The Sui Network ($SUI) and its ecosystem have been on fire since September 2024. However, that saw a temporary change yesterday. That’s when the Cetus Protocol was exploited for $220 million. 3 As a result, the $CETUS token took a hit and with it, to various degrees, also the various Sui ecosystem coins.
Will this exploit cool off what has been the hottest ecosystem in crypto? We don’t think so, so stay tuned to find out if Sui can continue to be the 2021 Solana?
Sui Network ($SUI) News Update
So, DeFi protocol Cetus fixed the bug and alerted other ecosystem platforms to prevent further damage.
Since taking the actions indicated in our previous announcement, we have also done the following:
1. We engaged the broader ecosystem, Sui team, and related… https://t.co/Gs1EWXZ6AD
— Cetus
(@CetusProtocol) May 22, 2025
Furthermore, Cetus, the Sui Foundation, and Mysten Labs, managed to freeze $160 million. Currently, Cetus is negotiating the return of the missing $60 million. Cetus offered a $6 million bounty for this. Find an in-depth analysis of this exploit in our article.
We’ve learned that a Cetus smart contract was hacked this morning for approximately $223M and Cetus subsequently paused their smart contracts to prevent further theft.
Cetus worked together with the other DeFi protocols, the Sui Foundation, and the Sui validators to… https://t.co/Y1iw2sNnPW
— Sui (@SuiNetwork) May 22, 2025
But it is important to understand that this was an exploit of a Sui ecosystem platform. Sui itself was NOT exploited.
$SUI could be affected short term, as could $WAL and other projects not directly involved but under the same ownership and dev team.
We actually like the way Mysten Labs is handling the situation. That’s a reason to buy more $SUI and selected ecosystem tokens. They have the potential to bounce back harder.
And now back to our regular programming…….
Sui Network ($SUI) News Update
The biggest recent news for the Sui Network was its integration with Microsoft Fabric. This is for the Microsoft-backed Space and Time mainnet launch. The platform indexes data from major networks. Only Bitcoin, Ethereum, and Sui are initially selected. The database offers historic, crosschain, and offchain data. Having Microsoft involved in this makes it a pretty big news story for Sui. Besides being listed next to Bitcoin and Ethereum.
Sui, Bitcoin, and Ethereum are the first blockchains selected for integration with @Microsoft Fabric via @SpaceandTimeDB.
This puts Sui’s full chain history directly into the hands of Microsoft’s vast developer ecosystem.
Builder-ready. Indexed. Instantly accessible. https://t.co/fRmOEZ7Ma2
— Sui (@SuiNetwork) May 20, 2025
BTCfi is already big on the Sui Network. $BTC already takes 10% of Sui’s total TVL. Now there’s a new addition. OKX, the tier 1 exchange, launched $xBTC with Sui being one of the exclusive debut chains. Both Cetus and Navi now offer $xBTC on their platforms. Every protocol wants a slice of that Bitcoin liquidity. Sui is making the most out of this, with already 600 $BTC on Sui since February. Check their blog.
BTCfi on Sui continues to level up
Fully backed 1:1 by BTC reserves held in custody by OKX.
Integrated with @CetusProtocol and @navi_protocol.
Ready to unlock lending, rewards, and deep DeFi… pic.twitter.com/ZXl3C9ZjPM
— Sui (@SuiNetwork) May 22, 2025
Stablecoins on Sui
Next up is stablecoin inflows on Sui. For two consecutive days last week, Sui led that charge. Two days ago, Sui saw $83.4 million in stablecoin inflows. The previous day saw a $184 million stablecoin inflow. Both days, Sui topped the charts.
Source: X
Could this be a reaction to Meta’s announcement of renewed stablecoin interest? Remember, halting Libra eventually led to launching the Sui Network. In related news, Sui reached $1 billion in stablecoins TVL. This doubled in only two months.
This is why $SUI got front run yesterday. @Meta in talks to deploy stablecoins three years after Regulators FORCED them to stop the Libra project, now @SuiNetwork. https://t.co/QA6Ht7hTMz pic.twitter.com/XizFWKfaIH
— MartyParty (@martypartymusic) May 8, 2025
The stablecoin news goes hand in hand with Sui’s DEX volume. This hit a new weekly ATH in the last week. This could also link back to the Meta interest for stables and the stablecoin inflow. Last month also saw SUI having the highest TVL growth among all chains. That’s where Sui ranks 8th among all other chains. We will be watching to see if Sui DeFi gets back to these levels, but we think they will.
Source: X
$SUI Price
So, $SUI went from 78 cents to a current ATH of $5.35 since September 2024. That’s almost a 7x in only 4 months. Now, if we look back at January to November 2021, Solana ($SOL) did a 100x during that bull run.
In all fairness, I don’t see $SUI doing that in 2025. It looks like these days are over. However, from where $SUI is right now, at $4, it can do a 5x to 10x. $SUI is down 8% in the last 24 hours, but that’s due to this Cetus news. We expect a quick bounce back.
Our first Alpha call was when $SUI was at 78 cents. If you got in during September 2024, you’re looking at a 12x to 17x.
Protocol Upgrades
It’s also interesting to take a closer look at Sui’s technical side and its improvements. At the end of the day, that’s the backbone of the Sui Network. For example,
- You know that Sui uses the Move coding language. This had an upgrade to Move VM 2.0. It allows for 30-65% faster transactions, even under heavy load. That’s great for blockchain gaming!
- Remora allows for scaling without limits. In turn, this allows for hundreds of thousands of transactions per second. This keeps transactions cheap for us.
Scaling Without Limits: Enter Remora
Sui’s answer to network demand: scale horizontally.
With Remora, validators split workloads across machines. The result? Linear scaling with hundreds of thousands of txns per second.
No bottlenecks. Just smooth, infinite scalability.
— Sui (@SuiNetwork) January 21, 2025
- Pilotfish is another feature that increases scalability. It enables single validators to use various machines. Pilotfish increases throughput. In other words, it allows the executing of more transactions when the load increases.
- The Move Registry (MVR). This is like the SNS or Sui Name Service. It gives Move packages a human-readable name. That’s instead of the standard 64-character hex address. In turn, this allows for better transparency and interoperability.
So, this may sound a bit boring, but in essence, this is what makes Sui what it is. A fast and low-cost Layer 1 that can be the Solana from the 2021 bull run. So, we, the users, profit from these features.
But there’s more.
- For example, Sui welcomed Axelar’s bridge. This gives builders and institutions scalability and better multi-chain options. Axelar combines this with built-in compliance and audit capabilities. It also offers institutional-grade security, and simple UX features. Think of Sui’s zkLogin for onboarding.
Infinite interop is now live on @SuiNetwork mainnet! 
Axelar unlocks Sui’s limitless scalability for every crypto asset and application. pic.twitter.com/KlRDUNrVZq
— Axelar Network (@axelar) May 8, 2025
- LI.FI is another new bridge for Sui. This allows for swaps and bridging across EVM, Solana and Bitcoin.
- Kraken is the latest CEX to offer transfers for native $USDC on Sui. Binance is another CEX that already offers this. This shows adoption for Sui’s native $USDC.
$USDC @circle is now available for trading on the SUI network @SuiNetwork!
Deposits and withdrawals are enabled
Trading is now live!Trade here
https://t.co/Y4aOoV34k0*Geographic restrictions apply pic.twitter.com/80GITxzUqQ
— Kraken Exchange (@krakenfx) April 3, 2025
Sui’s Ecosystem
Sui’s ecosystem projects know how to light the space up. So, let’s take a closer look at some Sui ecosystem projects.
Walrus Protocol ($WAL)
Walrus Protocol ($WAL). This is a decentralized storage protocol by the Mysten Labs team. That’s the same team that’s behind Sui and Deepbook. We covered Walrus quite a few times. You can check two of our recent videos. Here are the links. For example, Pudgy Penguins store their stickers and GIFs on Tusky. In turn, Walrus powers Tusky. The $WAL token is down 12% today, and is now 58 cents. A great entry!
As the Pudgy Penguins digital content library continues to grow, it’s important that we have an efficient and decentralized way to store it.
To that end, we’re excited to announce that we’re partnering with @WalrusProtocol. https://t.co/FL1ESKmLxN
— Pudgy Penguins (@pudgypenguins) April 29, 2025
Deepbook ($DEEP)
Deepbook ($DEEP) is another protocol to keep an eye out for. It’s the backbone of Sui’s DeFi ecosystem. Most Sui DeFi platforms use Deepbook. It works in the background, since it doesn’t have its own platform or app. Deepbook uses an onchain orderbook. So, it feels like you are trading on a CEX, whilst being on a DEX. However, you can find Deepbook, for example, in,
The $DEEP token was yesterday up 15% on the day. However, today it’s down 10%. Its current price is 19 cents.
Haedal Protocol ($HAEDAL)
Haedal Protocol ($HAEDAL) earns a special mention. It’s a liquid staking platform. Its $HAEDAL token was up 43% yesterday. Today it’s down only 5.4%. The $HAEDAL token launched less than a month ago. So, well done Haedal.
So, what do you expect from Sui during this bull run? Do you think it can still do a 10x from here and get to $40? Let me know in the comments and join our discussions on Discord and X.
Disclaimer
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