In a recent post, Xremlin (@0x_gremlin) explored whether SUI could mirror Solana’s impressive 150x rally from 2021. He began by reminiscing about the explosive growth of Layer 1 blockchains, noting significant gains for tokens like $FTM and $SOL.
Xremlin highlighted SUI’s rapid development and its potential to compete in the blockchain space.
Xremlin emphasized that SUI is a young Layer 1 blockchain making significant strides, particularly due to its capacity to handle multiple transactions simultaneously. Utilizing the Move programming language, SUI provides developers with a highly efficient environment for building applications.
He pointed out that SUI’s maximum transactions per second (TPS) reached an impressive 297,000, far surpassing Solana’s 65,000. Although real-world conditions may not yet support such high numbers, this performance indicates SUI’s substantial scalability potential.
Over the last month, SUI saw a notable increase in daily active addresses, tripling to 1.5 million. This surge in user engagement contributed to a new all-time high in SUI’s total value locked (TVL), which reached $873 million, nearing Polygon’s $892 million.
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Xremlin provided updates on SUI’s recent developments, including:
- The launch of USDC by Circle
- The introduction of the Hydropower Accelerator program
- The launch of the AUSD stablecoin
- Pre-orders for a Sui gaming handheld
- A partnership with the 3DOS 3D printing network
He noted that SUI is currently one of the best-performing Layer 1s, with gains of 240% from local lows, compared to Solana’s 38%. However, he cautioned that a significant token unlock is scheduled for October 1, which could lead to a price correction as 64.5 million $SUI tokens will be released.
When comparing daily trading volumes, Xremlin observed an uptick in SUI’s volume over the past month, while Solana’s volume is declining. Despite this positive trend, SUI still has a considerable gap to close to match Solana’s trading volumes. The recent increase in SUI’s volume is partly attributed to a current “meme season.
To illustrate token performance, he provided examples of several tokens in the SUI ecosystem, such as $BLUB, $HSUI, and others, which have seen impressive multipliers.
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Show more +Xremlin expressed that while he views SUI positively, he does not believe it can directly compete with Solana. Nevertheless, he considers it a viable short-term trading opportunity, suggesting that $SUI is becoming a prominent player in the second phase of the market cycle, outperforming many competitors and gaining traction among significant crypto influencers.
He concluded by sharing a list of key projects within the SUI ecosystem, highlighting their market capitalizations and exchange listings.
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