Detecting DeFi Risk, Before It Breaks
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Chain Rating · Scorecard v1.0

Sui

Blockchain · SUI · $0.41B DeFi TVL. Sui is a proof-of-stake smart-contract chain launched in 2023, holding about 0.5% of all-chain TVL.

Data As Of November 12, 2026 Methodology Chains v1.0 (provisional) Revenue To Coin Staker payout · Low
SolvencyCREDIT GRADE
B
40.5 / 100
Can the network keep paying for its own security?
Legitimacy
BB
54 / 100
Is it what it says it is, and who controls it?
GrowthOUTLOOK
CCC
29.5 / 100
Is usage growing, measured by value and fees?
How Revenue Reaches The Coin

Does Sui's Revenue Help SUI Holders?

Mechanism
Staker payout
Pass-through today
Low
  • Gas fees are paid to validators and their stakers each epoch; part of each storage fee goes into a storage fund.
  • No burn.
  • Validator income still comes mostly from stake subsidies drawn from a pool of 1B SUI, not from fees.

What it means for a holder. Revenue reaches stakers only, and it is small. Holders also face ongoing releases from locked allocations.

Descriptive, not scored separately: the fee-against-issuance input in Solvency already carries the economic weight. Not investment advice.

Axis I · Credit Grade

Solvency — B

Solvency screens at B (40.5 / 100). Strongest input: supply pressure, next 12 months. Weakest input: fee revenue against new issuance.

Solvency ScorecardB
MetricRawNormalizedWeightWeighted
Fee revenue against new issuance0.04x
25%2.5
Chain fees of about $2.6M over the last 12 months. Stake subsidies are estimated from the published schedule at roughly 80M SUI a year (about $65M); not verified on-chain.
Stake concentration5 / 10
25%12.5
128 validators as of May 2026, with a high minimum stake to operate one.
Supply pressure, next 12 months7%
15%9.8
About 41% of the 10B supply is circulating. Monthly unlocks of up to about 0.55% of circulating supply continue to 2030; the 12-month figure is an estimate.
DeFi value stability (worst 90-day drawdown)28%
15%9.8
Liveness and incident history3 / 10
20%6
Three major outages reported in 2026, two within 24 hours of each other.
FINAL DIMENSION SCORE40.5 → B
Axis II · Legitimacy

Legitimacy — BB

Legitimacy screens at BB (54 / 100). Strongest input: team and foundation transparency. Weakest input: client diversity and audits.

Legitimacy ScorecardBB
MetricRawNormalizedWeightWeighted
Client diversity and audits4 / 10
20%8
One node implementation, built by the founding company.
Team and foundation transparency8 / 10
20%16
Delivery against roadmap7 / 10
20%14
Governance of upgrades4 / 10
25%10
Foundation and founding company lead; validators have coordinated to freeze funds after an exploit.
Supply distribution4 / 10
15%6
Insider vesting ended in May 2026, but about 60% of supply is still locked in reserves and subsidies.
FINAL DIMENSION SCORE54 → BB
Axis III · Growth Outlook

Growth — CCC

Growth screens at CCC (29.5 / 100). Strongest input: users and developers. Weakest input: defi tvl, 12-month trend.

Growth ScorecardCCC
MetricRawNormalizedWeightWeighted
DeFi TVL, 12-month trend-71%
25%2.5
Share of all-chain TVL0.53%
20%4
Fee revenue, 12-month trend-83%
20%2
Users and developers6 / 10
35%21
Active consumer and DeFi ecosystem and a CME futures listing, against DeFi TVL down about 70% in a year.
FINAL DIMENSION SCORE29.5 → CCC
Verdict

Where Sui Lands

Weakest axis: Growth, CCC. Solvency is the weak credit point: three outages in a year, fee revenue covering a few percent of validator subsidies, and continuing supply releases. A stretch of clean uptime would lift the grade more than any other single change.

Credit Grade — Solvency
B
40.5 / 100

The credit grade answers one question: can the network keep funding its security and stay live. Legitimacy and Growth are published beside it and are never averaged into it.

Analyst Note
Fast-growing ecosystem with repeated outages in 2026 and most of its supply still to be released.
Chains scorecard v1.0, provisional. Base networks are graded on the same three axes and AAA-to-D scale as DeFi protocols, with inputs suited to a chain. Fee, TVL and share figures come from DefiLlama as of November 12, 2026; the 0–10 inputs are analyst estimates from public sources and judgment. Growth leans on DeFi TVL and fee revenue, which understates chains used mainly for payments. Every input should be verified before being relied upon.
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CardanoBBBACCC
AvalancheBBBBBCCC
NEAR ProtocolBBBBBBB
HederaBBBCCC
TONBBBBB

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