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

Layer 1 blockchain Sui (SUI) network has reached 1 million active addresses in less than two months since its mainnet launch, according to a July 14 press statement shared with. crypto slate.

Greg Siorounis, Managing Director of Sui Foundation, said the success of the blockchain network shows the growing demand for the platform. Sirounis added:

“Sui’s success to date has been fueled by the prospect of turning technology into solutions, and having a community and ecosystem that is fully committed to helping Sui build beyond what currently exists. It’s a direct result.”

Adoption of Sui expands

Since its launch in May, the project has enjoyed a lot of adoption. encouraged The developer has built its network and won several partnerships, including one with Formula 1 team Oracle Red Bull Racing. With this partnership, the blockchain project will enable F1 teams to better connect with their fans through new digital experiences.

data According to Suivision’s research, the network has 1,072 NFT collections minted over 3 million NFTs, with over 625,000 holders.

Source: Suivision

Decentralized finance (DeFi) activity on Sui appears to be leveling off after peaking at $36 million at launch. According to DeFillama data, his net worth on the network (TVL) has dropped to $13.3 million at the time of writing.

Sui DeFi TVL
Source: Defilama

On the other hand, the network has had its fair share of problems, with one of the DEXs, NemoSwap, misleading the public about investors. Additionally, the project awarded $500,000 to blockchain security company CertiK, which discovered a critical “HamsterWheel” vulnerability on its network on June 19.

Sui trades for less than $1

Despite its heavy adoption and network usage, Sui’s price has struggled considerably, trading below $1 since early June, according to the company. of crypto slate data.

swip price
Source: Tradingview

SUI tokens are traded in $According to 0.7106 at the time of writing the article of crypto slate data. This is down 46% from its all-time high of $1.4.

This article first appeared on CryptoSlate with an article about Sui Network achieving 1 million active addresses within two months of its launch.

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