Author: Frank, PANews

Just as the founder of Cyber Capital questioned the token model, Sui suddenly surged in data. On May 3, the number of transactions on the Sui mainnet exceeded 40 million, a 20-fold increase from the 1.85 million transactions on May 1. This data surpasses the activity of Solana and, in the following days, the number of transactions on the Sui mainnet continued to exceed 30 million, maintaining its lead among various public chains.

Does this increase in data mean that Sui has truly experienced an ecological explosion?

SPAM has generated over 100 million transactions

PANews investigation revealed that the significant increase in Sui's data is mainly due to a project within its ecosystem called SPAM (meaning "junk mail"), which is designed to boost transaction volume through mining. The project was officially launched on May 2 and brought 3,800 transactions to Sui on the first day. As of May 8, the project has generated a total of 147 million transactions, contributing approximately $120,000 in transaction fee revenue to the mainnet.

In addition to transaction volume, SPAM has also increased the number of active addresses for Sui. On April 29, Sui had approximately 12,000 daily active addresses, which increased to 73,000 by May 6.

Clearly, SPAM and the Sui official team are in a mutually beneficial cooperative state. The project was initiated by Juzy, the founder of Polymedia. On May 5, the Sui official account retweeted two introductions about SPAM, bringing a wave of traffic to SPAM. In response, SPAM's frequent transaction boosting behavior has also propelled Sui's transaction volume and TPS to new heights.

The Sui official team later discussed the breakthrough of TPS exceeding 800+, stating that Sui can fully support the TPS needed by SPAM.

Users are mining at a loss

However, in the mining battle of SPAM, the biggest winners may only be Sui and RPC nodes.

According to PANews' testing, participating in this mining activity is a completely unprofitable venture.

The introduction of SPAM is to earn SPAM on Sui, with a distribution mechanism of minting 10 billion SPAM tokens daily. Simply sending Sui transactions can earn SPAM, and the more transactions sent, the more tokens earned. According to PANews' statistics, since its launch, SPAM has completed a total of 147 million transactions, mining 3.5 billion tokens. On average, each transaction can mine 23 SPAM tokens.

Based on PANews' statistics, the earnings generated through mining have been lower than the transaction fee expenditure since the token's launch. For mining users, they are only helping the Sui mainnet refresh its transaction volume and transaction fees.

(Note: Since SPAM was launched on May 5, the price from May 3 to May 5 is calculated using the closing price on May 5)

Due to SPAM's issuance mechanism of adding 10 billion tokens daily, many users believe that this will lead to significant inflation, ultimately causing a continuous price decline. The explanation from the founder of SPAM can be considered a statistical genius: "Because the supply of SPAM is increasing every day, but the daily increase in supply is constant. On the 10th day, there will be 10 billion supply, and 1 billion will be minted (daily inflation of 10%), on the 100th day, there will be 100 billion supply, and 1 billion will be minted (daily inflation of 1%)". His point is that although the quantity of SPAM is increasing every day, this does not constitute inflation. Instead, because the total amount is increasing, the inflation rate is decreasing. Juzy also posted a graph of the inflation rate.

PANews created a token quantity change graph based on the actual inflation changes, which happens to be the opposite of Juzy's curve.

However, the price curve of SPAM perfectly coincides with Juzy's inflation curve, steadily declining since its launch, from the highest of 0.0002113 to 0.00001532. With a maximum decline of 92.7%, as of May 7, its circulating market value is only $63,700, and the LP of the trading pool is only $26,000.

Mining projects caught in a wave of traffic

Of course, for public chains, the true indicators of ecological activity and technical capabilities are not just the number of transactions and TPS. As of May 7, the total number of tokens issued on the Sui chain was 10,811, compared to 13,642 new tokens issued on the Solana chain on May 5. In terms of active users, Sui's highest number of active addresses in the past week was 73,000, while Solana consistently had over 800,000 active addresses in the past week.

In terms of TVL, Solana's current TVL is approximately $4 billion, while Sui's data is around $640 million. After multiple comparisons, it is evident that there is still a gap of nearly 10 times in overall data between Sui and Solana.

Within 24 hours (data from May 6, 17:00 to May 7, 17:00), among the 11 new trading pairs listed on Sui, there were only 1-2 traders. It seems that the phenomenon of SPAM has not truly brought ecological prosperity to Sui.

For the Sui official team, it may be necessary to consider supporting projects that are truly innovative and have sustainable development with positive feedback.

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