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The daily transaction volume on the Sui blockchain dropped by over 98%, seven days after reaching a historical peak on July 27.
Sui Network is among the newly-launched blockchains that have taken the crypto industry by storm in 2023. Accordingly, the network recorded significant adoption from the crypto community. This resulted in millions of daily transaction blocks and total transaction blocks on the Sui network.
However, the layer-1 blockchain designed to improve digital asset ownership recently experienced a considerable decline in 24-hour transaction blocks.
On Thursday, a prominent Chinese reporter, Colin Wu, noticed this surprising development. “After reaching a historic peak of 65.84 million transaction blocks on July 27, the daily transaction volume on the Sui blockchain experienced a huge decline,” Wu tweeted.
After reaching a historical peak of 65.84 million transaction blocks on July 27th, the daily transaction volume on the Sui blockchain experienced a huge decline.
On August 2nd, the number of transactions on the Sui had dropped to approximately 1.479 million, accounting for only…
— Wu Blockchain (@WuBlockchain) August 3, 2023
Notably, the daily transaction blocks encompass successful and unsuccessful transactions conducted by SUI accounts daily. Conversely, the total transaction blocks refer to the cumulative count of transactions authenticated by validators since the inception of the Sui mainnet.
Daily Transaction Blocks on Sui Network Declined 98%
The latest data on Sui Network’s explorer shows that daily transaction blocks reached a historical high last month. Precisely, the Sui Network boasted 65.84 million transaction blocks on July 27. At the time, MystenLab’s Bullshark event, which promoted 8,192 games developed on the L1 blockchain, was still in progress.
Unexpectedly, Sui Network experienced a dramatic decline in its 24H transaction volume. Notably, the number of transactions on the Sui network dropped to 1,478,983 on August 2.
Moreover, as of August 3, it plummeted lower to 902,780. This sharp decline translates to a 98.6% decline from its all-time high. The development comes shortly after the conclusion of MystenLabs’ first Bullshark event on July 28.
The record decline comes precisely three months after the Suit network launched on the mainnet on May 3. As reported by The Crypto Basic, the Sui token dropped 30% following the mainnet launch amid support from Binance.