In a significant development within the cryptocurrency sector, Transak reported a 300% month-over-month (MoM) increase in transaction volume through Sui Wallet in September 2024.
This surge continued into October, with transaction volumes accelerating further, highlighting the growing adoption of Sui’s ecosystem.
Since Sui Wallet’s launch, Transak has provided users with seamless access to SUI tokens, leveraging its first-mover advantage.
As the Sui ecosystem expanded to over $1 billion in total value locked (TVL) and a market cap exceeding $6 billion by October 2024, Transak positioned itself as a key enabler, facilitating instant access to SUI tokens.
“We are thrilled to see such tremendous growth in our partnership with Sui Wallet,” said Carlo de Luca Gabrielli, Global Director of Sales at Transak.
The rapid uptake of our payment services reflects the market’s need for reliable infrastructure that ensures quick and hassle-free crypto transactions.
Driving adoption with seamless integration
The frictionless experience offered by Transak eliminates common onboarding complexities, allowing users to bypass traditional hurdles associated with crypto acquisition. This aligns perfectly with Sui’s evolving network, which has witnessed a surge in active users and transaction volumes.
In the first week of October 2024, Transak reported a tenfold increase in transactions via Sui Wallet compared to September. These numbers underscore the growing adoption of Transak’s payment infrastructure among Sui Wallet users.
Transak’s strategic integration also aligns with SUI’s recent milestones, including integrating the USDC stablecoin and expanding cross-chain interoperability. By facilitating easy onboarding, Transak enables users to participate seamlessly in new opportunities within the SUI ecosystem.
Sui’s ecosystem: A rising force
Sui Wallet’s adoption reflects the rapid growth of the Sui ecosystem, which has achieved remarkable milestones in 2024. From a modest TVL of $35 million in 2023, Sui’s TVL skyrocketed to over $1 billion by October 2024—a remarkable 2,750% increase in just one year.
The NFT market within the Sui ecosystem also saw explosive growth, minting over 37 million NFTs in October alone. Globally, the NFT market cap surged from $8 billion in early October to over $29 billion by mid-month, further driving excitement around the Sui ecosystem.
The SUI token itself has seen a sixfold increase in market cap, growing from $1 billion at the start of 2024 to over $6 billion by October.
Transaction volume within the ecosystem surged from under 1 billion transactions in August to approximately 6 billion by October, underscoring the scalability of the network.
Sui’s performance metrics are equally impressive, with a peak throughput of 297,000 transactions per second (TPS) and a time-to-finality of just 480 milliseconds.
This growth in the NFT community and Sui’s scalability has propelled the number of active accounts from 6 million in October 2023 to over 23 million by mid-October 2024.
Transak’s role in accelerating growth
Transak’s integration with Sui Wallet has played a critical role in the ecosystem’s growth. Key features, such as multi-level Know Your Customer (KYC) processes, enhance user experience and streamline onboarding.
Transak’s “Light KYC” takes just 30 seconds for smaller transactions, while the “Standard KYC” allows users to transact up to $20,000 within 10 minutes.
The on-ramp solution supports various fiat currencies, including USD, EUR, and GBP, with payment options such as credit/debit cards, Google Pay, Apple Pay, and instant bank transfers.
This flexibility ensures that users can buy and manage SUI tokens effortlessly, without encountering the usual barriers to entry.
Scaling services to meet future demand
Transak continues to expand its presence across major wallets and decentralized applications (dApps), including MetaMask and Trust Wallet, ensuring users have multiple entry points into the Sui ecosystem.
The company remains committed to scaling its services, ensuring optimal performance and enhancing user experience as the market grows.
As blockchain technology evolves, Transak’s strategy focuses on empowering users to engage with emerging opportunities in real-time.
By integrating with Sui and other high-growth ecosystems, Transak ensures that users can participate seamlessly without navigating complex processes.
With Sui Wallet’s rapid adoption and the Sui ecosystem’s impressive growth trajectory, Transak is well-positioned to capitalize on new opportunities and further drive the adoption of decentralized finance (DeFi) solutions.
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