Sui had a strong Q4 2024, with its market value jumping 153.6% to $12.22 billion. This was much higher than the overall crypto market’s 52.8% rise.
Messari reported that the growth came from key events like the launch of native USDC, the VanEck Sui ETN, a partnership with Franklin Templeton Digital Assets, and Phantom’s integration. By December, Sui became the 15th largest cryptocurrency and reached a record price of $4.93. Its value grew 428.2% over the past year.
SUI transaction fees stay low despite growth
Transaction fees on Sui’s network hit an all-time high of $5.4 million, increasing 613.6% from the previous quarter. More DeFi activity, the launch of native USDC, and the rising price of SUI helped push fees higher. Even though the price went up by 131.5%, fees measured in SUI also rose by 127.9%, showing strong network usage.
SUI has a fixed supply of 10 billion tokens. By the end of Q4, 29.30% of all tokens had been released, a 9.30% increase from Q3. In total, 248 million SUI tokens worth $1.02 billion were unlocked during the quarter. Despite this, 78.6% of all available tokens were still staked, showing strong investor confidence.
The network’s daily transactions averaged 8.4 million, up 153.3% from the previous quarter. Daily active addresses increased by 35.6% to 875,000. On Oct. 5, transactions hit a record 58.4 million due to high memecoin activity. Even with this growth, Sui’s transaction fees remained low, averaging just $0.0069 per transaction.
Security and decentralization improve
The network’s security remained stable. The total value of staked tokens rose 131.3% to $32.4 billion, making it the third-largest staked network. The number of active validators slightly increased from 104 to 108. Sui’s decentralization score, called the Nakamoto coefficient, stood at 17, showing strong security.
The network saw several upgrades, including better congestion control and improvements to the Move 2024 edition. It also integrated Circle’s USDC and a cross-chain transfer system, allowing easy USDC movement across different blockchains.
