Sui Network hits 1M active addresses within two months of launch

Layer-1 blockchain Sui (SUI) Network reached 1 million active addresses less than two months after its mainnet launch, according to a July 14 press statement shared with CryptoSlate.

Greg Siourounis, the managing director of the Sui Foundation, stated that the blockchain network’s success showed a growing demand for the platform. Siourounis added:

“Sui’s success so far is a direct result of having a community and an ecosystem which are energized by the prospect of turning technology into solutions and fully committed to helping Sui build beyond what currently exists.”

Sui adoption grows

Since its launch in May, the project has enjoyed heavy adoption as it has incentivized developers to build on its network and scored several partnerships, including one with the Formula 1 team, Oracle Red Bull Racing. This partnership would allow the blockchain project to help the F1 team improve its fan connection through new digital experiences.

Data from Suivision showed that the network has 1072 NFT collections that have minted over 3 million NFTs, with more than 625,000 holders.

Decentralized finance (DeFi) activity on Sui appears to have flatlined after peaking at $36 million during its launch. The total value of assets (TVL) on the network has dropped to $13.3 million as of press time, according to DeFillama data.

Meanwhile, the network has had its fair share of troubles, with one DEX, NemoSwap, misleading the public about its investors. Additionally, the project awarded $500,000 to blockchain security firm CertiK for discovering a critical ‘HamsterWheel’ vulnerability on its network on June 19.

Sui trades under $1

Despite its heavy adoption and network usage, Sui’s price has considerably struggled, trading at under $1 since the beginning of June, according to CryptoSlate’s data.

The SUI token trades at $0.7106 as of press time, according to CryptoSlate’s data. This is 46% down from its all-time high of $1.4.

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