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SharkTeam: On-chain Data Analysis of Sui Mainnet

Sui is a high-performance Layer1 public chain that supports the Move smart contract language and can improve throughput by adding more resources. Given the significant demand for low latency and high throughput in fields such as gaming, social media, and financial derivatives, Sui's underlying technology is well-positioned to meet these requirements and offers certain advantages.

The Sui mainnet was launched in early May and has been running for over 20 days. The SharkTeam on-chain security analysis team has conducted the following compilation and analysis of on-chain data from Sui.

1. Transaction Volume and Market Capitalization of Sui

The native asset of Sui is called SUI, and it is typically denoted in uppercase to differentiate it from the token and the Sui platform. The total supply of SUI is 10 billion tokens. The currency rule for SUI tokens is that the supply will not decrease over time, meaning that SUI tokens will never be burned. Adeniyi Abiodun, the co-founder and Chief Product Officer of Mysten Labs, the development team behind Sui, stated on Twitter that there will never be any airdrop plans. Here is the distribution rule for SUI tokens:

The SUI token has four use cases on the Sui platform:

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

2. SUI serves as the asset denomination for paying gas fees required to execute and store transactions or perform other operations on the Sui platform.

3. SUI can be used as a versatile and liquid asset in various applications, including serving as a standard unit of account, medium of exchange, or store of value, as well as supporting more complex functionalities like smart contracts, interoperability, and composability within the entire Sui ecosystem.

4. SUI plays an important role in governance.

On May 3rd, the price of $SUI was $1.3, and on the 4th, it reached an all-time high (ATH) of $1.48, with a corresponding market capitalization of $785,883,732. The trading volume on both May 3rd and 4th was also high, at $1.203 billion each day. In the following days, the trading volume decreased, averaging around $245 million after excluding the initial days of listing.

2. TVL of the Initial Protocols Launched

After the launch of the Sui mainnet, the Sui ecosystem has witnessed the development of over a hundred projects on the network. Based on the current market data, the majority of these projects within the Sui ecosystem are still in a continuous development phase. SharkTeam has compiled the TVL data for various DeFi projects on the Sui network, as shown in the following graph:

Cetus is currently the DEX with the highest TVL on the Sui mainnet, with unilateral staking and LP mining functions. On May 23, the TVL of Cetus reached 16,479,615 US dollars, accounting for 72.18% of the total TVL, with a peak of over 30 million US dollars. Turbos is a token trading platform with centralized liquidity. Its TVL on the 23rd was $5,880,224, accounting for 25.76% of the total TVL, ranking second.

3. TPS (Transactions Per Second)

TPS represents the number of transactions that a cryptocurrency network can process per second. On May 23rd, the average TPS for the Bitcoin blockchain was approximately 6.59, while Ethereum had a TPS of 12.56. After the launch of the Sui mainnet, the blockchain's TPS was initially 5.87 and reached a peak of 45 on May 12th.

4.Validation Nodes

As of May 23, there are 104 validator nodes and 464 full nodes on the Sui network, distributed in 11 countries. The average APY (annual rate of return including the effect of compound interest) of Stake is 6.65%. The top 20 validators in the pledge ranking at Epoch 40 are shown in the table below. Overclock’s total pledge ranks first at 291.21M, with 4.06% of the voting rights. The total SUI pledge is 7.18B SUI, accounting for 4.05%.

5. On-chain Addresses

As of May 23rd, at 13:23, the total number of accounts on the Sui network is 674,612, with 4,143 accounts active within the past 24 hours. On May 4th, at 1:04, 22:04, and on May 11th, at 22:04, the number of accounts exceeded 7,000. On average, there are 1,368 accounts engaging in transactions every hour.

As of May 24th, at 20:23, the total number of active accounts on the Sui network is 549,269, with 25,832 active accounts within the past 24 hours. On May 19th, at 22:56, the number of active accounts reached 105,491. On average, there are 1,048 active accounts per hour.

6. Transaction Count

The following graph depicts the number of Digests (similar to Hashes) per hour on the Sui network from May 6th to May 23rd. The cumulative transaction count during this period reached 3.45 million, with an average of 8,610 transactions per hour. On May 8th, the Digest count reached its peak at 43,158 transactions.

Among the 3.45 million Digests, there were 346,857 unique sender addresses. The sender address "0x00...0000" conducted 1.129 million transactions, accounting for 71% of the top 50 senders. These transactions involve the periodic adjustment of on-chain parameters, such as the on-chain time. The sender address "0x7450...3be6" conducted 48,000 transactions, ranking second in terms of transaction count.

The following is the Top 20 list of Digest counts categorized by the number of transactions (txns) within each Digest. There were a total of 1,199,179 Digests with txns equal to 1, accounting for 35% of the total. The second highest number of Digests, with txns labeled as "--," amounted to 1,129,822, representing 33% of the total and ranking second. All sender addresses labeled with "--" are associated with the address "0x00...0000," which is constantly modifying the on-chain time.

Based on the results of this on-chain data analysis, it can be seen that Sui is a truly high-performance Layer1 public blockchain, and the degree of decentralization among its validating nodes is relatively high. There are already hundreds of thousands of real users on the chain, but the only drawback is that the total value locked (TVL) and top protocols on the chain are somewhat lacking, and there is a need for enhancement.

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. They are proficient in the underlying theory of blockchain and smart contracts, and provide services including smart contract auditing, on-chain analysis, and emergency response. It has established long-term cooperative relationships with key players in various fields of the blockchain ecosystem, such as Polkadot, Moonbeam, polygon, OKC, Huobi Global, imToken, ChainIDE, etc.
Official website: https://www.sharkteam.org/
Twitter: https://twitter.com/sharkteamorg
Discord: https://discord.gg/jGH9xXCjDZ
Telegram: https://t.me/sharkteamorg

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