2026-01-11 07:20:31

In 2026, Sui delivered a solid report card — over 30% increase in a week.

Honestly, while other Layer 1 blockchains are still competing over TPS and ecosystem size, Sui has already set its sights on a broader stage. Grayscale and Bitwise have successively submitted applications for Sui spot ETFs to the US SEC, a significant signal — it means the SUI token will be included in traditional institutional asset allocation baskets just like BTC and ETH.

It sounds exciting, but there’s a real question behind it: can Sui maintain its ecosystem vitality and market confidence while embracing traditional capital?

Looking at these data points gives a clear picture. Since the mainnet launched in May 2023, Sui’s TVL has experienced explosive growth — a 32-fold increase, reaching a peak of $2.6 billion in October 2025. It sounds impressive, but a flash crash in October directly halved that number, and it’s now hovering around $1 billion.

Interestingly, the growth in network fees was not significantly affected — from an initial $2 million to over $23 million, an increase of more than 10 times. This indicates that activity within the ecosystem continues to rise, and user and developer engagement remains strong.

Overall, the trend shows that the Sui ecosystem has faced a test, but its foundation remains solid.

SUI0,39%

BTC1,36%

ETH2,01%

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AirdropHunter

· 23h ago

ETF application is a double-edged sword for institutional entry. I'm really worried that the ecosystem will be "regulated" to death. That sudden drop in TVL, isn't someone just harvesting the leeks? Fees are rising, which means people are still playing; that's the real indicator. Now we're betting whether Sui can maintain this momentum, but it feels unstable. Gray and Bitwise are taking action, but can they revive those dead projects on the chain? Institutional capital coming in is usually a good thing, but I'm also worried it might strip away the Web3 vibe, turning it purely into a financial product.

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ZenMiner

· 23h ago

That kind of brutal cut, how uncomfortable must it be for the big brothers who got in... But the fees are still rising, indicating the ecosystem isn't completely dead, just not sure how long it can last.

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MEVVictimAlliance

· 23h ago

Here comes again to cut our retail investors' leeks, does applying for ETF mean it can go up? --- TVL has been halved and you still have the nerve to boast, it's really absurd. --- What does the increase in fees indicate? It shows everyone has left, only arbitrage robots are there to fleece the sheep. --- Institutional capital coming in is even more terrifying; when they start dumping, none of us can escape. --- A 30% increase is just so-so. I doubled my investment when I bought, now I'm losing so much I don't even have pants. --- Is the foundation still there? The foundation is just an empty shell. --- Waiting for the ETF approval is a signal to sell off; don’t ask me how I know. --- The rise in network fees is really brutal; I can barely afford a single transaction now.

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MerkleTreeHugger

· 23h ago

The ETF application is indeed impressive, but with TVL halved, how can we talk about ecosystem vitality?

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GweiTooHigh

· 23h ago

The plunge in TVL really scared people, but the fact that fees are still rising shows that someone is indeed using it. It still depends on how the ecosystem develops; even with ETFs coming, they can't be eaten as a meal. How long can this rebound last? Let's talk again at the end of the month.

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GasFeeCrying