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SUI TVL has rebounded, but the year-on-year gap remains huge.
Sui Network's total lock-in value (TVL) has increased 9.4% in the past 30 days to US$459.5 million. Short-term momentum is a positive signal for the ecosystem, but the broader picture is alarming: TVL is still 77.4% below the same period last year. For reference, since its main online launch in May 2023, Sui's TVL has soared about 32 times, reaching a peak of US$2.6 billion in October 2025, and then pulled back significantly, causing this figure to drop significantly.
However, the 30-day rise does coincide with a period of recovery in online activity. On-chain application fee revenue improved in August, exceeding US$1 million in the first half of the month. The recovery comes after Sui partnered with Tether's tokenization platform Hadron, which allows Hadron-backed tokenized assets to be traded and transferred on the Sui blockchain.
Applications drive the economy, not the base layer
One of the most convincing indicators in current data is the allocation of costs between the application layer and the underlying chain. Applications built on Sui generate $142,625 per day, which is more than 36 times the cost of the base layer itself. This dynamic reflects a common pattern in mature blockchain ecosystems: economic activity is increasingly concentrated at the application level rather than the protocol level. Application fees are an important indicator to measure network demand and developer income. The healthy gap between application and base layer revenue is often seen as an important indicator that products on the chain are receiving actual attention from users.
Despite this, broader on-chain indicators are still under pressure. Monthly decentralized exchange trading volume has dropped from a peak of US$22 billion in October 2025 to approximately US$886 million in July, and is expected to reach approximately US$670 million in August, a further decline of 24%. The contrast between the rebound in fees and the decline in DEX trading volume suggests that on-chain activity is shifting, rather than simply disappearing.
In terms of tokens, SUI is currently trading at US$0.80, up 11% in the past 24 hours. The increase follows a recovery in the overall market, while developers and institutional investors continue to assess the network's long-term trajectory. Sui's object-centric architecture built on the Move programming language and upgraded with the Mysticeti consensus is designed to achieve high throughput at low cost, and these features form the core support for the continued growth of its ecosystem.
