GrayScale Sui Trust sees $800m Surge in Trading Volume Weeks After Launch

GrayScale Sui Trust has recorded an impressive $800 million surge in daily trading volume just weeks after opening to accredited investors. This achievement positions Sui — seen as a “Solana killer” — as a strong contender in the decentralized finance (DeFi) space.

Sui which holds the 28th spot among top cryptocurrencies is sparking interest from institutional investors due to its innovative features and growing ecosystem.

Drive Behind GrayScale Sui Growth

Sui has seen impressive growth throughout the year. On-chain activity has shown strength, with TVL reaching $1.15 billion — a 377% increase year-to-date. Over the past month, SUI has also gained a massive 60% with the price moving to $1.58 in the latest surge.

The DeFi protocols driving this rapid growth include, Navi Protocol (TVL: $439M, MTD growth: 54.67%) Scallop (TVL: $233M, MTD growth: 30.69%) SuiLend (TVL: $198M, MTD growth: 89.27%) Cetus DEX (TVL: $159M, MTD growth: 44.37%) Aftermath Finance (TVL: $80M, MTD growth: 48.21%).

Key on-chain metrics also demonstrate robust activity within the blockchain. Over the past 24 hours, total transactions reached 4.83 billion, with an increase of 10.55 million. The total number of accounts also reached 25.31 million, up by 126,700.

Checkpoint numbers and NFTs minted also went up by 357,900 and 44,200, reaching 60.62 million and 43.2 million respectively indicating continuous on-chain activity.

The number of deployed smart contract packages totals 27,415, up by 481 in the past 24 hours, signaling strong developer engagement and the total tokens in circulation reached 14,136, with 447 new tokens added in the last day.

According to CoinCodex’s Sui price prediction for the near future is projected to rise by 227.99%, possibly hitting a new all-time high of $5 by Oct. 23, 2024. The overall sentiment for Sui remains bullish and price is expected to continue increasing.

Sui Network Ecosystem Outlook

Sui dramatically lowers the entry barriers for Web3, particularly in DeFi and Web3 gaming by allowing users to log into dApps using familiar credentials like Google or Facebook while maintaining privacy. Features like zkLogin and zkSend are key in enabling Sui to enhance privacy and user experience.

Furthermore, tools like Kiosk enable businesses to create decentralized on-chain apps, giving them full control over digital assets and providing businesses with customizable solutions for Web3. Circle recently announced plans to launch native USDC — the second largest stablecoin — and CCTP on Sui.