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Following the broader market optimism after President Donald Trump’s election in November, the Sui (SUI) network demonstrated major growth in the fourth quarter of 2024, as highlighted in a recent report by market intelligence firm Messari.
Key Developments That Propelled Sui
The report indicates that SUI’s circulating market cap skyrocketed by 153.6% to reach $12.22 billion, significantly surpassing the broader cryptocurrency market’s growth of 52.8% during the same period. This can be attributed, per the report, to several key developments, including the introduction of native USDC on Sui.
By the end of Q4 2024, the token climbed six spots from the previous quarter to rank as the 15th largest cryptocurrency by market capitalization, peaking at an all-time high of $4.93 on December 16, 2024. Over the past year, SUI’s price has risen 428.2%, with its circulating market cap increasing by 1,410.1%.
A significant factor contributing to this growth has been Sui’s transaction fees, which include gas fees from network transactions. In Q4 2024, total quarterly fees reached a record $5.4 million (equivalent to 1.8 million tokens), marking a 613.6% increase quarter-over-quarter (QoQ) and a 1,063.8% increase year-over-year (YoY).
Notably, while SUI’s price increased by 131.5% QoQ, fees in SUI also experienced a notable growth of 127.9% QoQ, suggesting that heightened network activity was a key driver behind the fee increases.
Franklin Templeton And Republic Collaborate On Innovations
Sui’s network activity saw significant growth following the substantial token unlocks in May 2024. By Q4, average daily transactions soared by 153.3% QoQ to reach 8.4 million, with an impressive 263.5% increase YoY.
The number of daily active addresses also rose, reaching 875,000—up 35.6% QoQ and a staggering 1,248.4% YoY. On October 5, 2024, daily transactions peaked at 58.4 million, partly driven by increased activity in the memecoin sector.
Interestingly, despite the surge in transactions, the average transaction fee declined by 7.7% to $0.0069 (0.0024 tokens), illustrating Sui’s commitment to maintaining low-cost transactions. Additionally, around 6.3% of all transactions during Q4 were sponsored, allowing dApps to cover gas fees for users.
Sui’s DeFi ecosystem also flourished in Q4, with the lending protocol Suilend emerging as a market leader, boasting a total value locked (TVL) of $736.2 million—up 337% QoQ.
Institutional interest in the network has also been on the rise, particularly following the launch of the VanEck Sui ETN on November 7, 2024. This fully collateralized product will enable millions of institutional investors to gain access to SUI in a regulated environment.
In addition, Sui’s partnership with Franklin Templeton Digital Assets aims to foster growth within the ecosystem and leverage innovative technologies.
On December 3, 2024, Republic also announced plans for the Sui Launchpad, a platform designed to assist companies in creating utility tokens, with DeLorean Labs collaborating on the initiative.
Featured image from DALL-E, chart from TradingView.com
