Sui Network Surpasses Polygon in Daily Active Wallet Addresses

Layer 1 blockchain Sui network has now surpassed the Ethereum layer-2 scaling network Polygon in the number of daily active wallet addresses. The milestone comes only two months after the Sui mainnet was launched.

Sui Network Attains 2M Active Wallet Addresses

Blockchain data analytics firm Artemis compared the following six blockchains in terms of daily active wallet addresses: Aptos, Avalanche, Ethereum, Solana, Sui, and Polygon.

Over the weekend, the study showed that the Sui network led the chart with over 478,000 active wallet addresses. Trailing Sui was the Polygon network that recorded 388,590 active wallet addresses. Other blockchains, such as Solana, Ethereum, Aptos, and Avalanche, saw 319,000, 300,000, 111,000, and 73,800 active wallet addresses, respectively.

On July 30th, the Sui network announced via Twitter that it had achieved a significant milestone of two million active addresses, adding that the increase had doubled within the past few weeks.

Current data shows Sui’s leading position among the six cited blockchains continues.

Why are Sui Users Increasing?

The Sui network was launched in May 2023 by Mysten Labs, a Web3 project founded by a team of ex-Meta employees. The team was originally building Novi, a dedicated Meta-owned digital wallet supporting cryptocurrencies. The Novi project eventually got abandoned.

The network uses Sui Move, a Rust-based programming language, to write the codes for its smart contracts. Sui developers believe that Sui Move will make the network scalable and perform better than the Solidity programming language.

Since its mainnet launch in May, Sui has attracted the attention of several blockchain projects. For example, shortly after its launch, several non-fungible tokens (NFT) collections like Suishi and Fuddies were launched on the network via the Sui-based marketplace Clutchy. The move caused proponents to term Sui a “Solana-killer.”

Meanwhile, Sui’s latest milestone has minimal effect on the network’s native cryptocurrency, SUI. At the time of writing, SUI traded at $0.62, a reduction from its trading volume hours ago.