Author: Frank, PANews
Aptos and Sui, which come from the same school, are often compared with each other. Especially in the recent hot market, SUI token has led the rise in public chains, rising as high as 117% in half a month and setting a historical high. On the other hand, APTOS is not to be outdone. The BUIDL fund under BlackRock, the world's largest asset management company, has expanded to Aptos.
PANews conducted an investigation based on on-chain data to compare the ecological development of Aptos and Sui.
With the support of capital, prices are rising
Aptos and Sui are public chain networks created by former members of the Diem blockchain project team of Facebook (later renamed Meta). The same team background makes these two public chain projects have many similarities, such as both use the Move language as the basic programming language, and both emphasize high performance and low latency. As the new generation of public chains launched in the past two years, Aptos and Sui have also been highly expected by the market in this round of bull market.
From the news level, Aptos and Sui have made good progress recently, especially from the favor of big capital.
On November 13, BlackRock's BUIDL fund announced its expansion to Aptos, Arbitrum, Avalanche, OP and Polygon chains, which is also considered a big positive for Aptos. At the end of last month, Tether announced the introduction of USDT stablecoin to the Aptos network. In addition, on November 12, Bitwise will launch the world's first Aptos Staking ETP on the Swiss Stock Exchange on November 19. Institutional-level products may bring more investor attention and new capital inflows to Aptos. At the same time, this is also seen as an endorsement, increasing the market's confidence in it.
It is also worth mentioning that Aptos has recently caused a wave of popularity due to the same name as the song "APT" released by a Korean actress and Mars Brother. Aptos officials also seem to be satisfied with the effect of this popularity. On November 14, Aptos specially reposted the Chinese hip-hop song "Public Chain Cheetah" created by music creator 0xRasTrack for Aptos.
The Sui network seems to have received support from Binance recently. On November 11, Binance announced that WBETH, BNSOL and SUI assets have been added to the dual-currency investment. On November 13, Binance announced that it would launch the HIPPO 75x contract. As the only MEME coin in the Sui ecosystem with a market value of over 100 million, it quickly rose by 100% under the stimulation of this news. As of November 14, the market value of HIPPO has exceeded 200 million US dollars. In addition to the interaction with Binance, asset management company VanEck announced on November 13 that it would list Sui ETN on the Euronext Amsterdam and Paris exchanges. This product allows investors to participate in the development of SUI tokens without directly holding tokens.
On the whole, both have recently attracted market attention through the endorsement of big capital. The price of governance tokens has also risen sharply recently with the market. The SUI token rose from a low of 1.59 on October 29 to a high of 3.52 on November 14, an increase of more than 117%, becoming the most eye-catching token among mainstream coins recently. The APT token rose from $7.74 to a high of $14.11 from November 5 to November 12, with a maximum increase of more than 83%. However, APT still experienced a large retracement in the following days, with a maximum retracement of about 20%. From a historical perspective, the current APT price is nearly 1 times away from the high of $20.4 in 2023. Data on November 14 showed that SUI's market value was approximately US$9.5 billion, ranking 14th. APT's market value was approximately US$6.3 billion, ranking 22nd.
There is no significant growth in on-chain data, and Sui's MEME ecosystem is more active
Judging from the comparison of on-chain data, neither Aptos nor Sui have been able to create new popularity within the ecosystem recently.
The number of new coins, active addresses and daily transactions on the Sui chain are not as high as they were some time ago, and there is a clear decline. The popularity of MEME coins in the ecosystem also reflects this. Among the tokens with a transaction volume of more than $1 million on November 14, only one PNUT was created on that day, and the other tokens were created a month ago. The daily transaction volume of the Sui network is about 15 million, and the daily active users remain between 700,000 and 900,000. 
There is also no significant change in Aptos' on-chain data. The user transaction volume basically remains at around 3 million transactions per day, and the daily active users are around 700,000.
Judging from the data on the chain, the activity levels of the two are relatively close, but there is a big gap between them and the Solana chain.
In terms of the performance of the MEME ecosystem, HIPPO, the top-ranked MEME token on Sui, has a market value of approximately $193 million. The current MEME coin PNUT on Aptos has a market value of only $1.1 million. According to data from November 14, there were 9 trading pairs on the Sui chain with a trading volume of more than $1 million that day, while there were only 5 on Aptos. On November 14, Aptos added only 4 new token trading pairs, with the largest trading volume of $460. From this perspective, Aptos' MEME environment can only be said to be better than nothing. The Sui ecosystem is relatively active, with 176 new trading pairs created on the 14th.
The capital inflow of Sui far exceeds that of Aptos, and the scale of DeFi is comparable
In terms of capital flow, the Sui network has received a net inflow of $178 million in the past month, ranking third in the entire network, only lower than Base and Solana. Aptos is obviously much smaller, with a total inflow of $10.6 million and a total outflow of $9.7 million in the past month, with a monthly net inflow of about $900,000. 
Judging from the capital flow in the past month, there have been signs of an increase in the Aptos chain in the past week or so, with net capital inflows reaching US$520,000 on November 10. However, in terms of volume, this capital inflow data cannot be regarded as an entry of funds.
From the perspective of DeFi's development trend, Aptos' TVL data has been on an upward trend since the beginning of this year, breaking the $1 billion mark for the first time on November 12. This figure has increased more than 10 times in the past year.
At present, the TVL of Sui network is 1.425 billion US dollars (data on November 14). In terms of growth, the TVL of Sui network has also increased by more than 10 times in the past year. In comparison, the gap between Sui and Aptos in TVL is not big.
In general, in the comparison between Aptos and Sui, Sui network obviously has the upper hand at this stage. Whether from the perspective of capital inflow or the activity of the ecosystem, Sui network has gradually established its position as a mainstream public chain with the craze of MEME.
Aptos obviously emphasizes its performance advantages and focuses on the development of DeFi, including the APT song that went viral some time ago. Aptos seems to have failed to catch this trend and gain more actual conversions. It seems that the popularity of Aptos' applications is still not enough. If we have to say who is leading the development of the "Facebook-based" public chain, the current result is still Sui Network. But fortunately, the market is still in a bull market, and everything is possible.
