In Q4 2025, SUI experienced huge downward pressure. Its circulating market cap decreased by 55% QoQ to $5.2 billion, according to the latest report from Messari.
Its price decreased by 57% to $1.40, mainly due to the October market leverage issues and selling from token unlocks. Despite this, its on-chain activity remained high, indicating strong interest in its ecosystem.
Source: Messari
Sui made $2.4 million in revenue for Q4, which is 37.4% less than Q3 revenue in USD. However, revenue was up 10.4% to 1.2 million SUI because the price went down, not because the network did less work.
Source: Messari
The revenue is generated from transaction gas fees, such as those for computing and non-refundable storage.
The Nasdaq-listed Sui Institute of Governance (SUIG) announced a significant 179% increase in revenue for the quarter following its signing of a 105 million SUI treasury partnership deal with the Sui Foundation.
It has also increased its ecosystem incentive programs, including its partnership with Bluefin and 2 million SUI liquidity incentives for DeFi across Sui’s perpetual markets.
Also Read: SUI Holds Support Zone as Analysts See Possible Move to $1.05
Average daily transactions on Sui decreased a little, dipping 2.2% to 4.6 million. Average daily active addresses also decreased, dipping 29.3% to 633,300.
Source: Messari
Despite this dip, it remained buoyed by the launch of games such as XOCIETY and sponsored DeFi transactions.
Transaction fees decreased by 39.8% to only 0.0053 (0.0026 SUI) compared to the previous quarter, and sponsored transactions allowed apps to pay for users.
Staking continued to thrive with 7.5 billion SUI staked, representing 75% of the eligible supply. This is down by 0.9% from Q3.
Source: Messari
The annual staking inflation rate fell by 14.1% to 0.16%. Validator participation continued to increase with support from Sui Foundation’s ecosystem reserves to facilitate decentralization.
Sui’s stablecoin market cap closed at $483.6 million for the fourth quarter. This is a 13% decrease compared to the third quarter but represents a 30.8% increase compared to last year’s data.
Source: Messari
USDC was in first place with a $328.9 million market cap, followed by First Digital USD with $63.4 million, USDT with $41.6 million, and BUCK with $25.9 million.
New stablecoins like suiUSDe and USDi were introduced and offer yield-generating options and native dollar support for DeFi protocols.
Total value locked (TVL) of the top five Sui protocols totaled $780 million. NAVI topped it with a value of $263.2 million, offering many wallet management and Bitcoin-backed yield products.
Source: Messari
Suilend followed suit with a value of $247.4 million. Bluefin took the top spot in perpetuals with a value of $147.7 million, driven by the Agent Trader AI Competition.
Magma Finance and Cetus took the fifth spot with values of $76.9 million and $45.1 million, respectively. Daily DEX traded a volume of $405.8 million, a 9.2% drop QoQ but a 51.3% increase year over year, with Cetus and Bluefin leading in trading activity.
Source: Messari
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: SUI Forms Key Base at $0.88 as Explosive $1.10 Move Looms
