The SUI ecosystem continues to strengthen, with TVL surpassing $1 billion and market capitalization entering the top 20.

This week, with the unlocking of the SUI token and the launch of the cross-chain bridge mainnet, coupled with the much-anticipated meme token craze, SUI is experiencing a new wave of growth, with its market capitalization rising into the top 20.

Overview

Sui is a permissionless, PoS-based Layer 1 blockchain developed by Mysten Labs, founded by former members of the original Facebook Libra/Diem team. The project aims to provide instant settlement and high throughput to support a variety of latency-sensitive decentralized applications.

Market Performance

2024 SUI performs outstandingly:

• Significant growth in market capitalization: 120% quarter-on-quarter growth in Q4 2023, and an additional 176% increase in Q1 2024
• Price hits a new high: reached an all-time high of $2.18 on March 27, 2024
• Current Price: $1.92( as of October 3, 2024 )
• 3-month increase over 100%

Sui Ecological Projects

After the launch of the Sui mainnet, the ecosystem rapidly expanded, attracting a large number of developers and enterprises to participate.

DeFi project

DefiLlama data shows that 5 protocols have a TVL exceeding 100 million USD:

DEX:

• Cetus: TVL 180 million USD, supports a wide range of token swaps.
• DeepBook: The first order book DEX on Sui, providing decentralized liquidity for the ecosystem.

Lending Agreement:

• Navi: TVL 410 million USD, Sui's largest lending platform
• Scallop: TVL 170 million USD
• Suilend: Solend's first project on Sui

Wallet:

• OKX Wallet: Supports multi-chain functionality
• Sui Wallet: one of the most widely used wallets in the ecosystem
• Suiet: open-source self-custody wallet

Game project

• SuiPlay0x1: lightweight handheld gaming device, over 2000 units available for pre-sale
• DARKTIMES: A battle royale game on Sui, supported by Animoca.

Meme Token

The meme tokens on Sui draw inspiration from successful cases in the Solana ecosystem, combined with the unique features of Sui:

• $Hippo: market capitalization 1.29 million USD
• $BLUB:market capitalization 5052 million USD
• $FUD:market capitalization 36.21 million USD

Team Members

Mysten Labs was founded by former executives from Meta(Facebook) and the chief architect of the Diem blockchain:

• Evan Cheng: Co-founder and CEO, former Engineering Director at Facebook
• Sam Blackshear: Chief Technology Officer, main designer of the Move language
• George Danezis: Chief Scientist, PhD from Cambridge
• Avery Ching: CTO, former senior engineer at Facebook

Token Economics

• Total Supply: 10 billion SUI
• 52.2% will be unlocked after 2030
• Keep the network active through staking rewards and community incentives.

Key Events of 2024

1. Network upgraded to version V1.34.2
2. Launch the Hydropower program and Enoki platform
3. Circle native USDC is about to launch
4. Sui Bridge launched on the mainnet
5. Grayscale Launches SUI Trust Fund
6. Organize community events such as Sui Builder House and Sui Connect.

Advantages of Sui Technology

1. Object-oriented account model: Enhances flexibility and scalability
2. Native randomness: provides a foundation for applications such as probability games.
3. Native Zero-Knowledge Proof: Protecting User Privacy

Prospects and Challenges

Advantages:

• Technological Innovation
• Strong R&D team
• High market attention

Challenge:

• Intense market competition
• The sustainability of Meme projects is yet to be tested.
• Lack of blockbuster applications
• Token economics transparency issues

Conclusion

SUI, with its innovative technology and strong team, demonstrates long-term development potential. However, investors still need to closely monitor its ecological development progress and fully assess market risks.