Completely Diluted vs. Circulating Valuation: How Tokenomics Mask Sui’s DeFi Lead Over NEAR

If market cap determined effort, Sui would lead NEAR and this post would not exist.

It determines something else. Now the market worths NEAR at approximately $1.8 billion more than Sui, while Sui silently beats it on TVL, day-to-day users and DEX volume. I hung around with the numbers, and the space states a lot about what financiers really spend for.

Movies NEAR Wins The Market Cap Race By $1.8 Billion

On DefiLlama’s NEAR token pageNEAR trades at $5.02 with a market cap of $6.548 billion. Sui’s token page programs SUI at $1.15 and a market cap of $4.72 billion. That makes NEAR about 38% bigger by market cap.

On cost action alone, you would think NEAR is the busier network. I do not believe that guess makes it through a take a look at the chain information.

Movies Sui Doubles NEAR On Every Activity Metric

DefiLlama’s Sui chain control panel and NEAR chain control panel reveal the exact same pattern in every classification I inspected:

– TVL: Sui holds $542.11 million versus NEAR’s$240.12 million, about 2.3 x more.

– Active addresses (24h): Sui has 127,942 versus NEAR’s 63,589, approximately double.

– DEX volume (24h): Sui does $83.56 million versus NEAR’s $36.56 million, near 2.7 x more(see the Sui DEX page and NEAR DEX page.

– Deals (24h): Sui processes 31.58 million versus NEAR’s 1.22 million.

Sui likewise has a bigger stablecoin base, at $481 million versus$85.81 million on NEAR. Cash, users and trading all sit more greatly on Sui.

Movies Completely Diluted Value Flips The Story

The very first thing I inspected was token supply, since that is where the space begins to make good sense. DefiLlama lists Sui’s completely watered down worth at$11.79 billion, well above its$4.83 billion market cap. By my mathematics, just about 41%of Sui’s overall worth is flowing today. NEAR’s FDV and market cap are both$6.653 billion, so there is absolutely nothing delegated unlock.

On a completely watered down basis, Sui is the bigger job by a large margin, around 1.8 times NEAR. NEAR’s lead just exists on the distributing number. I believe this is the most neglected piece of the contrast.

Movies Why Traders Keep Paying Up For NEAR

Distributing supply discusses part of it, however it does not describe the premium by itself. My read is that NEAR is priced on story and momentum more than on present use. DefiLlama’s procedure table reveals NEAR Intents amongst its leading applications, and a chain with a live story draws in purchasers before the metrics capture up. The token’s current run likewise reveals on the chain. Procedures such as Rhea Finance and Meta Pool reveal one-month TVL gains of 127 %and 173%.

The weak point appears in the trading information. NEAR’s 7-day DEX volume of$176.32 million is down 67.52%week on week, so the activity behind the cost is thinner than the rate recommends. Its annual charge image likewise looks light beside its evaluation. DefiLlama reveals simply $8,274 in chain charges over 24 hr.

Comparing appraisal to locked capital makes the point. Sui has about 11 cents of TVL for each dollar of market cap. NEAR has about 3.6 cents. Purchasers are plainly paying more per dollar of genuine DeFi activity on NEAR.

Movies What Is Actually Driving Sui’s Lead In DeFi

Sui’s benefit originates from the depth of its DeFi stack. NAVI Protocol holds$182.78 million and Suilend$179.16 million, and both are genuine financing markets. Present, Haedal and Cetus include more, and Sui’s DEX volume is up 104 % week on week. NEAR’s TVL, by contrast, leans greatly on Rhea Finance and its liquid staking items, Meta Pool and LiNEAR.

There is likewise a larger user base upon Sui, which base is doing more per individual. More than 127,000 day-to-day addresses producing over 31 million deals recommends a chain with genuine customer and trading traffic. That is where a big share of Sui’s stablecoin balance and DEX circulation originates from.

I would include one care. Sui is not at its peak. CoinStats reported that Sui’s TVL was as high as $2.6 billion in October 2025, so today’s $542 million is far listed below that level. Sui leads NEAR, however it is recuperating, not skyrocketing.

Disclosure: This is not trading or financial investment recommendations. Constantly do your research study before purchasing any cryptocurrency or investing in any services.Follow us on X@nulltxnews