Co-founder Adeniyi Abiodun unveiled confidential transactions at Sui Live Miami, the same week SUI Group Holdings staked its entire $140M treasury.
SUI was one of the standout altcoins over the weekend, rallying more than 50% in seven days on a stack of overlapping catalysts.
The token climbed to a swing high of $1.40 on Sunday before settling back to around $1.30, with 24-hour trading volume swelling past $2.8 billion, according to CoinGecko. SUI traded near $0.94 on May 4 before grinding higher all week.
Mysten Labs co-founder Adeniyi Abiodun used the Sui Live stage to reveal that confidential transactions are coming to the network this year, posting on X that “the entire internet is about to get FREE PAYMENTS WITH PRIVACY, AT SCALE.” The feature pairs zero-fee stablecoin transfers with privacy-preserving settlement and is set to extend to stocks, bonds, and real-world assets. Abiodun also confirmed that DeepBook Predict, Sui’s on-chain prediction market, is live on testnet.
The clearest near-term price catalyst, though, came from Nasdaq-listed SUI Group Holdings, which disclosed in its Q1 earnings release that it has scaled its treasury to 108,728,129 SUI as of May 4 and that “substantially all” of those tokens are now being staked at roughly 1.8% yield, generating an estimated 5,200 SUI per day. The position is worth more than $143 million at current prices and represents about 2.7% of the circulating supply. The Defiant covered SUI Group’s origin story when the entity, then known as Mill City Ventures, closed a $450 million PIPE last summer to anchor the first foundation-backed Sui treasury vehicle, part of a broader wave of digital asset treasury companies.
Sui is also enjoying tailwinds from regulated infrastructure, including CME-listed SUI futures, which began trading on May 4, and U.S. spot SUI ETPs from 21Shares, Grayscale, and Bitwise approved in February.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
