From High-Performance Public Chains to Programmable Internet Infrastructure: Analysis of the SUI Ecosystem Value Upscaling

The Web3 technology stack is migrating from the Ethereum-dominated Solidity to the more secure and resource-abstracted Move language. Move was originally developed by Meta for the Diem project and features resource as first-class citizens and formal verification friendliness, making it an important language option for the underlying architecture of the new generation of public chains.

In this context, Aptos and SUI have become the dual core representatives of the Move ecosystem. Aptos is launched by the original Diem core team, continuing the native Move technology stack, emphasizing stability and security. SUI, on the other hand, inherits the Move security model while introducing object-oriented data structures and parallel execution mechanisms, forming a SUI Move branch with greater performance breakthroughs and development innovations, reconstructing on-chain resource management and transaction execution patterns. SUI is not only pursuing high TPS but also rewrites the blockchain operating mechanism, creating a technical foundation for complex on-chain interactions and large-scale Web3 applications.

1. Reshaping the Public Chain Landscape

Compared to public chains like Solana, Aptos, and Sei, SUI has its own unique characteristics in terms of technical architecture, performance, and ecological development.

SUI adopts the more secure Move language, avoiding the vulnerabilities caused by Rust parallelism in Solana. It has low hardware requirements, and the cost of validation nodes is lower, which is conducive to decentralization. In terms of performance, it is comparable to Solana, with lower confirmation latency. Ecologically, SUI is growing faster, achieving differentiation through new fields such as BTCFi and LSD.

Compared to Aptos, the SUI object model is more efficient, and user and developer activity is higher. SUI attempts a multi-narrative approach, with rapid user growth but higher risks. In terms of incentives, the SUI Foundation provides strong support, with monthly active addresses and on-chain transaction volume both exceeding those of Aptos.

Compared to Sei, which focuses on order book trading, SUI takes the general L1 route, supporting diverse applications and showing stronger risk resistance. The cross-chain compatibility and language advantages of SUI are more pronounced, making it difficult for Sei to pose a threat in the short term.

Compared to Ethereum L2, SUI has advantages in ultra-low latency and high concurrency, making it more suitable for high TPS games and other applications. In the long term, it may coexist with L2, but in the short term, it depends on who can better meet application needs.

2. Ecological Data Highlights

Since the SUI mainnet went live in May 2023, user growth has been rapid. By April 2025, over 123 million user addresses have been created on-chain, with over 40 million active addresses monthly. In terms of new users, the average number of new wallet addresses per day has consistently maintained a level of over 1 million.

In terms of cross-chain funds, by mid-2025, the total locked amount for SUI cross-chain is approximately $2.55 billion. The market value of stablecoins reached a historical high of over $800 million in mid-April 2025, with USDC accounting for more than 60%.

SUI has covered high-frequency scenarios such as on-chain order book DEX, real-time PvP, and social interactions. Although its throughput still lags behind Solana, it has advantages in scenarios such as micropayments, in-game asset exchanges, and social interactions due to its fast finality and DAG parallel execution.

SUI ecosystem data highlights:

1. The resilience of the capital structure has formed, with a TVL of approximately $160-180 million, and stablecoins and LSD accounting for 55%. The institutional holdings ratio has doubled to 14% within six months.

2. The developer retention rate is higher than that of peer public chains, with a 24-month survival rate of 37%.

3. User structure presents a bimodal distribution of DeFi and content entertainment, with diversified on-chain calls.

4. BTCFi is developing rapidly, with BTC assets accounting for 10% of the total TVL.

5. RWA and native derivatives still have room for development.

3. Key Forces in the Ecosystem

OKX Ventures, as an early discoverer and strategic builder of the SUI ecosystem, has invested in core projects such as Cetus, Navi, Momentum, and Haedal, covering key DeFi tracks like DEX, lending, and LST. These investments create a strong ecological synergy, constructing a self-reinforcing DeFi closed loop.

OKX Ventures not only provides capital support but also brings industry resources, market insights, and technical support, accelerating project development and user acquisition. This "investment + empowerment" model is one of the key catalysts for the rapid rise of the SUI ecosystem.

The SUI Foundation and Mysten Labs' investment in the infrastructure layer has laid a deep competitive barrier for the ecosystem. Mysten Labs has invested heavily in the development of "thick infrastructure" such as Walrus, Seal, and Nautilus, addressing the shortcomings at the base layer. These infrastructures enhance the technical stickiness within the ecosystem, reduce developers' willingness to migrate, and provide SUI with unique advantages in emerging fields such as social media and AI.

4. Value Positioning Upgrade

SUI is transitioning from a "high-performance parallel chain" to a "programmable internet stack". The team incorporates traditional internet components (computing power, storage, identity, liquidity, privacy computing) into the same native protocol stack to build an open infrastructure that can be accessed on demand.

The SUI infrastructure has entered the production stage, including the Mysticeti consensus engine, DeepBook public matching layer, SuiNS identity layer, Walrus storage, Seal secret management, and Nautilus Programmability. These capabilities open up multiple growth directions for SUI:

1. Web2 SaaS Migration: A large number of "low Gas high frequency" Web2-SaaS transactions have begun migrating to the main chain.

2. Offline networks and extreme scenario applications: targeting weak network scenarios such as India, Southeast Asia, and post-disaster relief.

3. AI Verifiability: Focus on the on-chain auditability of AI weights, inference logs, and data sources.

In terms of technological progress, SUI continuously improves its foundational consensus, protocol upgrades, development experience, and user tools. The ecological components cover a full-stack architecture of storage, encryption, and privacy computing, significantly enhancing on-chain and off-chain data processing efficiency and data sovereignty.

In terms of security governance, SUI has demonstrated a rapid response capability, coordinating asset recovery through on-chain governance mechanisms after the Cetus theft incident, and optimizing the governance process.

Overall, SUI is shifting from the narrative of "the fastest L1" high-performance chain to a higher positioning of "Programmability internet stack," building a universal infrastructure for the scalable implementation of Web3.