Sui news

Sui network has processed over $1 trillion in stablecoin volume since August, according to Mysten Labs co-founder Adeniyi Abiodun. He envisions Sui as the default network for money movement with zero-fee stablecoin transfers and private payments, building on the vision of Meta's Libra/Diem projects. Abiodun highlighted the high cost of legacy banking, citing a $100 cross-border transfer to Nigeria costing $35 in fees. He argued for financial privacy, rejecting public ledger transparency akin to 'bank accounts looking like Twitter.' He predicted agent-driven transaction flows, already dominating 80% of internet traffic, will become crypto's killer use case. Sui is testing post-quantum signatures on testnet, aiming to comply with anticipated EU mandates by 2030. Abiodun offered to share quantum research with the Bitcoin ecosystem. Despite a 200% surge in developer activity, Sui faced technical issues, including a January 2026 mainnet stall and a November 2024 outage. SUI token is currently around $0.99, down 81% from its all-time high.

Over the next week, the crypto market faces token unlocks worth over $650 million, potentially creating volatility. Major unlocks include Sui (SUI), Jupiter (JUP), and Sign (SIGN). On May 1, Sui will unlock 42.62 million SUI ($40.39 million), with allocations to Series B investors, community reserve, early contributors, and Mysten Labs. Jupiter will unlock 53.47 million JUP ($9.77 million) on April 28, primarily for the team and Mercurial stakeholders. Sign will unlock 401.1 million SIGN ($7.05 million) on April 28, directed to community incentives, ecosystem, foundation, backers, and early team members. Other projects like Optimism, Treehouse, and Zora also have unlocks this week.

Scallop, a money market on Sui Network, lost about 150,000 SUI on Sunday after an attacker drained a deprecated rewards contract tied to the protocol's sSUI spool. The team froze the affected contract within minutes and pledged full reimbursement from its treasury, with core operations resuming in under two hours. The attacker exploited a stale V2 spool package published in November 2023. An uninitialized last_index counter allowed the exploiter to harvest around 162 trillion reward points, redeemable for 150,000 SUI. User deposits in core lending pools remained safe. The incident follows a pattern of Sui DeFi exploits targeting peripheral code, similar to a recent $3.5 million loss at Volo Protocol. Scallop confirmed it will absorb the entire loss without diluting user yields. A full post-mortem is pending.

Sui-based liquid staking platform Volo Protocol lost approximately $3.5 million from three vaults in an exploit, the latest in a series of DeFi hacks. The stolen assets include WBTC, XAUm, and USDC. Volo froze all vaults upon detection and is working with investigators to recover funds. The team stated the remaining $28 million in TVL is unaffected and that Volo will absorb the loss. The incident follows major April exploits, including Drift Protocol ($285M), Kelp DAO ($292M), and Balancer ($128M), highlighting ongoing security challenges in DeFi.

Volo Protocol, a liquid staking platform on the Sui blockchain, announced an exploit that drained approximately $3.5 million from its WBTC, XAUm, and USDC vaults. The team immediately froze affected vaults, notified the Sui Foundation, and pledged to absorb the losses rather than pass them to users. Volo stated that other vaults with $28 million in total value locked remain safe, and they successfully froze $500,000 of the exploited assets shortly after the attack.

CME Group is expanding its crypto derivatives offerings with the launch of Avalanche (AVAX) and Sui (SUI) futures contracts, expected to begin trading on May 4. The new contracts, which include micro-sized and larger-sized options, are subject to regulatory review and will provide clients with greater flexibility and capital efficiency. The launch comes just weeks before CME shifts to 24/7 trading of crypto futures and options on May 29. This follows the firm's earlier addition of Cardano, Stellar, and Chainlink futures, as it continues to see strong trading volumes and growing interest in digital assets.

CME Group announced plans to launch Avalanche (AVAX) and Sui (SUI) futures contracts on May 4, pending regulatory review. The move expands its cryptocurrency derivatives lineup, following earlier plans for Cardano, Chainlink, and Stellar futures. The expansion reflects growing institutional demand for regulated crypto products. CME also plans to introduce 24/7 trading for its crypto futures and options starting May 29, aligning with broader TradFi trends toward tokenized, round-the-clock trading.

CME Group will launch 24/7 trading for its cryptocurrency futures and options starting May 29, aligning with the non-stop nature of crypto markets. The move marks a significant step for the regulated U.S. marketplace, as other traditional venues like Coinbase Derivatives have also expanded round-the-clock trading. Additionally, CME plans to introduce Avalanche and Sui futures contracts early next month, offering both standard and micro-sized options. This expansion follows the company's existing suite of crypto derivatives, which now covers over 75% of the market capitalization, with average daily open interest reaching nearly $25 billion in 2025.

Hashi, a Bitcoin‑based finance protocol built on the Sui blockchain, announced early participation from BitGo, Bullish, FalconX, Ledger and Cubist ahead of a planned mainnet launch later this year. The platform will enable on‑chain lending and borrowing of native BTC, allowing users to pledge BTC as collateral for stablecoins, with institutional liquidity, multi‑party computation custody, audits and insurance, aiming to increase Bitcoin’s modest DeFi exposure, currently about 0.22% of supply.

Sui launched its USDsui stablecoin on mainnet, issued by Bridge, a Stripe-owned platform. The token is positioned as a “unified digital dollar” usable across wallets, DeFi protocols and Sui applications and interoperable with other Bridge‑issued stablecoins. The stablecoin complies with the 2025 GENIUS Act, U.S. legislation governing stablecoins. Sui, developed by former Meta Diem engineers via Mysten Labs, aims to provide a fast, scalable blockchain for programmable finance. President Donald Trump recently said the GENIUS Act is being threatened by banks, reflecting ongoing tension between banking and crypto sectors.