Sui blockchain's meteoric rise mirrors Solana's trajectory, prompting comparisons and raising questions about its future potential. While still behind Solana in TVL and daily volumes, Sui's exponential growth in TVL and daily active addresses suggests a promising future. Both blockchains are experiencing a surge in DeFi activity, driven by stablecoin growth and institutional interest.
Sui blockchain has emerged as one of the fastest-growing blockchain networks in the past 12 months, drawing comparisons to Solana , whose Web3 ecosystem has experienced explosive growth, particularly fueled by the memecoin culture. Sui's performance mirrors Solana 's trajectory, raising questions about what the future holds for Sui.At the start of 2023, Solana 's Total Value Locked ( TVL ) was just below $250 million. It surged to a peak of $14.
24 billion earlier this week, showcasing parabolic growth. Sui has also witnessed exponential growth, climbing from below $250 million to $2.18 billion in TVL earlier this month. While Sui's current TVL is significantly lower than Solana's, it has the potential to reach Solana's position within a year. Solana boasts significantly larger volumes than Sui, with a record daily on-chain volume of $35.89 billion on January 18th. Sui, on the other hand, reached its highest daily volume of $559.97 million on December 20th. However, Sui's daily volume has shown impressive growth, exceeding $25 million a year ago.Both Solana and Sui have experienced a surge in daily active addresses. Solana saw its daily active addresses rise above 5 million in the last two months, from less than 1 million before March 2024. Sui's daily active addresses exhibited a parabolic growth curve between April and May 2024, peaking at 2.3 million addresses on May 23rd. Although they have since declined to below 600 addresses, this initial spike demonstrates significant growth potential.Both blockchains are attracting increasing DeFi activity, with robust growth in the decentralized finance segment driven by similar factors. Stablecoin growth and institutional interest are contributing to this surge, with investors seeking opportunities within both ecosystems. Solana has particularly capitalized on the memecoin craze, while Sui, being relatively younger, has yet to fully tap into this hype.Despite its younger age, Sui has had a remarkable first year, exhibiting robust growth potential. It could continue on a similar trajectory as Solana over the past few years.Michael, a full-time journalist at AMBCrypto, has five years of experience in finance and forex and over two years as a writer in the crypto and blockchain sectors. His focus at AMBCrypto is on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars
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