State of Sui Q3 2025

Key Insights

• Sui’s average daily DEX volume hit another all-time high of $456.0 million in Q3, a 24.0% quarter-over-quarter (QoQ) increase. Cetus and Momentum led with $170.7 million and $91.2 million in average daily DEX volume, respectively.
• SUI’s circulating market cap increased 23.3% QoQ to $11.63 billion, outperforming the broader crypto market, which rose by 20.7% over the same period.
• Sui’s DeFi Total Value Locked (TVL) increased 19.9% QoQ to $2.11 billion. When measured in SUI, TVL rose 2.2% over the same period, from 631.8 million to 645.7 million SUI.
• Institutional interest in Sui accelerated in Q3, marked by the launch of the Grayscale Walrus Trust and Grayscale DeepBook Trust, the establishment of a $450.0 million digital asset treasury (SUIG), and integrations with Sygnum Bank, AMINA Bank, and Fireblocks.
• Infrastructure around Sui continued to expand in Q3, driven by the launch of Ika Network, the introduction of passkey support on Mainnet, the Mainnet launch of Seal, and integrations from NEAR Intents, Dfns, Dune, LayerZero, and others.

Primer

Sui (SUI) is a delegated proof-of-stake (DPoS) Layer-1 blockchain designed for high scalability and low-latency transactions optimized for mass adoption. Sui’s core developer, Mysten Labs, was created in 2021 by Evan Cheng, Sam Blackshear, Adeniyi Abiodun, Kostas Chalkias, and George Danezis. These founders previously led Meta’s Diem and Novi blockchain projects and have experience at Apple, the Alan Turing Institute, Microsoft, R3, and Oracle. Mysten Labs raised $336 million in the 2021 Series A and 2022 Series B rounds. Sui Mainnet launched in May 2023.

Sui’s architecture features many novel aspects, including its object-centric data model, Mysticeti consensus mechanism, and Move on Sui programming language. Move on Sui builds on the original Move language, which was created by Mysten Labs co-founder Sam Blackshear. It offers enhanced flexibility and safety compared to other Web3 programming languages. Unlike Solidity's reliance on sequential transaction processing, which can lead to inefficiencies and higher gas fees, Sui Move's object-centric data model uses parallel transaction processing to enhance efficiency. Additionally, Move negates five of the OWASP Top 10 vulnerabilities and partially mitigates three others.

Several protocols and products have been released on Sui, providing foundational infrastructure and enabling a broad range of onchain functionality. Together, they form the Sui Stack, a modular framework of storage, compute, and data services designed for building verifiable, composable, and user-centric applications. These include:

• Sponsored transactions: allow gas fees to be abstracted away from end users
• zkLogin: enables Sui users to transact using OAuth credentials
• Sui Bridge: a native bridge for cross-chain interoperability
• Sui Kiosk: a decentralized system for commerce applications
• DeepBook: Sui’s native liquidity layer
• Walrus: an independent, decentralized blob storage network integrated with Sui
• Nautilus: enables verifiable offchain computation through Trusted Execution Environments
• Seal: a decentralized secrets management service
• Ika Network: a multi-party computation protocol that powers multichain coordination

Growth of the Sui ecosystem is led by the Sui Foundation, with Mysten Labs being the initial contributor to the development of the Sui blockchain protocol. For a complete primer on Sui, refer to our Initiation of Coverage report.

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Key Metrics

Financial Analysis

In Q3 2025, SUI’s circulating market cap increased 23.3% QoQ to $11.63 billion, outperforming the broader crypto market, which rose by 20.7% over the same period. By the end of Q3, Sui dropped three spots from Q2 2025 to rank as the 15th largest cryptocurrency by market cap.

Sui's fees include all gas fees generated from transactions on the network, which consist of computation costs and non-refundable storage fees. These fees are subsequently distributed to network validators. In Q3 2025, total fees decreased by 11.1% QoQ to $3.8 million.

Total fees denominated in SUI decreased by 22.3% QoQ to 1.1 million SUI. Despite price appreciation during the quarter, the decline in SUI-denominated fees can be attributed to a slowdown in network activity and transaction demand.

SUI has a fixed total supply of 10 billion, with 1 billion tokens set aside for staking rewards. Relative to the remaining 9 billion tokens, SUI’s annualized inflation rate from staking reward issuance was 0.20% at the end of Q3 2025. This rate decreases by 10% every three months until all 1 billion tokens are distributed.

Other inflationary pressures came from token supply unlocks. By the end of Q3 2025, 35.7% of SUI’s total supply was distributed, a 5.1% QoQ increase from Q2 2025. This increase in supply came from unlocks that occurred on the following dates. All USD values are based on SUI’s price on September 30, 2025.

• July 1, 2025:
  • Ecosystem: 12.6 million SUI ($41.1 million) unlocked for the Community Reserve.
  • Team: 12.1 million SUI ($39.5 million) unlocked for the Early Contributors and Mysten Labs Treasury.
  • Private Investors: 19.3 million SUI ($62.9 million) unlocked for the Series A and Series B investors
  • Staking Rewards: 14.3 million SUI ($46.6 million) unlocked for the Staking Subsidies.
  • Total: 58.3 million SUI ($190.1 million) unlocked - 0.64% of total tokens vesting and 0.58% of total token supply.
• August 1, 2025:
  • Ecosystem: 12.6 million SUI ($41.1 million) unlocked for the Community Reserve.
  • Team: 12.1 million SUI ($39.5 million) unlocked for the Early Contributors and Mysten Labs Treasury.
  • Private Investors: 19.3 million SUI ($62.9 million) unlocked for the Series A and Series B investors
  • Staking Rewards: 12.9 million SUI ($42.1 million) unlocked for the Staking Subsidies.
  • Total: 56.9 million SUI ($185.5 million) unlocked - 0.63% of total tokens vesting and 0.57% of total token supply.
• September 1, 2025:
  • Ecosystem: 12.6 million SUI ($41.1 million) unlocked for the Community Reserve.
  • Team: 12.1 million SUI ($39.5 million) unlocked for the Early Contributors and Mysten Labs Treasury.
  • Private Investors: 19.3 million SUI ($62.9 million) unlocked for the Series A and Series B investors
  • Staking Rewards: 12.9 million SUI ($42.1 million) unlocked for the Staking Subsidies.
  • Total: 56.9 million SUI ($185.5 million) unlocked - 0.63% of total tokens vesting and 0.57% of total token supply.

In total, 172.1 million SUI tokens ($561.1 million) were unlocked in Q3 2025, which is 1.72% of the total supply. At the end of Q3 2025, 75.4% of the eligible supply was staked, a 1.3% QoQ decrease. Locked tokens can still be staked and earn liquid staking rewards, so the supply eligible to be staked is SUI’s total supply rather than its circulating supply. With such a high stake rate, SUI’s annualized real yield is slightly below zero, at -0.09%.

Network Analysis

Usage

Network activity contracted in Q3, with average daily transactions down 4.7% QoQ to 4.7 million and average daily active addresses down 9.5% QoQ to 895,800.

In Q3, Sui’s average transaction fee decreased 17.3% QoQ to 0.0025 SUI ($0.0088). Although gas fees cost a fraction of a penny, Sui offers sponsored transactions that allow applications and other entities to cover gas fees for end users. An average of 32.1% of all transactions on Sui were sponsored during Q3.

Security and Decentralization

The total amount of staked SUI declined slightly in Q3, falling 1.3% QoQ to 7.54 billion (75.4% of the eligible supply). However, due to SUI’s price appreciation over the quarter, the USD value of staked SUI rose 15.8% QoQ to $24.58 billion.

Active validators on Sui have steadily grown since launch, increasing from 104 to 122. The Sui Foundation holds a significant portion of the total SUI supply on behalf of the Ecosystem allocation and helps distribute stakes equally among validators.

Upgrades

Sui frequently upgrades its protocol. It entered Q3 2025 on Sui Protocol Version 85 and concluded Q3 on Version 95. Notable new features include:

• Validator Security and Stability Enhancements: Introduced mandatory TLS for validator gRPC connections and epoch-stable configuration sequencing to strengthen network reliability.
• Expanded Developer APIs and Index Performance: Added new gRPC interfaces for package introspection and improved database initialization speed.
• Mainnet Passkey Support: Enabled password-less FIDO2 authentication and multisig integration at the protocol level.
• Granular Object Deletion Rules: Refined shared-object deletion to operate per command and added Party object transfers to the CLI.
• Checkpoint Traceability and File Security: Enhanced checkpoint signatures with digest data and restricted keystore permissions to 0600 for better wallet security.

On July 24, 2025, the Sui Foundation launched full beta support for gRPC APIs on Sui Full Nodes, introducing a high-performance, schema-driven communication layer for developers and infrastructure providers. The release replaces legacy JSON-RPC with Protobuf-based serialization, multi-language client support, and real-time data streaming through the new SubscriptionService.

On July 28, 2025, the Sui Foundation announced the launch of Ika Network, an MPC (multi-party computation) protocol built on Sui that enables smart contracts to interact with assets on other blockchains. Ika introduces a new onchain object, DWalletCap, which links Sui contracts to wallets on Ika, allowing developers to send signed cross-chain instructions without transferring assets through bridges. The network’s architecture combines Sui’s Mysticeti consensus with Ika’s 2PC-MPC cryptographic framework to support secure, low-latency coordination across chains. The launch also marked the start of integrations by early partners, including Native, Rhei Finance, Human Tech, and Aeon, which are developing applications spanning Bitcoin liquidity, multichain DeFi, and decentralized custody.

On Aug. 7, 2025, the Sui Foundation introduced passkey support on Mainnet, enabling passwordless authentication and transaction signing through device-based biometrics such as Face ID, fingerprint, or system passcode. Built on the FIDO and W3C WebAuthn standards, passkey allows users to access applications on Sui without installing wallet extensions or managing seed phrases while maintaining strong cryptographic security. The feature also supports advanced setups such as multisig authentication and zkLogin integration.

On Sept. 10, 2025, the Sui Foundation released the GraphQL RPC and General-purpose Indexer in public beta, introducing a more structured and scalable way to access onchain data. The update provides a typed GraphQL schema for querying objects, transactions, and events, supported by a checkpoint-driven indexer that stores blockchain state in a Postgres-compatible database. Together, they enable developers to perform efficient, declarative queries and reduce reliance on custom indexing tools.

On Sept. 24, 2025, the Sui Foundation released the Sui Stack Messaging SDK in alpha, introducing a toolkit for building private, programmable communication directly into Sui applications. The SDK integrates with Sui, Walrus, and Seal to combine verifiable identity, decentralized storage, and encrypted access control. Developers can use it to enable end-to-end encrypted chats, token-gated group discussions, and event-driven communication tied to onchain activity.

Ecosystem Overview

DeFi

Lending protocol Suilend concluded Q3 as Sui’s top protocol by TVL, with $657.5 million in TVL, a 19.8% QoQ increase. Suilend captured a 31.1% market share despite launching in March 2024. During the quarter, Suilend became the first protocol on Sui to surpass $1.0 billion in total deposits. The team introduced Sui Strategies, a one-click product for deploying automated DeFi strategies, which attracted over $70.0 million in deposits by quarter's end. Suilend also conducted a $3.0 million SEND buyback, representing approximately 3.5% of the token’s total supply.

Lending protocol NAVI concluded Q3 with $584.8 million in TVL, a 17.4% QoQ increase and 27.6% market share. NAVI launched NAVI Copilot, a multi-wallet dashboard for managing lending and borrowing positions, and introduced a migration feature for seamless position transfers across pools and protocols. The team also rebuilt the NAVI SDK into four modular packages and surpassed $50.0 million in xBTC TVL.

Lending protocol Scallop concluded Q3 with $82.6 million in TVL, a 15.3% QoQ decrease and 3.9% market share. Scallop completed a security audit by MoveBit, the team celebrated two years since Mainnet launch, and market access expanded with new SCA listings on Bitrue and Bitkub exchanges. Scallop also integrated LI.FI Protocol, enabling asset swaps and bridging across more than 30 blockchains within a single transaction.

Lending protocol Bucket Protocol concluded Q3 with $80.3 million in TVL, a 15.9% QoQ increase and 3.8% market share. The team introduced the deBUT weighting model and a zero-fee early unstake window to simplify participation and improve fairness. Bucket also partnered with HackenProof to launch a bug bounty program offering up to $500,000 in rewards. In September, the protocol rebranded BUCK to USDB, eliminated borrow fees, removed recovery mode, and opened migration to its upgraded platform with a temporary APR boost.

Sui’s average daily DEX volume hit another all-time high of $456.0 million in Q3, a 24.0% QoQ increase. Cetus and Momentum led with $170.7 million and $91.2 million in average daily DEX volume, respectively. Other top DEXs by volume included Bluefin ($90.7 million), DeepBook ($43.7 million), Turbos ($22.3 million), STEAMM ($16.5 million), and FlowX Finance ($7.3 million).

Cetus, the leading DEX on Sui, concluded Q3 with $82.8 million in TVL, a 2.7% QoQ increase, representing a 3.9% market share. During the quarter, Cetus Protocol focused on strengthening security and expanding its liquidity infrastructure following the resolution of the Q2 exploit. The team completed another CLMM audit with Asymptotic, identifying no critical risks and implementing further optimizations, while also launching a $300,000 bug bounty with HackenProof. Cetus partnered with Blockaid for real-time threat detection and formalized a long-term security collaboration with Asymptotic for continuous auditing and verification. On the product side, the protocol integrated 7K Spot liquidity into the Cetus Aggregator, improving swap depth and pricing, open-sourced its core infrastructure to enhance composability across Sui DeFi, and introduced Cetus DLMM (Dynamic Liquidity Market Maker), a programmable liquidity engine complementing its existing CLMM design for more efficient and flexible capital deployment.

Momentum, a DEX built on the Move ecosystem, concluded Q3 with $277.5 million in TVL, a 147.1% QoQ increase, and 13.1% market share. The protocol emerged from stealth on March 31, 2025, and within four months, Momentum surpassed 1.3 million users, $7.00 billion in trading volume, and $150.0 million in TVL. The protocol launched Title Deed NFTs, granting holders perpetual exposure to protocol fees, discounted rates, and future token airdrops. By the end of the quarter, Momentum crossed $13.00 billion in cumulative swap volume, reaching an all-time high of $205.0 million in daily volume on September 29.

Bluefin, the leading perpetuals protocol on Sui, ended Q3 with $172.7 million in TVL, a 3.1% QoQ increase and 8.2% market share. Bluefin launched Bluefin Pro, its upgraded perpetuals trading platform, featuring a new margining engine with both cross and isolated margin modes, native USDC support, and a redesigned interface focused on capital efficiency and advanced tooling. The team also rolled out UI and mobile enhancements for Bluefin Spot, improving liquidity management, position tracking, and charting features. In August, Bluefin integrated Privy to enable seamless email-based onboarding while preserving self-custody. By the end of the quarter, Bluefin surpassed $78.00 billion in cumulative trading volume, with $220.0 million in total deposits and over 2.2 million unique wallets interacting with the platform.

DeepBook, Sui’s native liquidity layer, is integrated across protocols including Cetus, Kriya, FlowX, and Hop Aggregator. The protocol introduced DeepBook Margin, a native extension enabling leveraged long and short trading directly on its central limit order book. Grayscale launched the DeepBook Trust, recognizing DeepBook as Sui’s institutional-grade liquidity layer. By the end of Q3, DeepBook V3 held $20.4 million in TVL (down 0.7% QoQ) and reached $7.89 billion in cumulative volume (up 100.8% QoQ).

Other notable DeFi protocols on Sui include STEAMM, a superfluid AMM by Suilend; Turbos, a hyper-efficient decentralized crypto marketplace; FlowX Finance, a DeFi platform offering a DEX aggregator, liquidity hub with AMM and CLMM support, and a launchpad; Kai Finance, a leveraged yield platform; Magma Finance, a liquidity engine and DEX; Aftermath Finance, a DEX aggregator, liquid staking, and yield farming protocol; Haedal, a one-click liquid staking platform; and METASTABLE, a stablecoin protocol.

Threshold Network launched tBTC on Sui, bringing over $500.0 million in Bitcoin liquidity to the network and expanding Sui’s growing BTCfi ecosystem. tBTC, a decentralized and trust-minimized Bitcoin asset, allows holders to mint directly on Sui, the first non-EVM chain to support native tBTC issuance, and deploy it across protocols including Bluefin, Bucket, AlphaLend, and AlphaFi.

The Sui Foundation announced a partnership with t’order, Korea’s leading table-ordering platform, to build and deploy KRW stablecoin payment infrastructure for nationwide commercial use. The integration will leverage Sui’s blockchain and Walrus’s decentralized data layer to power fast, low-cost payments secured by onchain data integrity. t’order, which processes over $4.3 billion in annual transactions, will use Sui to replace traditional payment gateways with near-zero-fee stablecoin settlements, potentially saving small businesses nearly $100 million annually. The collaboration will also enable instant QR and facial recognition-based payments across t’order’s 300,000 point-of-sale devices.

In August, Stable Kitchen launched on Sui, introducing a permissionless stablecoin launchpad powered by Agora and METASTABLE. The platform lets creators and protocols issue branded stablecoins pegged to AUSD and backed by real yield within minutes. Builders can customize token parameters, earn up to 90% of AUSD’s yield, and access instant liquidity through METSTABLE. In September, Ember Protocol launched on Sui, introducing a unified vault and liquidity platform for tokenized yield strategies. Ember enables cross-chain vaults managed by professional funds and risk managers, offering single-asset yields, structured products, and market-making strategies.

Consumer

In Q3 2025, Sui continued its expansion beyond DeFi with significant progress in consumer applications, such as gaming, NFTs, and RWAs.

Gaming

Samurai Shodown R, developed by LumiWave in partnership with SNK, officially launched on July 8. A new chapter in the franchise that began in 1993, the game brings PvP sword-fighting to Android, iOS, and the upcoming SuiPlay0X1 device. Samurai Shodown R features dynamic NFTs that evolve with in-game progress, along with closed-loop tokens and zkLogin for seamless onboarding.

Nimblebites’ Super-B, a multiplayer game set in a brick-world environment, launched its closed beta test on July 28. Players can fight, build, and socialize through customizable avatars. The game incorporates digital asset ownership and user-generated content using Sui’s infrastructure, including zkLogin, sponsored transactions, and onchain storage via Walrus.

OVERTAKE, a peer-to-peer marketplace for in-game items and accounts, raised $7.0 million in strategic funding from Sui Foundation, ItemMania, ItemBay, and more. The protocol launched its native token TAKE, which was immediately available to trade on Binance Alpha, Coinone, MEXC, and Momentum. On October 1, the official release of OVERTAKE Marketplace v1 went live.

In September, Olympian Games announced a partnership with Sui to build a Web3 gaming platform that enables players to compete, join leagues, and earn rewards across multiple titles using the SOX token. The collaboration leverages Sui’s fast and secure infrastructure to deliver seamless gameplay and onboarding, aligning with Olympian Games’ goal of making competitive blockchain gaming accessible to a global audience.

NFTs

From the launch of Sui Mainnet to the end of Q3 2025, total NFT trading volume has surpassed 13.5 million SUI. Leading marketplaces by volume include Clutchy (6.1 million SUI), BlueMove (2.5 million SUI), and TradePort (1.9 million SUI). Top NFT collections by volume include Fuddies (3.7 million SUI), SuiFrens: Bullsharks (2.0 million SUI), SuiFrens: Capys (1.4 million SUI), Prime Machin (1.2 million SUI), Popkins (947,000 SUI), DeSuiLabs (747,000 SUI), THE MF SQUID MARKET (697,000 SUI), and Egg (622,000 SUI).

In August, the ATP Tour launched Trace, a digital collectibles platform powered by Sui, allowing fans to claim free, time-limited match collectibles from major tournaments, including Canada, Cincinnati, Shanghai, and the Nitto ATP Finals. Each collectible captures matches from the quarterfinals onward, enabling fans to build an onchain record of their favorite moments and unlock rewards throughout the season.

Also in August, Team Liquid celebrated its 25th anniversary with the launch of the Liquid Vault, its first onchain collectible experience built on Sui. Fans could claim free digital collectibles without a wallet, with opportunities to win Alienware gear, Steam gift cards, and other prizes.

Other Use Cases

Alkimi integrated the full Sui Stack, including Walrus, Nautilus, and Seal, to bring the digital advertising supply chain onchain. The platform processes over 25 million daily ad impressions for brands such as AWS, TikTok, and Polestar, using Sui to enable transparent transactions, verifiable delivery, and automated settlement between advertisers and publishers. The partnership removes intermediaries and introduces a faster, more efficient model for decentralized advertising.

xMoney expanded its global payments network to Sui, launching its native token XMN. XMN introduces merchant incentives, user rewards, and governance participation while adhering to the EU’s MiCA regulatory framework. The integration follows xPortal’s launch of the first Sui-based payment card, marking another step toward making blockchain-powered payments accessible on a global scale.

CUDIS, a longevity protocol that combines wearables, AI analytics, and blockchain, announced its expansion to Sui to build a decentralized health data platform. By integrating Walrus and Seal, CUDIS will secure wearable and AI-generated data onchain, enabling users to own, manage, and monetize their health information. The partnership also includes a limited-edition Sui CUDIS Ring, available for pre-order ahead of a global launch in December.

Matrixdock, a real-world asset platform in Asia, launched its XAUm token on Sui, marking the asset’s first deployment on a non-EVM chain. Backed 1:1 by LBMA-accredited gold and audited by Bureau Veritas, XAUm represents fully redeemable, institution-grade gold that can be traded, lent, or collateralized across Sui’s DeFi ecosystem. Physical redemption is available through Brinks and Malca-Amit in Singapore and Hong Kong.

Talus launched its testnet, introducing Agent vs Agent (AvA) Markets, a new category within Prediction AI where autonomous AI agents compete against each other while users speculate on outcomes. Alongside the testnet launch, Talus released IDOL.fun, Talus’s flagship platform showcasing AI-powered entertainment markets. Talus also published its Litepaper and established the Talus Foundation to guide network growth and decentralization.

Institutional Interest

Institutional interest in Sui continued to grow throughout Q3 2025, marked by new investment products, custody integrations, and strategic partnerships that expanded access to Sui-based assets and infrastructure.

In July, Fireblocks launched support for Sui, enabling institutional clients to custody SUI assets, transfer tokens securely, and connect to Sui’s DeFi ecosystem through WalletConnect. The integration allows institutions to adopt Sui without new infrastructure, leveraging MPC-based wallets and Fireblocks’ existing security framework. Staking support via Fireblocks Trust is currently in development.

Sygnum Bank, a FINMA-regulated digital asset bank, fully integrated SUI into its regulated platform. Sygnum offers institutional clients custody, trading, and derivatives for SUI, with staking and collateral-backed Lombard loans on the roadmap. Through this partnership, Sygnum expands institutional access to the Sui ecosystem, enabling professional investors, banks, and asset managers to hold SUI off-balance sheet and bankruptcy remote.

AMINA Bank, a FINMA-regulated Swiss crypto bank, also started offering trading and custody services for SUI, expanding institutional access to the network. The launch provides AMINA’s clients with regulated exposure to Sui’s native token, supported by full deposit and withdrawal governance, no trading limits, and upcoming staking functionality.

In August, Mill City Ventures (Nasdaq: MCVT) completed a $450.0 million PIPE transaction, becoming the first Nasdaq-listed vehicle to hold SUI as a core treasury asset. The firm acquired 76.3 million SUI at an average price of $3.64, supported by investments from Galaxy Ventures, Big Brain Holdings, and Pantera Capital. Later in the month, the company rebranded to SUI Group Holdings Limited and changed its ticker to SUIG, reflecting its strategic focus on expanding institutional access.

Also in August, SUI was listed on Robinhood, making the token available to millions of U.S. users through one of the world’s most widely used trading platforms. The listing marks a major milestone in expanding access to the Sui ecosystem beyond crypto-native audiences, offering retail and institutional investors a trusted and user-friendly way to engage with the network.

Grayscale expanded its institutional product lineup on Sui with the launch of the Grayscale Walrus Trust (WAL) and Grayscale DeepBook Trust (DEEP). The two new vehicles provide regulated exposure to core components of the Sui Stack. Together, they mark Grayscale’s first full-stack offering on a single blockchain, reflecting growing institutional confidence in Sui’s infrastructure and its role as a foundation for data, liquidity, and real-world applications.

Infrastructure

On July 17, NEAR Intents added support for Sui, enabling fast, intent-driven cross-chain swaps across more than 20 blockchains and 80 assets without bridges or intermediaries. Built on NEAR, the integration allows users to transfer assets, such as BTC, ETH, SOL, and NEAR, directly into Sui with a single click. Using intent-based execution, transactions are routed and completed automatically by solvers for optimal pricing and efficiency.

On July 23, Walrus, Mysten Labs’ decentralized blob storage network, launched Quilt, a native batch storage solution designed to make storing large volumes of small files on Sui fast and cost-efficient. Quilt allows developers to group hundreds of small files, such as NFT assets, AI data, and app logs, into a single unit using an intuitive API, reducing storage overhead by up to 420x and lowering gas costs. Early adopters like Tusky and Gata are using Quilt to streamline file management and cut costs for decentralized storage and AI workflows.

Sui Research, in collaboration with Mysten Labs and George Mason University, published a landmark paper introducing the first backward-compatible quantum-safe upgrade path for EdDSA-based blockchains, including Sui, Solana, NEAR, and Cosmos. The breakthrough enables wallets to transition to quantum-resistant cryptography without changing addresses, re-signing transactions, or disrupting network activity, a challenge long considered unsolved for existing blockchain systems.

Dfns, a provider of MPC wallet infrastructure, integrated Sui, enabling developers and institutions to securely create, manage, and track wallets, send transactions, and monitor network activity through its enterprise platform. The integration brings Dfns’ MPC security and real-time asset management to Sui’s high-performance blockchain, giving builders in DeFi, gaming, and commerce a scalable, institutional-grade custody and wallet solution

On Sept. 3, 2025, Mysten Labs launched Seal on Sui Mainnet, a decentralized secrets management service that enables secure, onchain data access for Web3 applications. Seal combines programmable access control written in Move, threshold encryption with no single point of failure, and client-side encryption to protect sensitive user data. It supports use cases such as gated content, private messaging, and time-locked asset transfers, while integrating with decentralized storage like Walrus. As a generalized security primitive, Seal gives developers a flexible, scalable alternative to centralized key management systems, bringing robust privacy infrastructure natively to Sui.

Sui was a launch partner for Google’s Agentic Payments Protocol (AP2), a new standard enabling AI agents to transact on behalf of users. With tools like zkLogin, Walrus, and Move smart contracts, Sui provides sub-second payments, decentralized storage, and cryptographic identity, building the foundation for the next generation of AI-driven transactions.

On Sept. 30, Sui data went live on Dune, unlocking full onchain analytics for the ecosystem. Users can query transactions, tokens, NFTs, and DeFi data with decoded tables, build custom dashboards, and track network activity end-to-end.

Also on Sept. 30, Sui partnered with LayerZero, bringing full interoperability and access to more than $70.00 billion in cross-chain assets. The integration connects Sui to over 140 blockchains, enabling seamless liquidity flow for users and developers. Through LayerZero’s Omnichain Fungible Token (OFT) standard, tokens can move natively to and from Sui without fragmentation.

Development and Growth

In Q3 2025, Sui and three projects building on Sui announced funding rounds totaling $58.5 million raised, compared to $5.0 million raised in Q2 2025. The three projects that raised money in Q3 include xMoney, OVERTAKE, and Talus, with the Sui Foundation participating in all the rounds.

SuiHub Lagos opened in July 2025, becoming the fourth global SuiHub after Dubai, Vietnam, and Athens. The new hub expands Sui’s presence in Africa’s rapidly growing tech ecosystem, providing local developers and entrepreneurs with access to workshops, mentorship, and resources to build on Sui. Located in Lagos, West Africa’s technology and fintech capital, the hub will support education in the Move programming language, organize demo days, and connect builders across Nigeria, Ghana, and Kenya to global partners and funding. The initiative follows earlier grassroots developer outreach across the continent, reinforcing Sui’s long-term commitment to empowering Africa’s next generation of innovators.

SuiHub Taipei launched in August 2025, becoming the fifth global SuiHub after Dubai, Ho Chi Minh City, Athens, and Lagos. Located in one of Asia’s leading hardware and blockchain innovation centers, the new hub will foster collaboration across Taiwan’s developer and gaming communities. Positioned near key East and Southeast Asian markets, SuiHub Taipei will focus on advancing crypto-native gaming and digital ownership, including support for the upcoming SuiPlay0X1 handheld console. The hub will host workshops, hackathons, and regional forums to connect builders and enterprises, furthering the Sui Foundation’s mission to empower local innovation through Sui’s developer tools.

The Sui Foundation announced the Sui Ecosystem Security Expansion Initiative, a multi-year program aimed at strengthening ecosystem-wide protection beyond traditional audits. The initiative introduces proactive monitoring, formal verification, and shared defense tools to safeguard users and developers at every layer of the network. It focuses on four core areas: user protection through phishing detection and transaction simulation; ecosystem visibility via exploit monitoring and risk dashboards; advanced protocol security using Sui Prover and AI-driven bug discovery; and secure development standards with audited smart contract templates.

Events

In Q3 2025, the Sui Foundation expanded its global community engagement through a series of Sui Connect events across Southeast Asia. The Foundation hosted gatherings in Bangkok (July 25), Ho Chi Minh City (July 29), and Hanoi (August 1), bringing together developers, builders, and partners for open discussions and ecosystem updates.

During Korea Blockchain Week 2025, the Sui Foundation and Mysten Labs hosted a full lineup of events showcasing Sui’s growing ecosystem across DeFi, gaming, AI, and infrastructure. Highlights included Sui Builder House: APAC on September 25, a one-day gathering featuring leaders from Mysten Labs, t’order, OVERTAKE, CUDIS, and SUIG; and Sui’s role as an official conference partner of IMPACT, KBW’s main event, where Mysten co-founders delivered keynotes on AI, gaming, and Sui’s full-stack architecture.

Throughout the week, Sui also hosted major side events: Ready. Sui. Play!, one of the largest gaming showcases at KBW; An Evening with Sui for builders and partners; and the Sui-mming Hackathon. Together, these events drew thousands of attendees, solidifying Sui’s position as a leading force in Web3 innovation across the APAC region.

Closing Summary

Sui extended its growth streak in Q3 2025 across markets, liquidity, and core infrastructure. Average daily DEX volume reached a new high of $456.0 million, up 24.0% QoQ, while DeFi TVL rose 19.9% to $2.11 billion and 2.2% in SUI terms. SUI’s circulating market cap increased 23.3% to $11.63 billion, outpacing the broader market. Offsetting these gains, total network fees declined 11.1% to $3.8 million, and fees in SUI fell 22.3% as activity normalized, with average daily transactions down 4.7% and daily active addresses down 9.5%. Network security remained robust with 75.4% of the eligible supply staked and the validator set reaching 122.

Institutional access accelerated and diversified. Grayscale launched the Walrus and DeepBook Trusts, SUIG established a $450.0 million SUI treasury vehicle, and Fireblocks, Sygnum Bank, and AMINA Bank added regulated custody and trading. Retail reach expanded with a Robinhood listing. On the infrastructure side, Sui shipped production passkeys, launched Seal on Mainnet, and introduced Ika Network for MPC-based multichain coordination. The project team also broadened data and interoperability through gRPC APIs, GraphQL RPC and indexing, Dune integration, and LayerZero connectivity. DeFi depth grew with Suilend, NAVI, and Momentum, while BTC liquidity arrived via tBTC. Consumer and real-world integrations advanced through gaming launches, ATP and Team Liquid fan experiences, Matrixdock’s gold token, Alkimi’s ad stack, and t’order’s KRW stablecoin initiative. Looking ahead, Sui enters Q4 focused on scaling cross-chain coordination, hardening security with the Ecosystem Security Expansion Initiative, and compounding developer productivity across the Walrus, Seal, and DeepBook stack to support the next wave of institutional and consumer applications.