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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Boosting Institutional Appeal: Sui Network’s Q4 Highlights And Key Growth Metrics

Ronaldo Marquez
Ronaldo Marquez
3 months ago
3 mins read
Synthetix

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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.

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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.

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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.

Sui
The daily chart shows SUI’s price trending downwards after a strong Q4 performance. Source: SUIUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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