Sui Hits New DEX Volume High: Cetus, Bluefin Fuel Development
Sui’s daily DEX volume rose 14.6% in Q1, led by Cetus, which later on lost a $223 million make use of.
Sui set a new milestone in decentralized exchange (DEX) activity in Q1. According to Messari’s report, the network’s average day-to-day DEX volume struck an all-time high of $304.3 million, a 14.6% quarter-over-quarter increase. Cetus and Bluefin emerged as the dominant gamers, which contributed a combined $239.5 million in everyday volume, while smaller sized DEXs like Kriya, DeepBook, and Turbos assisted diversify liquidity sources.
The spike in on-chain trading signals a maturing DeFi environment, even as Sui’s native token, SUI, underperformed the broader market.
SUI Underwhelming Efficiency in Q1
Messari revealed that SUI’s circulating market cap fell 40.3% to $7.2 billion, which is far steeper than the crypto market’s overall 18.2% dip throughout the same duration. Despite this, Sui climbed 2 spots to become the 13th-largest cryptocurrency by market cap.
On the other hand, Sui’s network charges, which comprise gas charges from transaction execution, consisting of computation and non-refundable storage expenses, fell dramatically in the very first quarter of 2025. Total charges dropped 33.3% quarter-over-quarter to $3.6 million, or 1.0 million SUI.
While the 40.3% decrease in SUI’s market price contributed to the drop in fee earnings when measured in dollars, the 44.4% decrease in charges denominated in SUI recommends that decreased on-chain activity and lower user demand likewise played a substantial function in the total decline. Validator payouts were straight impacted by the slowdown.
DeFi and NFT Activity on Sui
Beyond DeFi, NFT activity remained strong on Sui. Total NFT trading volume reached 13.2 million SUI since the mainnet launch. Leading platforms such as Clutchy, TradePort, and BlueMove drove market traction. Additionally, collections such as SuiFrens and fuddies: Bullsharks and Capys dominated trading. Throughout the same period, Sui also saw institutional engagement increase notably.
Grayscale’s addition of SUI to its Smart Agreement Platform Ex-Ethereum Fund in January marked a turning point, which indicated recognition from a leading digital possession supervisor. By February, Libre Capital released its Libre Gateway on Sui, which permitted tokenized access to hedge fund techniques, consisting of offerings from Brevan Howard and BlackRock.
In March, World Liberty Financial revealed its decision to partner with Sui. This was followed by yet another noteworthy regulatory development in the exact same month, when Canary Capital declared the very first US-based SUI ETF.
Meanwhile, Sui’s strong decentralized exchange momentum has faced significant headwinds in Q2 following a significant exploit on Cetus Protocol. On Might 22nd, a $223 million attack compromised Cetus’ Concentrated Liquidity Market Maker (CLMM) pools, considerably interfering with trading activity. While the protocol has promised complete user compensation, supported by its treasury and a strategic loan from the Sui Foundation, the recovery depends on an on-chain community vote to open $162 million in frozen assets.
The post Sui Hits New DEX Volume High: Cetus, Bluefin Fuel Growth appeared first on CryptoPotato.
