- Sui outperforms TON in network utility, with stronger DEX volume, higher TVL, and fresh all-time highs in stablecoin market cap—signaling active usage and real momentum.
- TON is still trading higher with a bigger market cap, but its ecosystem is cooling off; DEX activity has dropped sharply and recent growth has stalled since late 2024.
- Overall, Sui looks like the stronger bet right now, with better fundamentals and more consistent network traction, though TON’s Telegram backing keeps its long-term potential alive.
SUI and TON — two of the freshest faces in the crypto world — came out swinging in 2024. Both had moments of major hype, big rallies, and some serious letdowns. Now in 2025, with prices still down from their peaks, folks are starting to ask: which one’s actually worth the risk right now?
Let’s dig in a bit and see how these two chains are stacking up — not just by price, but by what’s actually going on under the hood.
TON Chain: Once Hot, Now… Cooling?
TON had its moment last year. The chain’s stablecoin market cap hit a whopping $1.42 billion in February 2025. And back in July 2024, the total value locked (TVL) on TON reached nearly $773 million — not bad at all.
But fast forward to now? Stablecoin value’s been shaved down to around $948 million, and TVL has dropped hard to just $148 million. Oof.
The DEX scene isn’t doing much better. From a peak of $192 million in trading volume (November), it’s down to just $6.42 million in the last 24 hours. That’s… quite the falloff.
SUI Chain: Holding Up Stronger
Now, Sui — it’s been on a different kind of journey. TVL peaked at $2.2 billion back in January. Sure, it’s cooled a bit since, but it’s still holding strong around $1.25 billion. That’s solid considering the market’s been rocky.
Even more interesting? SUI’s stablecoin market cap just hit a new all-time high — $802.5 million. And DEX volume? Still going hard. At one point it pushed close to $1 billion. In the last day alone, SUI saw $472 million in DEX volume. That’s some serious activity.
Price Check: SUI vs TON
So here’s the price scoop.
- TON is currently trading around $2.94 — that’s a 64% drop from its high in June 2024. Market cap sits at $7.38B, which is down ~52% from the top but still up over 600% from its lows.
- SUI, meanwhile, is going for $2.08 — about 61% off its January high. Its market cap is around $6.77B, down 67% year-over-year but up just 21% from its lows.
On paper, TON seems more “valuable” — higher price, bigger cap. But SUI’s lower market cap could mean more upside potential. Plus, SUI hit new highs this year… TON hasn’t done that since November. That kind of momentum matters.
Adoption & Utility: Sui Takes the Lead
If we’re talking utility — Sui wins, hands down. That DEX volume we mentioned? It’s a pretty clear sign people are actually using the chain.
TON, on the other hand, has seen some criticism. A lot of its ecosystem has been built around Telegram-focused projects, which sound fun, but may not have the staying power. And according to some analysts, the TON team’s been a bit too lenient with sketchy projects.
Sui, meanwhile, is attracting more legit development — stuff with actual use cases and staying power.
So… Which One’s the Better Bet?
Right now, Sui looks like the more solid play in terms of activity and fundamentals. But don’t count TON out just yet. Its connection to Telegram gives it a huge social edge if the devs can clean things up and rally the ecosystem.
But if we’re just looking at raw utility and network performance today? Sui’s walking away with the win.
