Sui Surpasses NEAR in DeFi Activity Metrics Despite Lower Market Cap

Sui and NEAR are two of the leading DeFi platforms in the crypto space. At first glance, it appears that NEAR has a significant market cap advantage over Sui, with a valuation of $6.548 billion compared to Sui's $4.72 billion. However, upon closer inspection, it becomes clear that this disparity is largely due to circulating supply rather than actual usage.

According to data from DefiLlama, Sui has a fully diluted value (FDV) of $11.79 billion, which means that only about 41% of its total value is currently circulating. In contrast, NEAR's FDV and market cap are both around $6.653 billion.

When it comes to actual usage, Sui far outperforms NEAR in several key areas. The platform has a TVL (total value locked) of $542.11 million compared to NEAR's $240.12 million, which is roughly 2.3 times more. Additionally, Sui has over 127,000 active addresses per day, generating over 31 million transactions, while NEAR has around 63,589 active addresses and 1.22 million transactions.

Furthermore, Sui's DEX volume is significantly higher than NEAR's, with a daily volume of $83.56 million compared to $36.56 million. This suggests that Sui is the more actively used platform, despite its lower market cap.