the easy-to-use Move programming language with a user-friendly interface, making the blockchain ecosystem attractive to developers. He commented:
"What's special about Sui is that the project founders may not be prominent, but they are doing the right thing because all the developers are talking about Sui. Many developers have shared their impressions of the greatness of Sui."
Ramachandran also praised the Sui developer community, saying it is a sustainable ecosystem that can compete with other layer 1 blockchain projects, which have been struggling after token issuance.
A recent survey by MV Capital also indicates that investor interest in Sui is increasing. According to data from MV Capital and Router Protocol, this blockchain ecosystem is attracting significant attention from the investment community.
According to a report in October from VanEck, monolithic blockchains* like Sui and Solana have outperformed other ecosystems in September. Specifically, Sui recorded a 140% increase in the number of daily active addresses in September. This increase has driven demand for the SUI token, pushing its market capitalization to $10 billion.
A report from K33 Research in early 2024 pointed to Sui's strong competitive potential against Solana. The report states that Sui's architecture is one of the critical factors making this ecosystem attractive, especially when compared to other layer 1 blockchains with more complex programming languages and developer tools.
On November 22, asset management firm Franklin Templeton announced a partnership with Sui to explore application development opportunities on this blockchain platform. With its ability to handle transactions with high throughput and low latency, Sui is becoming an attractive choice for applications requiring rapid updates, particularly in the gaming sector.
Additionally, Mysten Labs, the primary developer of the Sui blockchain, has announced plans to launch a handheld gaming computer in 2025, optimized for blockchain games as well as traditional PC games.
After Solana reached a new all-time high, a search for the "next Solana" has begun to gain traction in the crypto community on X. While there are several fast alt-L1 options, the two most prominent candidates currently are Sui and Aptos, both built on MoveVM. These blockchains were created in the pre-crypto era and developed by former Facebook teams, where the Move programming language was created as part of the Libra (later renamed Diem) project.
In terms of price performance, the SUI token has outperformed APT this year, with impressive growth and surpassing Aptos in market capitalization in mid-September.
Despite a downtime incident of around two hours yesterday, the price of SUI has quickly recovered and surpassed the pre-incident level, an interesting coincidence that further reinforces the perception that Sui could be the "next Solana" due to Solana's historical outages.
In terms of TVL, both Sui and Aptos are competing quite evenly, which can be explained by the current liquidity incentive campaigns. Both of these blockchains have also seen similar development in the number of active dapps: Sui has 44 applications, while Aptos has 49.
When looking at on-chain activity, Sui has seen a surge in DEX transactions, with trading volume tripling since September, surpassing Aptos last month.
Additionally, in terms of transaction fees, Sui is also superior, generating $1.1 million in October, while Aptos only reached $196,000 in the same period.
Both Sui and Aptos are expanding their applications in the real-world asset (RWA) space. Ondo has deployed the tokenized "Treasurys" product USDY on both chains, with around $8.3 million on Sui and $15.7 million on Aptos. Last week, Aptos also announced a partnership with BlackRock to deploy the BUIDL RWA fund, while Sui has announced a partnership with Franklin Templeton's digital assets division to drive ecosystem development.
Finally, both of these blockchains are also venturing into their own hardware. Sui is focusing strongly on the gaming sector with the SuiPlay0x1 handheld gaming device and has recently partnered with the global esports team Team Liquid. Meanwhile, Aptos is developing an affordable smartphone called the JamboPhone.
With strategic moves in various areas, both Sui and Aptos are demonstrating significant potential and creating fierce competition with Solana in the blockchain market.
*Monolithic blockchains (also known as blockchain monoliths) are a type of blockchain with a comprehensive structure and functions in a single system, including all critical layers such as the consensus layer, data availability layer, and execution layer. All these functions are integrated into a single blockchain and operated simultaneously, rather than being separated into multiple layers or different blockchains as in modular blockchain designs.
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Bitcoin Magazine
