Data analysis on Sui chain: TVL, TPS and node distribution, etc.

Sui is a veritable high-performance Layer 1 public chain with a high degree of decentralization of verification nodes.

Written by: SharkTeam

Sui is a high-performance Layer1 public chain that supports the Move smart contract language, and can increase throughput by adding more resources. Because games, social networking, and financial derivatives have high requirements for low latency and high throughput, Sui's underlying technology can meet these requirements and has certain advantages.

The Sui mainnet was launched in early May and has been running for more than 20 days. The SharkTeam on-chain security analysis team organized and analyzed Sui's on-chain data as follows.

1. Sui's trading volume and market value

Sui's native asset is called SUI, and the uppercase SUI is usually used to distinguish the token from the Sui platform. The total supply of SUI is 10 billion pieces. The monetary rule of the SUI token is that the supply will not decrease over time, i.e. the SUI token will never be destroyed. Adeniyi Abiodun, co-founder and chief product officer of Sui development team Mysten Labs, tweeted a reply saying that the airdrop plan would never be released. The following are the distribution rules for Sui Tokens:

The SUI token has four uses on the Sui platform:

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

(2) SUI is the denomination of assets used to pay the gas fees required to perform and store transactions or other operations on the Sui platform.

(3) SUI can be used as a multifunctional and liquid asset for a variety of applications, including the standard features of money - a unit of account, medium of exchange or store of value - as well as smart contracts, interoperability and scalability across the Sui ecosystem. Composition support and other more complex functions.

(4) SUI plays an important role in governance.

On May 3, the price of $SUI was $1.3, and on May 4 the price reached ATH at $1.48, when the market cap reached $785,883,732. On the 5th, 3rd and 4th, the trading volume of these two days was also relatively high, both of which were 1.203 billion US dollars. The trading volume in the next few days decreased. Excluding the trading volume in the first two days of listing, the average trading volume in the remaining days was around 245 million US dollars.

2. TVL of the first batch of online agreements

After the launch of the Sui mainnet, more than 100 projects in the Sui ecosystem have been built on the network. Judging from the current market data, the vast majority of Sui ecological projects are still in a state of continuous development. SharkTeam has counted the current TVL data of each DeFi project on the Sui network, as shown in the figure below:

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, exceeding 30 million US dollars at the peak. 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

TPS stands for the number of transactions per second that a cryptocurrency network can handle. On May 23, the 24-hour average TPS of the Bitcoin blockchain was about 6.59, and the TPS of Ethereum was 12.56. The TPS of the blockchain after the Sui mainnet went live was 5.87, reaching 45 on May 12.

4. Verification node

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

5. On-chain address

As of 13:23 on May 23, the total number of Sui network accounts was 674,612, and the number of 24-hour accounts was 4,143. The number of accounts at 1:04 and 22:04 on May 4 and 22:04 on May 11 exceeded 7,000. An average of 1368 accounts are transacting per hour.

As of 20:23 on May 24, the number of active Sui network accounts was 549,269, and the number of 24-hour active accounts was 25,832. At 22:56 on May 19, the number of active accounts reached 105,491. The average number of active accounts per hour is 1048.

6. Number of Transactions

The picture below shows the number of Digest (similar to Hash) transactions per hour on the Sui network from May 6 to May 23, with a total of 3.45 million transactions, an average of 8610 transactions per hour. On May 8, the number of digests reached a peak of 43,158.

There are 346,857 senders in the 3.45 million Digests, of which the sender address is 0x00...0000, which has carried out 1.129 million transactions, accounting for 71% of the Top 50. This type of transaction is 0x00...0000. The parameters on the chain are revised from time to time (e.g. on-chain time). The sender address 0x7450...3be6 has 48,000 transactions, ranking second.

The figure below shows the Top 20 list of Digest transactions counted by txns. txns is the number of transactions in each Digest. There are 1,199,179 Digests with txns being 1, accounting for 35%. txns for -- has 1,129,822 Digests, accounting for 33%, ranking second. All sender addresses with the -- label are 0x00...0000, and this address is constantly modifying the chain time.

From the data analysis results on this chain, it can be seen that Sui is a veritable high-performance Layer 1 public chain, and the degree of decentralization of verification nodes is relatively high. There are also hundreds of thousands of real users on the chain. The only shortcoming is that the current TVL and head protocol on the chain are slightly insufficient and need to be strengthened.