MORPHO vs SUI
Morpho and Sui scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
MORPHO scores 157 of 250 and ranks 16th of 251. SUI scores 146 and ranks 23rd. MORPHO leads by 11 points, which is a real gap, though small enough that one variable moving would close much of it. MORPHO takes 12 of the 25 variables, SUI takes 5, and 8 are level.
One variable separates them by 3 points or more. MORPHO is clear on Institutional Adoption (9 against 6).
Both score 3 or below on Supply Inflation, Vesting Schedule, Buyback and Burn. A weakness both sides share is not a reason to prefer either. It is a reason to check whether the category itself carries the problem.
SUI still has 58.8% of its eventual supply to enter circulation against 30% for MORPHO. On the same market capitalisation, a buyer of SUI is taking the 2.43x dilution path and a buyer of MORPHO the 1.43x one.
SUI is valued at $4.63B against $1.75B for MORPHO, a 2.6x difference. The smaller of the two scores higher on fundamentals, which is the disagreement worth understanding before either position is taken.
SUI trades 79% below its all-time high and MORPHO 40.2% below its own. Recovering the high needs 4.8x from SUI and 1.7x from MORPHO, which is the same statement read as the return each one has to produce.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 5 | 3 | MORPHO +2 | |
| Revenue Trend | 6 | 8 | SUI +2 | |
| P/S Multiple | 5 | 5 | level | |
| Real Staking Yield | 3 | 5 | SUI +2 |
Supply
| Supply Inflation | 3 | 2 | MORPHO +1 | |
| Vesting Schedule | 3 | 2 | MORPHO +1 | |
| Circulating / FDV Ratio | 5 | 3 | MORPHO +2 | |
| Buyback and Burn | 2 | 2 | level |
Ownership
| Smart Money Flows | 9 | 8 | MORPHO +1 | |
| Insider Selling | 6 | 4 | MORPHO +2 | |
| Holder Concentration | 4 | 4 | level |
Traction
| TVL Trend | 9 | 9 | level | |
| Active Users | 7 | 7 | level | |
| Developer Activity | 7 | 8 | SUI +1 | |
| Network Growth | 9 | 7 | MORPHO +2 |
Position
| Market Share | 8 | 6 | MORPHO +2 | |
| Competitive Moat | 7 | 7 | level | |
| Institutional Adoption | 9 | 6 | MORPHO +3 | |
| Exchange Depth | 7 | 7 | level | |
| Social Mindshare | 6 | 8 | SUI +2 |
Risk
| Regulatory Safety | 7 | 6 | MORPHO +1 | |
| Catalyst Calendar | 6 | 7 | SUI +1 | |
| BTC Alpha Potential | 8 | 7 | MORPHO +1 | |
| Team Execution | 8 | 8 | level | |
| Treasury Runway | 8 | 7 | MORPHO +1 |
Bars read outward from the centre: MORPHO to the left, SUI to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| MORPHO | SUI | |
|---|---|---|
| Price | $2.49 | $1.12 |
| Market cap | $1.75B | $4.63B |
| Circulating | 70% | 41.2% |
| Dilution to full supply | 1.43x | 2.43x |
| Off all-time high | -40.2% | -79% |
| To recover the high | 1.7x | 4.8x |
| Total value locked | $6.40B | $2.10B |
| Network | Ethereum | Sui |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
MORPHO · HOLD
$175M raise (Jun 9) at $2B from Paradigm/a16z/Ribbit; Apollo 9% stake; Morpho Midnight fixed-rate launch; Coinbase $1.6B integration; RWA $820M
Fee switch off with no governance proposal, $0 revenue to holders; 35% supply locked through 2028; founder opposes distribution; governance concentrated (>50% one wallet)
SUI · HOLD
Dominant DEX volume growth; zkLogin adoption driving user onboarding; CETUS liquidity monopoly
Only 33% of tokens in circulation; Mysten Labs/VC releases through 2028 create structural sell pressure
Common questions
- Is MORPHO or SUI the better investment?
- On this framework MORPHO scores higher: 157 against 146 of 250, and it is rated HOLD against HOLD. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and MORPHO still wins 12 of the 25 individual variables against SUI.
- What is the biggest difference between MORPHO and SUI?
- Institutional Adoption. MORPHO scores 9 of 10 there and SUI scores 6, a gap of 3 points on a single variable.
- Which is bigger, MORPHO or SUI?
- MORPHO is valued at $1.75B and SUI at $4.63B on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.