I get the point, but I tend to disagree with metrics like DeFi TVL and 24h volumes as strong indicators they're highly chain-specific and easily gamed.
Sui being ahead of borderline-irrelevant chains like Aptos or Polygon at this point doesn’t make it “thriving.” It's just less dead than the others right now.
If you zoom out and look at more structural metrics like chain-level fees (also gameable) Sui’s fees have halved in native terms since the start of the year and dropped 75% in USD. That’s not a healthy trajectory.
Made me look. I think SUI is doing alright.
Here's the top ~17 protocols based on DeFi TVL on DefiLlama, but added to include other metrics:
→ Chain Fees (24hr)
→ DEX Volumes (24hr)
→ Stables
These were number-ranked and added to a heatmap.
Through that lens, Sui fairs pretty well and is notably ahead of a few prominent names.
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