SUI (Sui) up 6.05% in 24 hours, market cap approximately $6.1 billion

Gate News Bot Message, December 12th, according to CoinMarketCap data, as of press time, SUI (Sui) is currently priced at $1.63, up 6.05% in the past 24 hours, with a high of $1.72 and a low of $1.51. The 24-hour trading volume reached $823 million. The current market capitalization is approximately $6.099 billion, an increase of $348 million from yesterday, ranking 20th.

Sui is a public chain platform centered on Web3 usability, dedicated to delivering the advantages of Web3 with the convenience of Web2. Sui uses the Move programming language to provide industry-leading smart contract security, implements zkLogin for web credential authentication, Passkey for secure and smooth transaction signing, Nautilus supporting verifiable off-chain computation, and other innovative features.

In terms of application scenarios, Sui supports tradable assets in gaming, lending and trading within the BTCfi ecosystem, customer engagement in business scenarios, and more. Regarding network performance, Sui adopts the Mysticeti consensus mechanism to achieve extremely low latency, integrating cutting-edge research results such as the Pilotfish distributed deterministic execution engine and the Sui Lutris consensus-independent protocol.

Sui is committed to providing scalable, fast, and cost-effective infrastructure for industries like gaming, finance, and business. Developers can quickly get started through resources such as documentation, courses, and tutorials provided by the ecosystem, while also receiving technical support and ecosystem funding from the foundation.

Recent important news about SUI:

1️⃣ Institutional-grade application infrastructure improved, ecosystem attractiveness significantly enhanced
ZenLedger has integrated into the Sui chain, offering users automated tax processing, accounting tools, and audit-compliant workflows, covering over 300 exchanges and 40 blockchains. This integration alleviates long-standing tax reporting challenges faced by crypto traders, lowers participation barriers for retail and institutional investors, and helps expand the user base. Subsequently, open interest in perpetual contracts surged by $150 million in one day to $747.78 million, reflecting active institutional capital response to ecosystem upgrades.

2️⃣ Multi-chain asset liquidity strengthened, initial results of BTCfi ecosystem construction visible
Native wBTC has achieved cross-chain interoperability on Sui via LayerZero, supported by BitGo’s cross-chain bridge, enabling rapid movement of BTC assets across ecosystems with minimal gas fees and no need for re-wrapping. Meanwhile, xBTC has integrated into Sui DeFi ecosystems such as NAVI Protocol and Bluefin, supporting lending, liquidity mining, and other scenarios. These developments enhance Sui’s competitiveness in the BTCfi track, aligning with its development plans for lending and trading applications.

3️⃣ Mainstream US financial channels open, institutional allocation demand released
Grayscale filed registration documents for the Grayscale Sui Trust ETF with the SEC on December 5th. The first SUI leveraged ETF (ticker TXXS) has been listed on NASDAQ, providing US investors with a way to gain double daily exposure to SUI through traditional brokerage accounts. This marks SUI’s official entry into the mainstream US financial market, expected to release allocation demand from institutions and retail investors and promote long-term capital inflows.

Notably, over the past three months, Sui’s daily trading volume has increased by 28.2%, leading the growth among major public chains like Polygon, Arbitrum, and Aptos, with on-chain activity continuing to strengthen. However, spot trading volume recently declined by 42% to $511 million, and total value locked in DeFi slightly decreased by 1%, indicating short-term traders are cautious, and the market needs clearer catalysts to activate retail participation.

This message is not investment advice. Please be aware of market volatility risks.