One Month After Sui Mainnet Launch: On-Chain Token Holder Data Analysis

On May 3rd, Sui mainnet officially launched with over $300 million in funding and a $2 billion valuation. Instead of an airdrop, Sui chose IEO/IDO. Based on data from ChainAegis on-chain security analysis platform, SharkTeam conducted a systematic analysis of Sui's IEO/IDO, trading volume, and token holders over this first month.

**I. IEO/IDO Analysis**

On April 15th, three major exchanges - OKX, Bybit, and KuCoin - announced the listing of Sui Token and launched whitelist subscription mechanisms.

Taking OKX as an example, Sui sales were divided into public sales and whitelist sales. Public sales totaled 225,000,000 SUI at $0.1 per SUI, with a maximum individual purchase limit of 10,000 SUI. Users could unlock the first 1/13 of new tokens after SUI mainnet launch, with the remaining unlocking monthly at 1/13 for 12 months, completing full unlock within one year. Unlocked tokens would be automatically released to funding accounts. Whitelist sales were only open to Sui ecosystem contributors. After completing Sui Foundation whitelist verification, users enjoyed the benefit of purchasing from 25,000,000 SUI at $0.03, with a maximum individual limit of 1,500 SUI and no lock-up period. KuCoin's sales rules were consistent with OKX. Bybit sold via whitelist format, totaling 94,000,000 SUI at $0.03 per SUI, with individual purchase limits of $10-45.

Cetus is a decentralized exchange and concentrated liquidity protocol built on Sui and Aptos blockchains. On June 9th, Cetus TVL ranked first on the Sui network at $10.34M, accounting for 62.59% of total TVL. On May 3rd, Cetus released IDO details. IDO hard cap was 800,000 SUI, with each CETUS priced at 0.04 SUI, supplying 2% of total token supply to market. 70% of raised SUI would be used for initial liquidity, 30% SUI for xCETUS staking rewards. Cetus was oversubscribed by 13,530.88%, raising 108,247,043.828 SUI.

Suia is a social dApp built on Sui network, currently with over 300,000 users, and the first IDO project on Cetus besides its native platform token $CETUS. IDO proceeded simultaneously in two launch pools, supplying 4,000,000 SUIA (4% of total token supply) to market. SUIA-SUI launch pool supplied 3,000,000 SUIA with hard cap of 900,000 SUI, each SUIA priced at 0.3 SUI; SUIA-CETUS launch pool supplied 1,000,000 SUIA with hard cap of 2,500,000 CETUS, each SUIA priced at 2.5 CETUS. SUIA-SUI launch pool had 2,000 whitelist spots, with each whitelist user having 300 SUI protected allocation, while SUIA-CETUS launch pool had no whitelist users. SUI pool was oversubscribed by 4,476.35%, raising 40,287,207.8588 SUI; CETUS pool was oversubscribed by 1,895.72%, raising 47,393,093.3465 CETUS.

**II. Trading Volume Analysis**

The following shows Top 10 Sui trading pairs across various exchanges. On May 18th, SUI/USD was listed on Coinbase exchange, reaching historical maximum trading volume of 1.906M SUI on June 5th, while other trading pairs all reached maximum volumes on May 3rd. Binance exchange SUI/USDT averaged 69,652,324.32 SUI trading volume, while KuCoin exchange SUI/USDT averaged 7,509,972.97 SUI.

**III. Token Holder Analysis**

Since Sui's launch, there have been over 11 million cumulative transactions with total users reaching 910,000. SUI token total supply is 10,000,000,000 SUI, with current circulating supply of 600 million, accounting for 6.04% of total supply, as most tokens remain unlocked. On June 8th, SUI holders reached 82,396. The chart shows Sui's Top 10 holders with total holdings of 645,810,235.72 SUI, accounting for 6.64% of total SUI. Top 1 address 0xf3bf...325f holds 191,000,004.01 SUI, accounting for 1.91% of total SUI. Top 2 address 0xab73...cd56 holds 175,354,214.10 SUI, accounting for 1.75%. Other addresses each hold less than 1%.

CETUS holder addresses reached 13,397, with Top 10 holders holding 162,321,888.80 CETUS, accounting for 72% of total CETUS. Top 1 address 0x8d16...b64f holds 42,613,391.11 CETUS, accounting for 18.94% of total CETUS. Top 2 address accounts for 15.56%, Top 3 address accounts for 11.11%, with the top 3 addresses each exceeding 10%, totaling 45.6%.

SUIA holder addresses reached 4,482, with Top 10 holders holding 95,388,957.91 SUIA, accounting for 95.39% of total SUIA. Top 1 address 0xc69b...9f7a holds 52,667,439.40 SUIA, accounting for 52.67% of total SUIA.

Comparing and analyzing the above 30 addresses with sender addresses previously counted by ChainAegis (see "SharkTeam: Sui Mainnet On-Chain Data Analysis"), we further discovered 8 overlapping addresses that play pivotal roles in the entire Sui ecosystem:

(1) Address 1 (0xf3bf...325f) appears in Top 10 for SUI, CETUS, and SUIA, with 39 cumulative transactions, including 19 large incoming transfers from address 0xd5ccdf77cab59778ad6c6d599af3819b0281c3fe434f7df4b82290620331bb01, totaling 185 million SUI transfers. Address 0xd5cc...bb01 has numerous transactions, analyzed as exchange hot wallet address.

(2) Address 2 (0xab73...cd56), Address 3 (0x9350...9cbd), and Address 4 (0x60dd...984d) have over 30,000 transactions with frequent interactions, analyzed as exchange hot wallet addresses.

(3) Address 5 (0x8d16...b64f) is Cetus's trading pool address.

(4) Address 6 (0x7f66...3bfb), Address 7 (0x13c0...4c6d), and Address 8 (0x62f3...53ad) all appear in CETUS and SUIA Top 10 addresses. Address 6 (0x7f66...3bfb)'s funding source is Address 2 (0xab73...cd56).

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