Deep Dive
1. Aggregator Upgrade (15 August 2025)
Overview:
Cetus integrated FullSailFi’s dynamic fee liquidity pools into its aggregator, enhancing swap efficiency for Sui traders. This follows July’s launch of Cetus Pro (data analytics dashboard) and Binance Wallet integration, broadening accessibility.
What this means:
The upgrade strengthens Cetus’ liquidity depth – critical for maintaining its dominance in Sui DeFi – while aligning with its post-hack focus on infrastructure resilience. Increased routing efficiency could attract more volume, though competition from newer DEXs remains a risk. (Cetus Protocol)
2. 17M Accounts Milestone (13 August 2025)
Overview:
Cetus surpassed 17 million total accounts, driven by its role as Sui’s primary swap/LP hub. The protocol facilitated $1B+ weekly volumes for four consecutive weeks prior to August.
What this means:
User growth signals restored confidence post-hack, but CETUS price remains 65% below pre-exploit levels ($0.2572 vs. $0.0907). Metrics to watch: whether rising accounts translate to TVL recovery (still down ~40% from May’s $450M peak). (Cetus Protocol)
3. $223M Exploit & Recovery (22 May 2025)
Overview:
A smart contract flaw allowed attackers to drain $223M from liquidity pools. Validators froze $162M in-chain, while $61M bridged to Ethereum remains unrecovered. Cetus resumed services on 8 June using a $30M Sui Foundation loan and allocated 15% of CETUS supply (5% immediate + 10% vested) to compensate users.
What this means:
The partial recovery and structured compensation mitigated panic selling, but CETUS still trades 64% below pre-hack levels. Ongoing legal efforts to trace off-chain funds and upgraded audits aim to prevent repeat incidents. (CoinMarketCap)
Conclusion
Cetus Protocol demonstrates resilience post-exploit through rapid infrastructure upgrades and community-focused recovery, though lingering skepticism is reflected in CETUS’ depressed valuation. Will Sui’s expanding DeFi activity help CETUS reclaim its pre-crisis $0.25 level, or will security concerns cap its upside?