Phantom Wallet, one of the most widely used Web3 access points, is planning to add support for the SUI network. The wallet, which until recently supported Bitcoin, Ethereum, and Solana, will add its fourth L1 chain.
SUI and its ecosystem will soon be accessible through Phantom Wallet, one of the most widely used Web3 apps. SUI is one of the trending L1 chains with growing metrics, whose native token also reached an all-time high above $4.20.
🚨BREAKING NEWS 🚨 @Phantom is coming to the Sui ecosystem!
One wallet. Endless possibilities. Intuitive multichain features. ✨
From native bridges to seamless asset swaps, you’ll soon be able to explore everything Sui has to offer with the wallet trusted by millions.… pic.twitter.com/8jnDAgJUns
— Sui (@SuiNetwork) December 5, 2024
On its side, Phantom announced the addition of SUI is imminent and the chain will become active soon.
The SUI network expanded in 2024, finally reaching a breakout after a slower performance in 2023. SUI is a relatively new arrival on the crypto market, launching after the 2022 turbulence had passed.
The chain carries more than 670K daily active addresses, closing in on Ethereum’s activity level. Phantom will add to the project’s exposure, as its trending section has raised multiple tokens from obscurity. This time, Phantom will add a whole new network, potentially tapping Solana users to test out the SUI ecosystem.
The addition of SUI raised expectations of introducing a meme token ecosystem. After the boom of Solana tokens, other chains created their own launchpads, including TRON, BNB Smart Chain, and even Ripple. This set up expectations for SUI to continue the trend.
SUI already has a tokenized ecosystem, valued at over $2.8B for all stablecoins and tokens. The multi-asset capabilities of Phantom may give those tokens more exposure and swapping opportunities.
SUI trading reaches peak activity
Just before the announcement, SUI extended its rally, peaking at $4.49. Later, the native network token slid to $4.19. Trading volumes reached an all-time high at $4.16B for the past 24 hours, after an extended period of active trading. The current rally set expectations for SUI going above $7, continuing its bull market into 2025. SUI is also considered a prime candidate for being added to a Grayscale investment product.
Open interest for SUI expanded to $747M, an all-time peak. Most SUI derivative positions shifted to long as the rally showed significant strength.
The recent price expansion once again invited comparisons between SUI and Solana. SUI is considered to have a similar potential for influence as Solana, though still at an early stage. The token’s relatively low price also invites buyers who expect a breakout to a higher range.
The SUI rally at the end of 2024 is also steeper compared to the SOL expansion above $200. SUI started from lows of $0.70, bringing higher returns.
SUI aims to grow its DeFi sector
The rising price of SUI is boosting the chain’s DeFi and DEX sector. The chain already hosts $1.71B in total value locked, also reaching an all-time high. The SUI L1 chain carries $319M in stablecoin value, still lagging behind similar chains like Toncoin (TON).
SUI is still valued at just 7% of Ethereum’s value, lagging behind other top L1 chains. The project generates around $50K in daily fees, indicating still relatively low activity levels. The chief DeFi protocol is NaVi with more than $500M in value locked. SuiLend and Cetus are respectively the biggest lending protocol and the main DEX on the L1 chain.
The biggest setback for SUI is its complicated unlocking schedule. Only 35.75% of the SUI supply is unlocked, with multiple investor unlocks coming over the next few years. SUI has a long-term unlock plan, with regular inflows of under 1% of the supply. The next unlock is expected on January 1, releasing 81.91M SUI valued at $338.6M.
If the SUI ecosystem grows, the tokens may offer more holding incentives. In the case of an ongoing altcoin bull market, some SUI selling may be absorbed.
SUI is one of the best-financed projects in crypto and a promising L1. In total, all SUI rounds raised $385.3M, with $49.37M raised in a public sale. SUI is backed by Coinbase Ventures, Binance Labs, Andreessen Horowitz and other VC funds, raising the bulk of its funds in a $300M Series B financing. For now, SUI has broken out, not behaving like a VC coin with constant selling and price pressure.
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