SUI是以太坊最大的挑戰者

在下一代區塊鏈中，Grayscale Research已將SUI確定為有力的競爭者，這可能會挑戰以太坊在智能合同領域的主導地位。

Grayscale Research has highlighted Sui as a strong contender among next-generation blockchains that could challenge Ethereum’s dominance in the smart contract space.

Grayscale Research強調了SUI是下一代區塊鏈中的強大競爭者，這可能會挑戰以太坊在智能合同領域的主導地位。

In its latest analysis, the firm notes that Sui is capable of handling high transaction volumes at minimal costs, without the need for additional scaling layers, which sets it apart from Ethereum and its reliance on solutions like rollups.

該公司在其最新分析中指出，SUI能夠以最低的成本處理高交易量，而無需額外的擴展層，這使其與以太坊及其依賴諸如匯總的解決方案的依賴。

Despite its relatively small footprint—accounting for just 0.3% of Grayscale’s Smart Contract Platforms Crypto Sector by market cap—Sui is the most well-positioned third-generation blockchain to gradually steal market share from Ethereum over time, according to Grayscale.

據Grayscale稱，儘管佔地面積相對較小，但佔地面積的智能合同平台的0.3％的佔地面積佔市值的智能合同平台 - SUI是位置最良好的第三代區塊鏈，可以隨著時間的推移逐漸從以太坊竊取市場份額。

At present, Sui has a fully diluted valuation (FDV) of $25.9 billion, which pales in comparison to Ethereum’s $242.9 billion. However, its rapid adoption is evident, having achieved $830 million in Total Value Locked (TVL) within a year. TVL measures the total value of digital assets locked in smart contracts, serving as an indicator of user and developer engagement.

目前，SUI的估值完全稀釋（FDV）為259億美元，與以太坊的2429億美元相比，這顯得蒼白。但是，它的迅速採用顯而易見，一年內達到了8.3億美元的總價值（TVL）。 TVL衡量鎖定在智能合約中的數字資產的總價值，是用戶和開發人員參與度的指標。

A telling statistic is Sui’s TVL-to-market cap ratio, which comes in at 2.16—one of the highest among competitors. This ratio showcases how much value is actively used on the network versus its overall valuation. A higher ratio signifies stronger utility. In contrast, Ethereum currently holds a TVL-to-market cap ratio of 3.16.

一個有說服力的統計數據是SUI的TVL與市場上限比率，該比率為2.16，是競爭對手中最高的。該比率展示了在網絡與其整體估值的積極使用的價值。更高的比例表示更強的效用。相比之下，以太坊目前的TVL與市場上限比為3.16。

With its efficient transaction model and growing adoption, Grayscale suggests that Sui could become a major player, offering a viable competitor to Ethereum as the industry evolves.

借助其有效的交易模型和不斷提高的採用，Grayscale認為Sui可以成為主要參與者，隨著行業的發展，Sui可以為以太坊提供可行的競爭對手。