From High-Performance Public Chains to Programmable Internet Infrastructure: The Evolution and Value Reshaping of the SUI Ecosystem

As the Web3 technology stack continues to evolve, smart contract languages are migrating from Ethereum-dominated Solidity to the more secure and resource-abstracted Move language. Move was originally developed by Meta for the Diem project and features resources as first-class citizens and ease of formal verification, gradually becoming an important choice for the underlying architecture of the new generation of public chains.

In this evolutionary context, Aptos and SUI have become the dual core representatives of the Move ecosystem. Aptos was 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 significant performance breakthroughs and innovative development paradigms, reconstructing on-chain resource management and transaction execution models. SUI reconstructs the smart contract execution mechanism and on-chain resource management approach from first principles, offering not only strong performance but also leading paradigms, providing a technical foundation for complex on-chain interactions and large-scale Web3 applications.

1. Break through the encirclement and reshape the public chain landscape

After Solana enters the Firedancer era, its performance curve may remain ahead, but it is still in the "single-chain high-frequency trading" paradigm. SUI attempts to respond to needs beyond performance with horizontal stacking and end-to-end privacy/storage. This constitutes a significant difference from Aptos or Sei. For investment institutions:

• Emphasizing high TPS and continuous transaction fees, Solana and dedicated chains may yield faster returns.
• Emphasizing "new types of applications" and horizontal interface control, SUI's advantage comes from the unsaturated SaaS/privacy/offline track.
• Aptos and SUI have a high overlap in DeFi and BTCFi, caution is needed to avoid competition within the track.

Compared to Solana, SUI uses the more secure Move language, avoiding vulnerabilities caused by Solana's Rust+Sealevel parallelism, and has lower hardware requirements, which is beneficial for decentralization. In terms of performance, both are comparable, but SUI has lower confirmation delays. In terms of ecosystem, there are more projects on Solana, but SUI is growing faster. In the future, both may coexist, with Solana leaning towards a crypto-native ecosystem and SUI focusing more on Web2 penetration and gaming social.

Compared to Aptos, the SUI ecosystem is developing faster, with higher user and developer activity. The SUI object model is more efficient, attempts diverse narratives, and has rapid user growth, but with higher risks. In terms of incentives, the SUI Foundation provides substantial support, with monthly active addresses and on-chain transaction volume both exceeding those of Aptos.

Compared to Sei, SUI takes the general L1 route, supporting diverse applications and showing stronger risk resistance. Sei focuses on order book trading, with limited ecosystem development. SUI excels in cross-chain compatibility and language advantages.

Compared to Ethereum L2, SUI's advantages lie in ultra-low latency and high concurrency, making it suitable for high TPS games and other applications. On the other hand, L2 benefits from strong network effects and security endorsements. The competition between the two is essentially a competition between a new paradigm and a traditional paradigm.

2. Soaring Forward, Ecological Data Shines Bright

Since the launch of the SUI mainnet in May 2023, user growth has been rapid. By April 2025, over 123 million user addresses had been created on-chain, with monthly active addresses exceeding 40 million. In terms of new users, the average daily new wallet addresses have risen from 150,000 to over 1 million.

In terms of capital inflow, by November 2024, approximately $944.8 million has been cumulatively bridged in. By mid-2025, the total locked amount of SUI cross-chain is approximately $2.55 billion. The supply of stablecoins has also increased significantly, reaching a historic high of over $800 million in market value in mid-April 2025, with USDC consistently accounting for over 60%.

SUI has fully covered high-frequency scenarios such as on-chain order book DEX, real-time PvP, and social interaction. Low average Gas is the core selling point for SUI in attracting "on-chain real-time application" developers. Currently, the SUI ecosystem data is quite impressive:

1. The resilience of the capital structure has formed, with a steady state TVL of approximately 160 to 180 million USD, and the proportion held by institutional addresses has significantly increased.
2. The developer retention rate is higher than that of other blockchain projects of the same age.
3. User structure bifurcation (DeFi + content entertainment) drives diversification of on-chain interactions.
4. There are potential growth opportunities in the two gaps between RWA and native derivatives.

3. Forward-looking Layout, Key Ecological Forces Emerge

The SUI Foundation, OKX Ventures, Mysten Labs, and others have become key forces in promoting ecological development. As an early discoverer and strategic co-builder, OKX Ventures has invested in core projects such as Cetus, Navi, Momentum, and Haedal, covering key sectors like DEX, lending, and LST.

The investment of the SUI Foundation and Mysten Labs at the infrastructure layer has established deep competitive barriers for the ecosystem. Mysten has raised over $300 million for SUI development from 2023 to 2024, focusing on the research and development of "thick infrastructure" such as Walrus, Seal, and Nautilus. This strategy differs from others that emphasize end applications, bringing technical stickiness and the capacity to support emerging fields to SUI.

4. Value Positioning, from "Fastest L1" to "Programmable Internet Stack"

SUI is transitioning from a "high-performance parallel chain" to a "Programmability internet stack." The team aims to incorporate traditional internet components into the same native protocol stack, allowing each layer to be readily accessible by external applications. Six core components (Sui mainnet, DeepBook, SuiNS, Walrus, Seal, Nautilus) are already operational on the mainnet or public testnet.

Based on these capabilities, SUI has opened up multiple growth directions:

1. Migration of Web2 SaaS: Non-financial interactions such as content distribution, social networking, and authentication account for approximately 42% of the mainnet's call frequency.
2. Offline Networks and Extreme Scenarios: Testing Non-IP Networks, Aiming at Weak Network Scenarios.
3. AI Verifiable: Focus on enabling AI weights, inference logs, and data sources to have on-chain auditability through Seal + Nautilus.

In terms of technological advancement, the SUI ecosystem continues to improve, with breakthroughs from fundamental consensus to user tools. The ecosystem concept emphasizes decentralization, programmability, and true ownership, aiming to build a universal infrastructure that serves the large-scale implementation of Web3.

In terms of security governance, SUI demonstrates rapid response capabilities by coordinating the handling of security incidents through on-chain governance mechanisms, as well as initiating security funds, promoting protocol open-source, and strengthening audit incentives.

SUI is transitioning from the narrative of "the fastest L1" high-performance chain to a higher positioning of "programmable internet stack," providing comprehensive technical support for large-scale applications in Web3.