Another good news for Sui: it also lands on the Phantom wallet

Sui continues to make headlines: this time the news is that its blockchain has been integrated into the Phantom wallet.

Sui is probably the real big news of 2024 in the crypto field. 

The boom of Sui

Sui is a crypto project based on DeFi. 

It is a layer-1 chain that allows very fast and economical transactions. 

In particular, it has a very low latency, so much so that the goal is to enable almost instantaneous transactions. For this reason, it is widely used especially for DeFi and GameFi.

Furthermore, the language it uses for its smart contracts is Rust, a programming language focused on fast operations and also used by Solana.

The boom of Sui in some ways mirrors that of Solana, even though Sui has not yet reached the levels of its competitor. 

The Sui project was launched in May of last year. 

To tell the truth, until the beginning of the bull run in October 2023, it hadn’t recorded great things, with even the price of its namesake native cryptocurrency declining. 

With the bull run at the end of 2023, its TVL started to take off.

Already in November, it had surpassed 100 million dollars, and then exceeded 500 million in February of this year. 

However, the growth did not stop there, because in May it had already surpassed 700 million, and in September 800 million. In October, it had also managed to rise above the billion-dollar mark. 

With the “Trump trade,” its TVL skyrocketed in a few weeks to the current 1.7 billion dollars, making Sui the sixth layer-1 blockchain in the world for TVL, ahead of much more established chains like Avalanche, Cardano, Cronos, etc. 

Phantom wallet and the introduction of Sui

Yesterday Phantom announced the integration of the Sui blockchain into its wallet.

Phantom Wallet is a widely used non-custodial multichain wallet, which already supports Ethereum, Bitcoin, and Solana.

It has seven million active users monthly, and since the beginning of the year, it has already managed more than 560 million on-chain transactions.

The Sui Foundation has stated that the integration into Phantom wallet represents a significant milestone for its blockchain.

The integration into Phantom wallet will provide Sui users with a reliable and secure solution for asset custody, also available as a browser extension for Chrome, Firefox, Edge, and Brave, as well as a mobile app for iOS and Android.

It is possible that with this integration the use of the Sui blockchain will increase in the near future. 

The trend of Sui 

In reality, the trend in the crypto markets for the price of the native cryptocurrency of Sui has already been marking record numbers for a while. 

The debut on the crypto markets took place precisely in May of last year, with the price dropping to reach the all-time low of $0.36 on October 19, 2023. 

However, by October 2023 it had already closed with a rise to $0.46, and the following month it had risen to $0.7.

The first boom occurred between January and February of this year, when it managed to rise above $1.8, marking the new all-time high. 

To tell the truth, however, in the following months the price fell, until it returned to $0.6 in August. 

There was, however, an almost immediate rebound, as August closed near $1, and between September and October the price of Sui managed to rise above $2, recording other all-time highs. 

With the “Trump trade” there was a real takeoff, because from $1.8 on November 5th it first rose to $3.2 in the following days, and then to almost $3.8 in the middle of the month. 

Thanks to the mini-altseason of the past weeks, it managed to reach new all-time highs yesterday at over 4.4$, with a gain of 125% from the price it had before Trump’s victory. 

The future of Sui after the entry on Phantom wallet

Net of the inevitable speculative bubbles, which on the crypto markets inflate and burst almost continuously, Sui seems to have a future. 

Its future lies in its use in the DeFi sector, thanks to fast and economical transactions. 

Taking as a reference the other main layer-1 chains that have very high TVL in DeFi, Ethereum, for example, does not guarantee fast and cheap transactions, even if its layer-2s do guarantee them. 

Even Tron and BNB, despite having faster and cheaper transactions than Ethereum, cannot compete with Solana from this point of view, much less Bitcoin. 

So the only real direct competitor of Sui is Solana, even though at this moment it is Solana itself that is dominating DeFi along with Ethereum, and partly Tron.

The future of DeFi therefore seems to pass through Solana, and still also through Ethereum, with Sui emerging as the true possible third wheel, with potential theoretically even superior to Tron and BNB. 

To tell the truth, Tron and BNB are not direct competitors of either Sui or Solana, nor of Ethereum, and they follow their own path, moreover different for BNB compared to Tron. 

Indeed, even Ethereum continues to go its own way, hardly pursuable for the other chains (at least for now), so the only real competition being played at high levels in DeFi is for fast and economical transactions, between Solana, Sui, and the main layer-2 of Ethereum.