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SUI Token price rebounds, Sui ecosystem TVL rises by 87%, Decentralized Finance projects are thriving.
The native token of the Sui public chain, SUI, has seen its price continuously rise recently, bringing its valuation almost back to its highest level since launch, and surpassing its competitors in the MOVE ecosystem. Meanwhile, the total lock-up position of Sui, (TVL), has also been steadily increasing, growing from $175 million on December 7 to $328 million on January 16. This growth trend may have a positive impact on the rebound of the SUI token price.
Behind this rise, the Sui Foundation is promoting ecological development through various means. As of January 12, 86 projects have received a total of $4.72 million in funding. In addition, Sui has provided additional support for liquid staking, announcing on December 14, 2023, a contribution of 25 million SUI tokens to add liquidity for the liquid staking token (LST) across various DeFi protocols.
SUI seems to continue providing token incentives for leading DeFi projects, with almost all top DeFi projects having officially allocated SUI token rewards. This strategy may create a virtuous cycle: the foundation uses tokens to incentivize liquidity, promote ecological development, and in turn, drive the price rise of SUI.
The following are the development statuses of several major DeFi projects in the Sui ecosystem:
NAVI Protocol: A lending protocol, with a TVL rise of 208% over the past month. Deposits and loans in SUI, USDC, and USDT are incentivized. Governance tokens are expected to be issued in the first or second quarter of 2024.
Cetus: The largest DEX on Sui, consistently ranking first in Sui TVL. It has a close relationship with Sui officials and brings more liquidity to itself through various activities.
Scallop: Another lending protocol, users can earn SUI Token rewards through a joint funding incentive program. Currently, the TVL is $42.94 million, with deposits of $46.11 million and loans of only $3.16 million.
DeepBook: An order book DEX built by the Sui Foundation and MovEx team, with a TVL of $33.52 million. Other DeFi protocols can integrate DeepBook's liquidity.
FlowX Finance: A DEX with a TVL of $29.26 million. Currently, providing liquidity can earn SUI Token rewards, and the APR for stablecoin trading pairs USDC/USDT can reach 36%.
Aftermath Finance: The products include LST, AMM DEX, and trading aggregator, with a TVL of $27.98 million. Liquidity mainly comes from the afSUI/SUI trading pair.
KriyaDEX: A spot and perpetual contract DEX with a total TVL of $20.14 million. It allows users to lock liquidity, with longer lock-up times yielding higher APR.
Overall, the projects with high TVL in the Sui ecosystem are mainly concentrated in three categories: liquid staking, lending, and DEX. Liquid staking projects can obtain additional liquidity support provided by Sui; lending projects such as NAVI Protocol have recently experienced rapid growth; while DEX projects are steadily developing, with Cetus maintaining an industry-leading position.