State of Sui Q4 2023 and Q1 2024. The crypto market rebounded in Q4'23 and Q1'24 and Sui was no exception. Its market cap grew by 508% in the past two quarters to $2.3 billion. Its growth outpaced tokens with a similar market cap, as its market cap rank increased from 81 to 57 during that time period. Less than a year after its launch, Sui has become a top network by DeFi activity. Its TVL grew by 1,459% in the past two quarters to $787 million, ranking it 12th among all ecosystems. Its average daily DEX volume increased by even more, up 3,689% to $78 million. During the past two quarters, Sui network usage reached a peak of 453,000 daily active addresses during Mysten Labs' onchain gaming quest, Quest 3. Excluding that period, Sui averaged 24,000 daily active addresses and 1.8 million daily transactions throughout Q4'23 and Q1'24. Upcoming upgrades will bring further scaling improvements to the network. Near the end of March, Mysten Labs introduced Pilotfish, a new execution scaling solution that distributes execution work across multiple machines for a single validator. After quarter end, the Sui Foundation announced Mysticeti, a consensus upgrade planned for this summer.
The Week In Crypto Policy: Lummis-Gillibrand Stablecoin Bill; HFSC Markup. Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced a comprehensive stablecoin bill that would establish a framework for banks and trust companies to issue stablecoins, set reserve and disclosure requirements, and outline roles for state and federal regulators. Perhaps sensing momentum on stablecoins, Senator Warren fired off her second letter in two weeks urging lawmakers to apply AML/CFT rules to virtually all blockchain network participants. In the House, Republicans advanced a pro-innovation bill, but its prospects going forward are dim, as it failed to receive bipartisan support.
Mainnet 2024 Discount. The halving is upon us and to celebrate we'd like you to join us at Mainnet 2024 on September 30th to October 2nd. For an exclusive time, save $300 using this link and experience a weekend packed with speakers like Cathie Wood of ARK Invest, Hester Peirce of the SEC, Katie Haun of Haun Ventures, and so much more.
[Messari Governance] [Osmosis DAO] Whitelist Osmosis Foundation Address to Upload Contracts. This proposal seeks to grant the Osmosis Foundation Address the ability to upload CosmWasm contracts to Osmosis without requiring governance approval for each contract upload. This address is controlled by the Osmosis Foundation.
[Messari Key Developments] [Hedera Hashgraph] v0.48 Upgrade. The Hedera mainnet upgrade to v0.48 has been rescheduled to Apr. 25, 2024, at 17:00 UTC.
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