SharkTeam: On-Chain Data Analysis of Sui Mainnet

Sui is a high-performance Layer 1 blockchain that supports the Move smart contract language and can increase throughput by adding more resources. Gaming, social, and financial derivatives sectors have considerable demand for low latency and high throughput, which Sui's underlying technology can satisfy, providing certain advantages.

Sui mainnet launched in early May and has been running for over 20 days. SharkTeam's on-chain security analysis team has compiled and analyzed the following on-chain data for Sui.

## 1. Sui's Trading Volume and Market Cap

Sui's native asset is called SUI, typically using uppercase SUI to distinguish between the token and the Sui platform. The total supply of SUI is 10 billion tokens. The monetary rule for SUI tokens is that the supply will not decrease over time, meaning SUI tokens will never be destroyed. Mysten Labs co-founder and Chief Product Officer Adeniyi Abiodun replied on Twitter that there will never be an airdrop program. The distribution rules for Sui tokens are as follows:

SUI tokens have four purposes on the Sui platform:

(1) Users can stake SUI to participate in the proof-of-stake mechanism.

(2) SUI is the asset denomination for paying gas fees required to execute and store transactions or other operations on the Sui platform.

(3) SUI can be used as a versatile and liquid asset for various applications, including standard monetary characteristics—unit of account, medium of exchange, or store of value—as well as more complex functionalities like smart contract support, interoperability, and composability across the entire Sui ecosystem.

(4) SUI plays an important role in governance.

On May 3, $SUI was priced at $1.3, reaching an ATH of $1.48 on May 4, with a market cap of $785,883,732 at that time. Trading volume was also high on May 3 and 4, both at $1.203 billion. Trading volume decreased in subsequent days, with an average level of around $245 million excluding the first two days after launch.

## 2. TVL of Initial Launch Protocols

After Sui mainnet launch, the Sui ecosystem currently has over 100 projects building on the network. From current market data, the vast majority of Sui ecosystem projects are still in continuous development. SharkTeam compiled TVL data for various DeFi projects currently on the Sui network, as shown below:

Cetus is currently the DEX with the highest TVL on Sui mainnet, featuring single-sided staking and LP mining functions. On May 23, Cetus's TVL was $16,479,615, accounting for 72.18% of total TVL, with peaks exceeding $30 million. Turbos is a concentrated liquidity token trading platform, with a TVL of $5,880,224 on the 23rd, accounting for 25.76% of total TVL, ranking second.

## 3. TPS

TPS represents the number of transactions a cryptocurrency network can process per second. On May 23, Bitcoin blockchain's 24-hour average TPS was approximately 6.59, and Ethereum's TPS was 12.56. Sui mainnet's TPS after launch was 5.87, reaching 45 on May 12.

## 4. Validator Nodes

As of May 23, the Sui network had 104 validator nodes and 464 full nodes distributed across 11 countries, with an average staking APY (annual percentage yield including compound interest effects) of 6.65%. The top 20 validators by staking ranking at Epoch 40 are shown in the table below. Overclock ranks first in total staking with 291.21M, holding 4.06% voting power, with total SUI staking of 7.18B SUI, accounting for 4.05% of total staking.

## 5. On-Chain Addresses

As of May 23 at 13:23, the Sui network had a total of 674,612 accounts, with 4,143 accounts in 24 hours. Account numbers exceeded 7,000 on May 4 at 1:04, 22:04, and May 11 at 22:04. On average, 1,368 accounts conduct transactions per hour.

As of May 24 at 20:23, Sui network had 549,269 active accounts, with 25,832 active accounts in 24 hours. Active accounts reached 105,491 on May 19 at 22:56. Average active accounts per hour: 1,048.

## 6. Transaction Count

The chart below shows hourly Digest (similar to Hash) counts on the Sui network from May 6-23, totaling 3.45 million transactions, averaging 8,610 per hour. Digest count peaked on May 8 at 43,158 transactions.

Among these 3.45 million Digests, there were 346,857 senders, with sender address 0x00...0000 conducting 1.129 million transactions, accounting for 71% of the top 50. These transactions involve 0x00...0000 periodically correcting on-chain parameters (such as on-chain time). Sender address 0x7450...3be6 conducted 48,000 transactions, ranking second.

The chart below shows the top 20 Digest counts by txns statistics. Txns represents the number of transactions in each Digest. Digests with txns of 1 totaled 1,199,179, accounting for 35%. Digests with txns marked as "--" totaled 1,129,822, accounting for 33% and ranking second. All sender addresses with "--" tags are 0x00...0000, constantly modifying on-chain time.

From this on-chain data analysis, we can see that Sui is truly a high-performance Layer 1 blockchain with a high degree of decentralization among validator nodes. There are already hundreds of thousands of real on-chain users, with the only shortcoming being the currently insufficient on-chain TVL and leading protocols, which need strengthening.

## About Us

SharkTeam's vision is to comprehensively protect the security of the Web3 world. The team consists of experienced security professionals and senior researchers from around the world, proficient in blockchain and smart contract underlying theory, providing services including smart contract auditing, on-chain analysis, and incident response. We have established long-term partnerships with key participants across various sectors of the blockchain ecosystem, including Polkadot, Moonbeam, Polygon, OKC, Huobi Global, imToken, ChainIDE, and others.

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