SUI Network Hits Record DEX Volume Despite Token Price Drop

Sui Network's decentralized exchange (DEX) ecosystem achieved a historic milestone in Q1 2025, with average daily volume rising 14.6% quarter-over-quarter to $304.3 million. The growth was primarily driven by Cetus and Bluefin, which contributed $239.5 million of the total volume, while smaller platforms like Kriya and Turbos expanded liquidity options.

Despite the network's DeFi maturation, SUI tokens underperformed significantly—its circulating market capitalization dropped 40.3% to $7.2 billion, far exceeding the broader crypto market's 18.2% contraction. Network fees, denominated in both USD and SUI, fell sharply by 33.3% and 44.4% respectively, reflecting reduced on-chain activity and weaker demand.

Paradoxically, Sui climbed two positions to become the 13th-largest cryptocurrency by market cap during this period. The divergence between infrastructure growth and token performance highlights the complex dynamics of layer-1 ecosystems in bearish market conditions.