Sui is a high-performance Layer 1 public chain that supports the Move smart contract language and can increase throughput by adding more resources. Due to the high demand for low latency and high throughput in areas such as gaming, social, and financial derivatives, Sui’s underlying technology happens to meet these requirements and has certain advantages.
The Sui mainnet went live in early May and has been running for more than 20 days. The SharkTeam on-chain security analysis team has compiled and analyzed the on-chain data of Sui as follows.
1. Sui’s Trading Volume and Market Value
Sui’s native asset is called SUI, and uppercase SUI is usually used to distinguish between tokens and the Sui platform. The total supply of SUI is 10 billion. The currency rule of SUI tokens is that the supply will not decrease over time, and SUI tokens will never be destroyed. Adeniyi Abiodun, co-founder and chief product officer of Sui’s development team Mysten Labs, replied on Twitter that there will never be an airdrop plan. The following are the distribution rules of Sui tokens:
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There are four uses of SUI tokens on the Sui platform:
(1) Users can mortgage SUI to participate in the proof-of-stake mechanism.
(2) SUI is the asset denomination used to pay for gas fees required for executing and storing transactions or other operations on the Sui platform.
(3) SUI can be used as a multi-functional and liquid asset for various applications, including the standard features of currency-accounting units, exchange media, or value stores-and more complex functions such as smart contract, interoperability, and composability support throughout the Sui ecosystem.
(4) SUI plays an important role in governance.
On May 3, the price of $SUI was $1.3, and on the 4th, the price reached ATH of $1.48, and the market value reached $785,883,732. The trading volume on the 3rd and 4th was also high, both at $1.203 billion. The trading volume in the following days has decreased. Excluding the trading volume of the first two days after the launch, the average level of trading volume in the remaining days is around $245 million.
2. TVL of the First Batch of Online Protocols
After the launch of the Sui mainnet, there are currently more than 100 projects building on the Sui network. From the current market data, most of the Sui ecological projects are still in a state of continuous development. SharkTeam has compiled the TVL data of various DeFi projects on the Sui network, as shown in the following figure:
Cetus is currently the DEX with the highest TVL on the Sui mainnet, with single-sided staking and LP mining functions. On May 23, Cetus’ TVL was $16,479,615, accounting for 72.18% of the total TVL, peaking at over $30 million. Turbos is a centralized token trading platform, with a TVL of $5,880,224 on the 23rd, accounting for 25.76% of the total TVL and ranking second.
3.TPS
TPS represents the number of transactions that a cryptocurrency network can process per second. On May 23, the average 24-hour TPS of the Bitcoin blockchain was about 6.59, and that of Ethereum was 12.56. The TPS of the blockchain after its launch on the Sui mainnet was 5.87, reaching 45 on May 12.
4.Validation Node
As of May 23, there were 104 validator nodes and 464 full nodes on the Sui network, distributed in 11 countries. The average APY (annual yield rate including the impact of compound interest) of staking is 6.65%. The top 20 validators by staked amount in Epoch 40 are shown in the table below. Overclock has the largest staked amount, 291.21M, with 4.06% of the voting power. The total staked amount of SUI is 7.18B, accounting for 4.05% of the total staked amount.
5.On-chain addresses
As of 13:23 on May 23, the total number of accounts on the Sui network was 674,612, and the number of accounts in the last 24 hours was 4,143. On May 4 at 1:04, 22:04, and May 11 at 22:04, the number of accounts exceeded 7,000. On average, 1,368 accounts are engaged in transactions every hour.
As of 20:23 on May 24, the number of active accounts on the Sui network was 549,269, and the number of active accounts in the past 24 hours was 25,832. On May 19 at 22:56, the number of active accounts reached 105,491. On average, 1,048 accounts are active every hour.
6.Number of transactions
The following figure shows the number of Digests (similar to Hashes) per hour on the Sui network from May 6 to May 23, which has accumulated to 3.45 million, an average of 8,610 per hour. On May 8, the number of Digests reached its peak, at 43,158.
Among the 346,857 senders in these 3.45 million Digests, 112.9 million transactions were conducted by the sender address 0x 00…0000, accounting for 71% of the Top 50 and consisting mainly of periodic parameter changes on the chain, such as chain time. The sender address 0x 7450…3 be 6 conducted 48,000 transactions, ranking second.
The following chart shows the Top 20 Digests sorted by the number of txns, which refers to the number of transactions in each Digest. Digests with a single txn accounted for 1,199,179, or 35%. Digests with ‘–‘ in the txn column accounted for 1,129,822, or 33%, ranking second. All sender addresses with ‘–‘ in the txn column are 0x 00…0000, which is constantly modifying the chain time.
The analysis of on-chain data from this report shows that Sui is indeed a high-performance Layer 1 public chain with a high degree of decentralization among validation nodes. There are already tens of thousands of real users on the chain, but the TVL and top protocols on the chain need to be strengthened.
About us
SharkTeam’s vision is to comprehensively protect the security of the Web3 world. The team is composed of experienced security professionals and senior researchers from all over the world who are proficient in the underlying theories of blockchain and smart contracts. The services provided include smart contract audits, on-chain analysis, emergency response, and more. SharkTeam has established long-term partnerships with key participants in the blockchain ecosystem, such as Polkadot, Moonbeam, Polygon, OKC, Huobi Global, imToken, ChainIDE, and more.
Website: https://www.sharkteam.org
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