The US market officially welcomes its first leveraged ETF tracking SUI.
The '21Shares 2x SUI ETF' (Ticker: TXXS) issued by the Swiss institution 21Shares has been approved for listing and trading on NASDAQ, providing a leveraged product with a daily 200% SUI return multiplier.
This event is not just the birth of a financial product, but a significant advancement in the overall competitive landscape of public blockchains.
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What does the approval of the ETF mean?
Being listed in the mainstream compliant market in the US usually involves multiple layers of review:
Compliance and governance framework
Risk model
Technical underlying identification
Market adoption and trading depth
In an increasingly tightening regulatory environment, being approved to launch a leveraged ETF based on SUI symbolizes its:
Public chain performance, trading activity, asset systems, and security architecture
All have a certain level of market trust.
At the same time, TXXS is the 74th cryptocurrency ETF this year and the 128th cryptocurrency ETF globally. In the gradually maturing ETF and derivatives environment, whether the public chain can be included and in what form it enters the market is itself a ranking of its strength.
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A rare phenomenon: the first fund is a leveraged product.
Analysts point out that most public chain ETFs start with price tracking or spot products, while leverage ETFs typically belong to a 'more mature' stage.
And the first ETF of SUI directly listed as a leveraged type reveals several signals:
The market has sufficient trust in its trading depth and volatility.
Derivative merchants believe there is sustainable demand.
Public chain fundamental data supports ETF operations
In official data, SUI's recent ecosystem performance is indeed impressive:
Monthly DEX trading volume exceeded 10 billion USD.
The cross-chain transfer volume of stablecoins exceeded 180 billion USD for four consecutive months.
In the cryptocurrency market, only public chains with clear settlement capabilities and active capital flows have sufficient support for derivative financial products.
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The issuer's positioning of SUI
21Shares stated:
> The wave of blockchain technology adoption is moving towards simplified, scalable applications, and SUI has become one of the representative beneficiaries.
On the other hand, starting from mid-2025, 21Shares will launch a strategic partnership with SUI, including:
Research report
Product development
Market promotion
Industry collaboration
In the traditional ETF market, there are not many public chains that can actively establish ecological partnerships with asset management institutions, and thus this is generally interpreted as a signal for SUI's long-term positioning.
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The deeper implications behind leveraged ETFs
The approval of SUI ETF also represents that the competition standard for public chains is shifting from 'narrative themes' to institutional capabilities and financial settlement infrastructure:
The key considerations of the market are no longer just:
Ecosystem story
TVL level
Community volume
But rather a more pragmatic capability:
Whether it can handle high-frequency on-chain trading
Whether it can support the issuance of mainstream financial products
Whether it has security, compliance, and governance frameworks
Being able to enter the financial ETF and derivative markets also means that its underlying architecture meets stricter risk control standards.
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Market observation
The listing of TXXS is a milestone for the SUI public chain towards institutional finance.
In the past year, the most discussed topics in the cryptocurrency market have been RWA, settlement efficiency, cross-chain payments, on-chain clearing, and the high-speed architecture of DeFi.
And the essence of these demands needs a public chain infrastructure that can support financial instruments.
When the role of a chain shifts from being a topic to 'adoption by the financial market', the landscape is already different.
The listing of SUI's leveraged ETF is not an expansion of speculative products, but rather a tangible recognition of its value, liquidity, and technical capabilities by the institutional market.
The next competition among public chains is no longer about volume, but rather:
Who is truly used by the financial market.
And this will become the starting point for the next round of public chain ranking.
