Transak Powers Explosive 300% Growth By Volume In Sui Wallet
Transak grows 300% month-over-month in Sui Wallet during September, with momentum continuing into October.
Transak experienced a remarkable surge in activity within Sui Wallet, achieving an impressive 300% month-over-month (MoM) growth in transaction volume in September 2024. This growth trajectory did not stop there, as October 2024 showed even stronger momentum, with transaction volumes rising at an even faster rate.
Since Sui Wallet's launch, Transak has been integrated to enable users to buy SUI tokens seamlessly, offering a first-mover advantage. As the Sui ecosystem experienced explosive growth — surpassing $1 billion in total value locked (TVL) and achieving a market cap of over $6 billion in October 2024 — Transak ensured that users capitalized on these opportunities with instant access to SUI from day one.
“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,” said Carlo de Luca Gabrielli, Global Director of Sales at Transak.
By eliminating onboarding complexities, Transak allowed users to bypass traditional crypto acquisition hurdles. This frictionless experience aligned perfectly with Sui’s network evolution, where daily active users and transaction volumes surged dramatically.
In the first week of October alone, Transak recorded a 10x increase in transactions via Sui Wallet compared to September. These figures underline the increasing adoption of Sui Wallet users leveraging Transak’s payment solutions for their crypto transactions.
This strategic integration was instrumental as SUI recently hit milestones such as integrating the USDC stablecoin and expanding interoperability through cross-chain protocols. Transak’s on-ramp facilitated the onboarding of users to participate in these growing opportunities within the SUI ecosystem by enabling SUI token acquisition in seconds.
Sui: A Growing Ecosystem
Sui Wallet’s adoption aligns with the rapid evolution of the Sui ecosystem, which achieved significant milestones in 2024. Sui’s total value locked (TVL) soared from $35 million in 2023 to over $1 billion in October 2024, marking a 2,750% growth in just one year.
This surge reflects a broader market trend, including the explosive rise in the global NFT market cap from $8 billion in early October to over $29 billion by mid-month.
The Sui NFT ecosystem has also flourished, minting over 37 million NFTs in October alone.
Meanwhile, the native token of the Sui ecosystem, SUI, saw its market cap rise 6x, increasing from $1 billion at the start of 2024 to over $6 billion by October. The ecosystem’s overall transaction volume followed suit, growing from under 1 billion transactions in August to around 6 billion by October.
These developments highlight the scalability and efficiency of the Sui network, which boasts a peak throughput of 297,000 transactions per second (TPS) and a time-to-finality of just 480 milliseconds.
This performance, along with the surge in the NFT community, has driven the number of active accounts on Sui from 6 million in October 2023 to over 23 million by mid-October 2024, with daily active accounts peaking at 1.3 million towards the end of September 2024.
Transak’s Role in Driving Growth
Transak's strategic integration with Sui Wallet has played a sizeable role in this ecosystem expansion, offering several key features that simplify user onboarding and enhance the transaction experience:
- Streamlined wallet integration: Transak’s integration minimizes onboarding friction by enabling users to buy and manage SUI tokens, including NFTs, with support for multiple fiat currencies. This seamless experience reduces drop-offs caused by complicated onboarding processes.
- Multi-level KYC for convenience: For smaller transactions, Transak offers “Light KYC”, a solution that completes basic KYC checks in just 30 seconds. For higher-value transactions up to $20,000, users can complete a “Standard KYC” process within 10 minutes, ensuring smooth and compliant onboarding.
- World-class on-ramp features: Users can buy assets on Sui with Transak’s on-ramp solution, supporting major fiat currencies, including USD, EUR, and GBP. Payment options include credit/debit cards, Google Pay, Apple Pay, instant bank transfers, and open banking.
Transak remains committed to expanding its footprint across wallets and dApps globally, offering users localized payment methods and supporting the adoption of decentralized finance (DeFi). As the upward trend continues, the focus remains on scaling services, ensuring optimal performance, and enhancing user experience.
Transak Is Ready
From the very beginning, Transak's seamless integration with Sui Wallet has allowed users to engage with the Sui ecosystem without delays.
This readiness reflects Transak's broader strategy: to be embedded across top-tier wallets, dApps, and platforms, enabling users to effortlessly access digital assets as blockchain innovations unfold.
Transak’s integration spans multiple major wallets like MetaMask, Trust Wallet, and dApps, creating a network of entry points that support onboarding across ecosystems. With the ability to process transactions using major fiat currencies ( like USD, EUR, and GBP) through Apple Pay, Google Pay, and debit/credit cards, we abstract the complexity of interacting with blockchains. As a result, wherever new opportunities arise — whether in SUI or other high-growth ecosystems — users are equipped to act immediately, without navigating multiple steps or channels.
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