Sui's Daily DEX Trading Volume Skyrockets, DeFi TVL Increases Significantly

According to BlockBeats, Messari released the Q4 2023 and Q1 2024 report for Sui, revealing significant growth in various aspects of the platform. The daily DEX trading volume of Sui has seen a massive increase of 3,689% over the past two quarters, reaching $78 million. Cetus and DeepBook lead the pack with daily DEX trading volumes of $37 million and $26 million respectively. Projects primarily built on Sui raised $11.3 million in the first quarter of 2024, a 31% increase compared to the total amount raised by Sui projects in 2023. The projects that raised funds in the first quarter include Talofa Games, Scallop, NAVI, Cetus, and Karrier One. Towards the end of March, Mysten Labs launched Pilotfish, a new execution extension solution that allows for the distribution of execution work across multiple machines for a single validator. Sui's DeFi TVL (Total Value Locked) has also seen a significant increase of 1,459% over the past two quarters, reaching $786.6 million. This growth was driven by incentive programs, with several top protocols including NAVI, Scallop, and DeepBook launching or announcing tokens in the first quarter of 2024. During the on-chain gaming task Quest 3, the average daily active addresses for Sui were 151,000, peaking at 453,000. Excluding this period, the average daily active addresses for Sui over the past two quarters were 24,000.