Increasing number of SUI crypto transactions: will the price increase?
- SUI activity has increased, demonstrating the resilience of the network.
- Sui cannot do well in the DeFi space.
One of the most unexpected manifestations of a cryptographic protocol has been the recent activity observed on the sui (SUI) network.
The daily transactions occurring on the SUI network and the number of daily active addresses on the network have increased significantly in recent days.
Sui remains steadfast
However, this activity was caused by Spam Sui. The Sui Network has a decentralized application called Spam Sui, which implements the innovative concept of “Spam to Make Money”.
Unlike traditional cryptocurrency mining methods, users accumulate “SPAM” coins simply by performing transactions on the Sui network. The larger the transaction volume, the more SPAM received.
With an impressive daily production of 1 billion SPAM coins, the main goal is to generate a significant number of transactions.
Although the online activity was driven by Spam Sui, many people took to Twitter to express how impressive it was that SUI was processing so many transactions.
In recent days, the SUI network has reached over 800 TPS throughput.
The large volume of transactions processed by Sui demonstrates its scalability and potential to handle real-world use cases.
This could be very attractive to developers and users considering creating or using applications on the Sui network.
However, the fact that high transaction volume is not related to actual user activity can be considered misleading. This could raise concerns about actual organic usage of the network and dampen sentiment.
Despite the increase in activity, the Sui network has failed to see growth in its DeFi department. DEX (decentralized exchange) volumes on the network have dropped significantly.
DEX volumes have fallen from 170 million to 90 million in recent weeks.
State of DeFi
Along with this, the TVL (total value locked) on the Sui network has also dropped significantly. However, the revenue generated by the SUI network remained relatively the same.
This indicates that despite the decline in interest in the Sui network’s DeFi sector, the network’s ability to generate revenue has not been affected.
Real or not, here is the market cap of SUI in BTC.
However, if the DeFi sector continues to lag, it could impact Sui’s earnings.
At press time, SUI was trading at $1.13. and its price has increased by 5.03% in the last 24 hours.
This is an automatic translation of our English version.