How has Sui mainnet performed after being online for 3 weeks? A article interpreting its data and community sentiment.

How is Sui mainnet performing after 3 weeks? An article analyzing its data and community feedback.

Three weeks ago, the Sui mainnet went live. The encrypted KOL DeFi Sorcerer wrote an interpretation of the protocol construction, network performance, key technical points, and other data since its launch, and analyzed community sentiment. From a DeFi perspective, Sui does not seem to be very impressive at the moment, and there is no truly innovative protocol on the mainnet yet.

Mainnet statistics: 1) TVL: $23 million; 2) Top protocols: Cetus Protocol (accounts for over 50% of Sui’s total TVL) with a TVL of $12.8 million; Turbos Finance with a TVL of $5.8 million; BlueMove with a TVL of $0.365 million. Network performance statistics: 1) Transaction blocks: 7.92M; 2) Peak TPS (30 days): 911; 3) Validators: 104; 4) Node count: 1363; 5) Total staked SUI: 7.15 billion SUI (accounts for 71% of the maximum supply); 6) Average staking APY: 6.71%. 7) Gas fee: currently appears to be quite low, with an average price of 0.000000907 SUI for 7 epochs, which is less than $0.0001 in USD.

Key technical points: 1) Sui is an L1 platform with smart contract capabilities and a unique object-centric data model, which is crucial for its scalability; 2) Throughput can be horizontally scaled – network throughput grows as each validator adds more computing power. 3) Move is Sui’s programming language with built-in security properties to prevent certain types of hacker attacks/vulnerability exploitations; 4) On Sui, simple transactions like P2P transfers and large-scale NFT minting do not require consensus, allowing validators to process around 300,000 transfers/simple transactions per second.

Token Economics: The token is called $SUI and is used for network security (staking by validators and delegators), paying gas fees, governance, with a maximum supply of 10 billion. Token distribution: Community Reserve (50%) controlled by Sui Foundation, distributed through grants, R&D, validator rewards and other community programs; Early Contributors (20%) controlled by Mysten Labs team members; Investors (14%); Mysten Labs Treasury (10%), usage undisclosed; Community Access Program and Application testers (6%), whitelisted for sale by partner exchanges and public sale.

Community Sentiment: 1) The community is unhappy that token distribution was not completed through airdrops, especially since many interacted with the testnet for the purpose of receiving airdrops. 2) Some chatter on Discord suggests that the community sees Sui as a “ghost chain” that appears successful through fake trades and insider purchases of NFT projects. 3) The community is concerned about how locked tokens are staked and whether Sui is truly decentralized.

Reference: https://twitter.com/sorcerer_defi/status/1661659979982704640

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