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Cetus and Bluefin Drive Increase in Decentralized Exchange (DEX) Trading Volume for Sui

Sui's Daily Decentralized Exchange (DEX) trading volume increased by 14.6% during Q1, a rise primarily driven by Cetus. However, Cetus suffered a significant $223 million exploit subsequently.

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DEX trading volume for Sui significantly increased by 14.6% in Q1, primarily driven by Cetus....
DEX trading volume for Sui significantly increased by 14.6% in Q1, primarily driven by Cetus. However, Cetus subsequently suffered a $223 million exploit.

Cetus and Bluefin Drive Increase in Decentralized Exchange (DEX) Trading Volume for Sui

Revamped Take on Q1's Sui Dextr Texas Shindig and Q2's Rocky Rodeo

Sui smashed records in the decentralized exchange (DEX) arena in Q1, boasting an average daily DEX volume of a whopping $304.3 million - a 14.6% quarter-over-quarter uptick. Cetus and Bluefin, the industry's heavyweight contenders, dominated the scene, contributing a hefty $239.5 million in daily volume. Smaller DEXs like Kriya, DeepBook, and Turbos kept the liquidity game diverse.

The escalating DeFi scene remained pulsating, even as Sui's native token, SUI, lagged behind the broader market. Messari's report revealed a 40.3% plunge in SUI's circulating market cap, diving from $12.1 billion to $7.2 billion, far steeper than the crypto market's 18.2% overall decline during the same period. Yet, Sui managed to ascend two spots to secure the 13th spot among the market giants.

SUI's Underwhelming Q1 Performance

Sui's network fees took a sharp dive in Q1 2025. Total fees dropped 33.3% quarter-over-quarter to $3.6 million, representing 1.0 million SUI. The 40.3% decrease in SUI's market price significantly impacted fee revenue when measured in dollars. However, the 44.4% plummet in fees denominated in SUI suggests reduced on-chain activity and lower user demand also played a role. This dip directly affected validator payouts.

DeFi and NFT Activity on Sui

In the world of NFTs, Sui maintained a consistent buzz. Total NFT trading volume reached 13.2 million SUI since the mainnet launch, with leading platforms like Clutchy, TradePort, and BlueMove driving marketplace traction. Collections such as Fuddies and SuiFrens: Bullsharks and Capys led the trading charts. Meanwhile, institutional engagement ramped up on Sui, with Grayscale adding SUI to its Smart Contract Platform Ex-Ethereum Fund in January, marking a significant milestone.

February saw Libre Capital launch the Libre Gateway on Sui, offering tokenized access to hedge fund strategies, including arrangements from Brevan Howard and BlackRock. World Liberty Financial partnered with Sui in March, and Canary Capital filed for the first US-based SUI ETF the following month.

Q2's Sui Shenanigans: A Wild Ride

However, Q2 gave Sui a wild ride when a major exploit hit Cetus Protocol on May 22, disrupting trading activity significantly. The attack exploited an integer overflow error in the protocol's math library, allowing the attacker to manipulate pool parameters and deceive the system into thinking valid liquidity was being provided. The exploit led to the loss of approximately $220–$223 million from Cetus’ major liquidity pools.

Cetus underwent a 17-day outage following the attack, during which the team patched the vulnerability, engaged in extensive security audits, and replenished pools using a mix of reserves, a USDC loan from the Sui Foundation, and recovered assets. LPs were promised compensation at rates ranging from 85% to 99%, with additional CETUS token incentives planned for further compensation.

The incident underscores ongoing risks in DeFi infrastructure but also demonstrates the industry's resilience through effective crisis response efforts. As Cetus moves toward full open-sourcing of its code and introduces a bug bounty program, the community remains vigilant in combating such threats to secure the future of decentralized finance.

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  1. The escalating DeFi scene on Sui witnessed Libre Capital launching the Libre Gateway in February, offering tokenized access to hedge fund strategies, which include arrangements from Brevan Howard and BlackRock.
  2. In the NFT trading space, Grayscale added SUI to its Smart Contract Platform Ex-Ethereum Fund in January, marking a significant milestone for Sui.
  3. Despite the volatile Q2, Sui continued its exploration into crypto technology with plans for Cetus to fully open-source its code and introduce a bug bounty program, aiming to strengthen DeFi infrastructure and secure the future of decentralized finance.

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