Transak Significant Growth in Sui Wallet

Transak has reported an impressive 300% growth in transaction volume within Sui Wallet for September 2024, an upward trajectory that has gained further momentum into October. Since its integration into Sui Wallet, Transak has provided users with instant access to , leveraging its first-mover advantage as Sui’s ecosystem expanded.

As the Sui blockchain crossed the $1 billion mark in total value locked (TVL) and surpassed $6 billion in market capitalization, Transak’s on-ramp service has played a pivotal role by allowing users to acquire SUI tokens seamlessly.

“We are thrilled to see such tremendous growth in our partnership with Sui Wallet. The rapid uptake of our payment services reflects the market’s need for reliable infrastructure that ensures quick and hassle-free crypto transactions.” —Carlo de Luca Gabrielli, Global Director of Sales at Transak

Transak’s integration aligns with Sui’s rapid evolution and new achievements, including the integration of USDC stablecoin and cross-chain protocol expansion, both of which contribute to a fast-growing user base. Within the first week of October alone, Transak recorded a tenfold increase in Sui Wallet transactions compared to the previous month, underscoring the rising adoption of Transak’s services for accessing Sui-based assets.

Growth of the Sui ecosystem

In 2024, Sui Wallet has seen accelerated adoption alongside Sui’s ecosystem growth. From 2023 to October 2024, Sui’s TVL grew from $35 million to over $1 billion, a 2,750% increase within a year.

The NFT sector within Sui has also expanded significantly, with over 37 million NFTs minted in October 2024 alone. The SUI token itself saw a notable rise, with its market cap increasing sixfold in the first ten months of 2024, reaching over $6 billion.

This expansion has been supported by the Sui blockchain’s high transaction throughput, with a peak of 297,000 transactions per second (TPS) and a time-to-finality of 480 milliseconds. Consequently, Sui’s user base grew from 6 million active accounts in October 2023 to over 23 million by mid-October 2024, with daily active accounts reaching 1.3 million by late September.

Transak’s integration supports seamless user onboarding

Transak’s role in this rapid expansion includes features tailored to simplify onboarding and improve transaction efficiency for Sui users. Key aspects of the integration include:

• Transak’s support for multiple fiat currencies allows users to acquire SUI tokens easily and manage NFTs, minimizing friction and reducing onboarding drop-offs.

• Transak’s “Light KYC” service enables verification within 30 seconds for smaller transactions, while a “Standard KYC” process for larger transactions up to $20,000 takes approximately 10 minutes.

• Users can purchase Sui assets using major fiat currencies (USD, EUR, GBP) with payment methods that include credit/debit cards, Google Pay, Apple Pay, instant bank transfers, and open banking.

Transak’s integration spans multiple wallets and decentralized applications (dApps), including MetaMask and Trust Wallet, giving users various entry points into blockchain ecosystems. By supporting fiat transactions and reducing onboarding complexities, Transak enables users to explore and capitalize on blockchain opportunities with greater ease and efficiency.

About Transak

Transak is a global payments platform that connects users to blockchain applications with minimal friction, enabling the purchase and management of digital assets directly within wallets, apps, and websites. By supporting a wide range of fiat currencies and payment methods, Transak offers an accessible entry point to Web3 applications for users around the world. 

The platform’s extensive network includes integrations with major wallets and dApps, positioning Transak as a critical component of the growing decentralized finance (DeFi) ecosystem and a catalyst for mainstream adoption.

Wrapping up

Transak’s strategic integration with Sui Wallet has proven instrumental in driving substantial growth within the Sui ecosystem, reflecting user demand for accessible and efficient onboarding solutions. With an increasing number of wallets and dApps in its network, Transak is well-positioned to support the rising adoption of blockchain technology, offering users a streamlined experience as they engage with new assets and applications across the Sui platform.