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Sui sets a new record for DEX activity in Q1
According to a report by Messari, trading activity on the (DEX) of the Sui network reached a record high in Q1 2025, with an average daily trading volume of 304.3 million USD, an increase of 14.6% compared to the previous quarter. Among them, Cetus and Bluefin are the two dominant platforms, contributing a total of 239.5 million USD each day. Smaller DEXs like Navi, Kriya, DeepBook, and Turbos also contributed to expanding the liquidity pool.
The surge in on-chain trading activity reflects the maturity of the DeFi ecosystem on Sui, although the native token SUI has underperformed compared to the broader market.
Messari reported that the circulating market cap of SUI has decreased by 40.3%, down to 7.2 billion USD in Q1 – a significantly deeper decline compared to the 18.2% drop of the entire cryptocurrency market during the same period. Nevertheless, SUI still rose two spots, becoming the 13th largest cryptocurrency by market cap.
At the same time, revenue from the Sui network fees – including gas fees for transaction processing, storage, and computation – has sharply declined. Total fees collected reached only 3.6 million USD ( equivalent to 1 million SUI), a decrease of 33.3% compared to the previous quarter.
Although the price of SUI has decreased by 40.3%, affecting USD-denominated revenue, the reduction of fees calculated in SUI by up to 44.4% indicates a decline in on-chain activity and low user demand as key factors leading to the revenue drop. This also directly impacts the payments to validators.
DeFi and NFT continue to be vibrant on Sui
In addition to DeFi, NFT activities on Sui continue to maintain strong appeal. The total NFT trading volume reached 13.2 million SUI since the mainnet launch. Platforms like Clutchy, TradePort, and BlueMove lead the market, with prominent collections such as Fuddies and SuiFrens: Bullsharks and Capys dominating the trading volume.
Notably, the participation of major financial institutions in the Sui ecosystem has surged in the first quarter:
Security incidents threaten growth momentum in Q2
However, moving into the second quarter, the strong growth momentum of DEX platforms on Sui faced a major setback after a serious hack targeting the Cetus Protocol. On May 22, an attack worth 223 million USD targeted the pool CLMM (Concentrated Liquidity Market Maker) of Cetus, severely disrupting trading activities.
Although Cetus is committed to fully compensating users, with support from the reserve fund and a strategic loan from the Sui Foundation, the recovery process will depend on the on-chain voting of the community to release 162 million USD in frozen assets.
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