Comparison of Move Ecosystem Public Chains: Sui vs Aptos

As the price of BTC has surged significantly, a bullish atmosphere has emerged in the market, with multiple public chain tokens experiencing notable increases. In the absence of mainstream sectors, seeking investment opportunities through the lens of public chain ecosystems may be a viable strategy. This article will analyze and compare the recently outstanding performances of the Sui and Aptos ecosystems.

1. Sui Ecosystem Analysis

1.1 Basic Information and Recent Progress

Sui is a high-performance Layer 1 public blockchain based on the Move language, developed by Mysten Labs. According to official data, Sui's maximum TPS can reach 297,000, with an actual maximum TPS of around 800 during operation. Sui has completed a total of $336M in Series A and B funding, with a Series B valuation of $2B, and investors include A16z, Coinbase Ventures, Binance Labs, among others.

The Sui mainnet went live on May 3, 2023. Currently, the Sui ecosystem's TVL ranks 5th among all public chains, with daily active users stabilizing around 1M. The SUI token has seen a rapid increase since September, becoming one of the best-performing crypto assets in September.

Recent major developments in the Sui ecosystem:

• Announced on September 2nd the launch of the handheld game console SuiPlay0X1, which natively supports Sui ecosystem games.
• On September 12, Grayscale launched the Grayscale SUI Trust Fund.
• On September 17, in collaboration with Circle, USDC expands to the Sui network.
• On October 1st, the Sui Bridge went live on the mainnet, supporting the bridging of ETH and WETH between Sui and Ethereum.

1.2 Base Trading Activity

In early October, there was active Memecoin trading in the Sui ecosystem, with tokens like HIPPO and BLUB performing well. HIPPO has brought about a good wealth effect, with its market capitalization currently only behind CETUS and DEEP. The number of newly created tokens has also seen a significant increase, but it has now declined.

On the Meme trading infrastructure, Cetus serves as the main AMM, while trading bots generally use PinkPunkBot, and Movepump is a Memecoin launchpad similar to Pump.fun.

1.3 Ecosystem Overview

The Sui ecosystem has a total of 86 projects, mainly consisting of 3 game(23 and 16 DeFi)16. The projects with higher market capitalization, apart from SUI, include only HIPPO, FUD, CETUS, BLUB, and NAVX.

There are a total of 40 DeFi protocols, with the top three being: NAVI Protocol ( lending ), Cetus AMM ( DEX ), and Suilend ( lending ). Additionally, there are projects like AlphaFi, Bucket, and Bluefin.

( 1.4 Ecological Development Strategy

Web3 Gaming is an important strategy of the Sui ecosystem. The object-oriented architecture of the Move language is conducive to defining rich on-chain game assets. Sui is supported by AMD and Epic Games, and collaborates with Japanese social game giants and Korean game developers.

Recently, the Sui ecosystem has made joint efforts in various aspects, with strategies similar to those of Solana in its early days: SUI price has rapidly surged, creating a wealth effect with memes, and ecological tokens are taking off comprehensively, supported by favorable factors such as the Grayscale Trust Fund, USDC launch, and project listings on CEX.

In addition, the South Korean market shows a high interest in Sui, with SUI ranking high in trading volume on Upbit.

![Metrics Ventures: Sui vs. Aptos, which is the leading MOVE ecosystem public chain?])https://img-cdn.gateio.im/webp-social/moments-f4eb3be5e95b381ceb26e886743cb7cd.webp###

( 1.5 Changes in funds and user data

The Sui ecosystem's TVL has rapidly increased to over $1 billion since August 5. The market capitalization of stablecoins is around $380M. Net inflow of funds has been positive for both the past month and three months, ranking third among all public chains.

The DEX trading volume ranks 6th, exceeding 200M daily. Cetus contributes more than 85% of the trading volume.

The total number of active users has increased, but is mainly concentrated in the Social sector, with daily active users in the DeFi sector only between 1,000 to 5,000. The peak user count during the Memecoin active period exceeded 50,000, but the craze did not last.

![Metrics Ventures: Sui vs. Aptos, who is the first public chain of the MOVE system?])https://img-cdn.gateio.im/webp-social/moments-a908c13da6182272cabb8a3bc921f29d.webp###

( 1.6 Token Economics and Price Trends

The total supply of SUI is 10B, with the current circulating supply at 27.64%. The main inflationary pressure comes from staking rewards and token unlocks. 64.19M SUI is unlocked monthly, accounting for 2.32% of the circulating supply.

The SUI to BTC exchange rate trend is strong, having surpassed the early-year high.

![Metrics Ventures: Sui vs. Aptos, which is the top MOVE ecosystem public chain?])https://img-cdn.gateio.im/webp-social/moments-644b8117277895ef75c26264486140de.webp###

( 1.7 Summary

• Continuous capital inflow into the Sui ecosystem
• Memecoin has gained some attention, but its momentum is not as strong as Solana.
• Web3 Gaming strategy faces challenges
• The daily active user structure is unhealthy, and DeFi activity is low.
• SUI faces long-term inflationary pressure

2. Aptos Ecosystem Analysis

) 2.1 Basic Information and Recent Progress

Aptos is also based on the Move language, but retains more of the Diem core. Theoretical maximum TPS is 160,000, with a maximum of 10,734 in actual operation, typically 500-1000.

Aptos has completed multiple rounds of financing, with a Series A valuation of $2.75B. In September 2024, MEXC Ventures and others launched a fund to support Aptos ecosystem projects.

The Aptos mainnet was launched on October 17, 2022. Its TVL ranks 12th among public chains. The daily active addresses are around 500-600K.

APT has risen over 100% since its low in August, but still has a distance of one times to ATH. Recent main developments:

• On September 19, multiple institutions launched funds to support Aptos ecosystem projects.
• On October 3, Aptos Labs acquired HashPalette to enter the Japanese market.
• On October 2, Franklin Templeton expanded its on-chain money market fund to Aptos.
• On October 28, the native USDT will be launched on the Aptos mainnet.

![Metrics Ventures: Sui vs. Aptos, who is the number one public chain in the MOVE ecosystem?]###https://img-cdn.gateio.im/webp-social/moments-6759581d0f49b551d176d233cb279e46.webp###

( 2.2 Base trading activity

There are almost no means of implementing native transactions on Aptos, and no active Memecoins.

) 2.3 Ecosystem Overview

The Aptos official website shows a total of 192 projects, with 49 DeFi protocols. However, there are relatively few projects that have issued tokens, with only Propbase and Thala among the top 1000 by market capitalization.

Main DeFi projects:

• Thala: Leading DEX, accounting for 50% of Aptos trading volume. Includes Swap, liquidity staking, and over-collateralized stablecoin MOD.
• LiquidSwap: the second largest DEX, accounting for 22% of the trading volume.
• Cellana Finance: Once the DEX with the highest cumulative trading volume, but trading volume plummeted after October 18.
• Aries Markets: the largest lending protocol, with the highest TVL.
• Amnis Finance: the largest liquid staking protocol.
• Echo Lending: Introduces BTC assets, TVL grows rapidly.

![Metrics Ventures: Sui vs. Aptos, who is the number one public chain in the MOVE ecosystem?]###https://img-cdn.gateio.im/webp-social/moments-cf872660198f6f8fe0c65d19cf939e03.webp###

( 2.4 Ecological Development Strategy

Aptos's recent focus includes RWA, Bitcoin ecosystem, and AI:

• RWA: Introducing USDY from Ondo Finance, BENJI from Franklin Templeton, etc.
• Bitcoin Ecosystem: Introduced sBTC in collaboration with Stacks, connecting BTC assets of the Bsquared Network through the Echo protocol.
• AI: Collaborate with NVIDIA and others to promote the development of AI startups.

![Metrics Ventures: Sui vs. Aptos, which one is the first public chain of the MOVE system?])https://img-cdn.gateio.im/webp-social/moments-92e3dee1a179e3fa4bc6050901d94996.webp###

( 2.5 Changes in Funds and User Data

Aptos TVL and stablecoin market cap continue to grow. TVL increased from 70M APT to 90M APT, mainly from Echo lending. The stablecoin market cap has grown 4 times since the beginning of the year to $292.41M.

In the past three months, there was a net capital inflow of $3M. The DEX trading volume ranks 12th among public chains. The peak number of daily active users exceeded 800K, but the activity level of DeFi users is low.

![Metrics Ventures: Sui vs. Aptos, which is the number one public chain in the MOVE system?])https://img-cdn.gateio.im/webp-social/moments-ed1ac311855213bfb776a94d14b90a5e.webp###

( 2.6 Token Economics and Price Trends

The initial supply of APT is 10B. 11.31M is unlocked each month, resulting in significant selling pressure.

APT shows a slight weakness against BTC, failing to break through the early October high.

![Metrics Ventures: Sui vs. Aptos, which is the number one public chain in the MOVE system?])https://img-cdn.gateio.im/webp-social/moments-af3e170bed2107d491e5f82bf31e0241.webp###

( 2.7 Summary

• TVL increased, with a slight inflow of funds
• In the early stage of ecological development, the trading activity is low.
• RWA and BTCFi as core strategies
• The user structure is unhealthy, with few DeFi users.
• APT is facing high unlocking selling pressure

3. Comparison Summary between Sui and Aptos

| Indicator | Sui | Aptos | |------------|-----------------|-----------------| | MC | $8,963,108,373 | $5,577,149,571 | | FDV | $31,496,463,786 | $12,068,813,424 | | TVL | $1.383B | $996.28M | | Stablecoin Market Cap | $388.29m | $292.6m | | DEX Trading Volume )7d### | $2.019b | $208.58m | | Fund inflow in the last month | $168,226,279 | $1,162,500 | | Source of Fund Inflow | Ethereum | Sui | | Fund Outflow Direction | Ethereum | Moonbeam |

![Metrics Ventures: Sui vs. Aptos, who is the top public chain in the MOVE ecosystem?](https://