Analysis of Sui’s ecological data and token release status

Sui's ecological data and token release status analysis

As one of the representative projects of Move-based public chains, Sui represents a different development direction from Ethereum L2. Since its launch on May 3rd, it has been controversial, especially its token issuance method and release model. Some people think it will follow in the footsteps of ICP, while others think it may be similar to new public chains in 2021. Duoduo, a researcher from LD Capital Research, wrote an analysis of Sui’s ecological development status and recent token releases and demand.

As of June 13th, Sui TVL was $15.22 million, a decrease of over 50% compared to the peak of $36.01 million, ranking 54th among all public chains and L2s. The highest daily trading volume on Sui DEX occurred on May 10th, exceeding $19 million and has since declined. Daily trading volume has been low in June, mostly between $3-6 million. Since its launch, the total number of transactions is 16.53 million, with an average actual operating TPS of 3, 850,000 active addresses, and 104 active nodes. The highest TPS since launch was 26 on May 12th during the Turbos IDO, and there are currently three cross-chain bridges that can transfer funds to Sui, namely Wormhole, kriya.finance, and WELLDONE.

As of June 14th, the [sui.directory](http://sui.directory) on the Sui official website has listed a total of 66 projects. These projects are self-declared by the project parties and many are still in testing and have not yet officially launched. A brief overview of the projects that have already launched and issued tokens in the Sui ecosystem shows that most have not performed well. Both top DEXs have already broken, and the social platform SUIA has dropped by nearly 81.82%. SuiBlockingd has performed relatively well mainly due to low pricing during the IDO, with an FDV of only $5 million.

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According to the token allocation and unlocking diagram from token.unlocks using Binance-related report data, the total supply of SUI tokens is 10 billion, with an initial circulating supply of 528 million, accounting for 5.28%. From May to October 2023, Sui will have two types of releases, IEO releases and node staking incentive releases. The first three months will release 67.94 million tokens, accounting for 0.67% of the total token supply, equivalent to a market value of approximately $47.55 million. The 4th to 6th month will release 64.61 million tokens, accounting for 0.64% of the total token supply, equivalent to a market value of approximately $45.22 million. In November 2023, there will be a large-scale unlocking, with over 1 billion tokens unlocked on that day, doubling the circulating tokens. From the demand side of the token, it can be seen from the above on-chain data and ecosystem project analysis that there is a lack of trading and users, indicating no significant demand for SUI tokens in the short term.

Reference: https://ld-capital.medium.com/sui生态数据与代币释放情况分析-fb4763972550

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