Sui Network Experiences Surge in Transactions and Active Users, Unveiling Potential Concerns

Despite being a newcomer, the Sui network has recently witnessed a remarkable surge in transaction volume, marking a significant milestone in its growth journey.

The surge began around 4th July, with approximately 400,000 transactions recorded at that time. Within a short period, the number of transactions swiftly soared to over 1 million and has now surpassed 1.2 million—a staggering increase of over 3,000% within the past 30 days.

This surge in transaction activity can be attributed to the recent launch of an engaging game called Game 8192, which has generated notable transaction blocks with each play.

The network’s active account count also experienced a noteworthy bump, peaking at over 30,000 around 7th July, and as of now, still exceeding 18,000. This indicates a substantial influx of enthusiastic players engaging with the game on the network.

However, while the transaction and active address metrics show promising trends, other aspects of Sui’s performance appear unswayed by the impressive developments.

The new account metric displayed a relatively stagnant trend, with limited growth observed. Additionally, data from DefiLlama revealed that the Total Value Locked (TVL) on the platform had not experienced any significant increase, hovering around $13.1 million with no discernible signs of substantial movement.

These observations raise questions about Sui’s overall growth trajectory. While the surge in transactions and active addresses is encouraging, the flattened new accounts and TVL figures indicate that the network might face challenges in attracting new users and increasing its total value locked.