Key Takeaways:
- SUI’s market cap soared 153.6% in Q4 2024, reaching $12.22 billion, outperforming the broader crypto market.
- Network fees hit an all-time high of $5.4 million, fueled by USDC integration, ETN launch, and DeFi expansion.
- SUI staking rate remained strong at 78.6%, with inflationary pressures from supply unlocks balanced by ongoing adoption.
Sui’s circulating market cap experienced a staggering 153.6% increase in Q4 2024, climbing to $12.22 billion. This surge significantly outperformed the broader crypto market, which saw a comparatively modest 52.8% increase, according to the report from Messari.
Several pivotal events contributed to this growth, including the introduction of native USDC on the blockchain, the launch of VanEck’s Sui ETN, and a strategic partnership with Franklin Templeton Digital Assets.
The integration of Phantom with the network further fueled its adoption, increasing liquidity and accessibility for users. By the end of Q4, Sui had ascended six spots in market cap rankings, positioning itself as the 15th-largest cryptocurrency.
The token also achieved an all-time high of $4.93 on December 16, marking a 428.2% annual price increase. Its circulating market cap skyrocketed by an astonishing 1,410.1% over the past year, reflecting robust investor confidence and network growth.
Sui’s Network Fees Soar to $5.4M in Q4 2024
The network fees witnessed unprecedented growth in Q4 2024, reaching an all-time high of $5.4 million, equivalent to 1.8 million token. This represents a remarkable 613.6% quarter-over-quarter increase and a 1,063.8% year-over-year surge.
Sui’s DeFi growth, rising the token price, and native USDC adoption fueled the surge. While USD fees increased, SUI-denominated fees jumped 127.9% QoQ, signaling real network activity growth.
Despite the heightened transaction volume, the network managed to keep its average transaction fees affordable at 0.0024 SUI ($0.0069), making the network cost-efficient for large-scale DeFi operations.
Additionally, the network continued to support sponsored transactions, with 6.3% of all transactions being covered by dApps or third parties. This model reinforced user adoption by allowing seamless, gas-free interactions for participants.
Staking and Token Unlocks Shape Supply Dynamics
SUI’s staking ecosystem remained strong, with 78.6% of the eligible supply staked by the end of Q4 2024. However, the staking rate showed a slight 0.30% decline quarter-over-quarter. Despite this, the value of staked assets denominated in USD grew 131.3% QoQ, reflecting the overall price appreciation.
SUI unlocked 248M tokens ($1.02B) in Q4 2024 across community reserves, teams, investors, and staking rewards. Despite this, its total supply remains at 10B, with staking rewards decreasing every three months. The network’s real yield stood at -0.24%, while its growing DeFi ecosystem and high throughput strengthened its market position.
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