As of September 30th, Sui Network has reached most of the net inflows compared to other chains. Over the period of 1 day, the total net inflow of Sui Network is 6.8M. Moreover, the total inflow is 10.3M while the outflow is the negative 3.5M.
The latest results on Artemis show that while Sui Network tops all other chains in net inflows, Ethereum is leading the other two charts. Ethereum’s inflows are 35.8M, and its outflows are 30.9 M.
SUI surpassed the inflows on Solana in the past two days. SUI flows are not a constant, and netflows are constantly shifting. However, the L1 chain is showing itself as a new activity hub during the current bull cycle.
SUI is expanding its value locked, driven by lending protocols and the inflow of stablecoins. The network now carries more than $1.2B in value locked, driven by top protocols like Navi. The main source of inflows on SUI is Ethereum, providing $742M. Stablecoins on this network reached a supply of $417.4M, becoming a part of the ecosystem of lending, liquid staking and DEX. SUI total value locked expanded more rapidly in the past two weeks. The network broke above $1B in value locked in September, around two years since the launch of the main net.
SUI is closely watched during the 2024 cycle, for its potential to repeat the success of Solana.
Agora USD (AUSD) serves to pay SUI gas fees
One of the key aspects of on-chain liquidity is the availability of reliable stablecoins. For SUI, the inflows also come from a native version of Agoda USD (AUSD). The new asset will also be used to pay for gas fees instead of SUI tokens.
AUSD is a newly introduced token that is just now expanding its supply. As of September, AUSD expanded above $58M and is still competing with other bridged stablecoins on SUI. AUSD is also the fastest-growing stablecoin in the past month. The asset expanded by 346.89% in the past four weeks, growing its supply on SUI and its legacy chains Ethereum and Avalanche.
AUSD pools went live on NAVI Protocol at the end of September, boosting the demand for the stablecoin. Additionally, AUSD went live as an optional gas payment token. The main usage of AUSD as gas is provided by Aftermath Finance, one of the on-chain exchanges on the SUI chain. Aftermath Finance aims for chain abstraction and has built tools to pick AUSD as the gas payment option.
The AUSD token is launched as an asset native to SUI, first going live a few weeks ago. The stablecoin is now making its way into other DeFi protocols like Cetus, Hop, and Suilend. AUSD is an asset-backed stablecoin, based on Agora Finance’s reserves. The stablecoin is minted against a basket of fiat currencies and US treasury bills. On other chains, AUSD supply is reported at $61M, split between Ethereum and Avalanche. The SUI-based asset grows based on demand from Navi protocol. AUSD still has a relatively low user count, with only a few dozen addresses. However, the stablecoin carries more than $20M on its more active days, and has shown a constant activity growth in the past three months.
Based on the SUI block explorer, AUSD has a native supply of more than 40M tokens. However, the asset is still held in a total of 84 addresses, mostly tied to DeFi protocols. Aftermath Finance aims to turn AUSD into an onboarding tool for onboarding more users for a seamless experience similar to a regular exchange.
