Analysis of Recent Developments and Market Performance of SUI

SUI, as a permissionless, PoS-based Layer 1 blockchain, aims to provide instant settlement and high throughput to support a variety of latency-sensitive decentralized applications. The project was founded by members of the original Facebook Libra/Diem team and has attracted attention from the capital markets.

Market Performance

SUI performed excellently in 2024:

• Market capitalization has increased significantly, with a quarter-on-quarter growth of 120% in the fourth quarter of 2023, followed by a further growth of 176% in the first quarter of 2024.
• The overall price is on an upward trend, reaching a historical high of $2.18 on March 27, 2024.
• As of October 3, 2024, the SUI price is approximately $1.92
• Increased by over 100% in the past three months

Ecosystem Development

The SUI ecosystem is rapidly expanding, attracting numerous developers and businesses to participate. Major projects include:

DeFi project

• Cetus: DEX with a TVL of $180 million
• Navi: A lending platform with a TVL of 410 million USD
• Scallop: The lending protocol with a TVL of $170 million.
• Suilend: The first project of Solend on SUI

wallet solution

• OKX Wallet: Supports multi-chain functionality
• Sui Wallet: The most widely used native wallet
• Suiet: Open-source self-hosted wallet

game project

• SuiPlay0x1: lightweight handheld gaming device
• DARKTIMES: Battle Royale game, supported by Animoca

Meme Token

The SUI ecosystem has seen multiple Meme tokens imitating the successful cases of Solana, such as:

• $Hippo: Market cap exceeds 100 million USD
• $BLUB: Market cap over $50 million
• $FUD: Market capitalization exceeds 36 million USD

Key Events

In 2024, SUI has positive arrangements in both technology and market aspects:

• Network upgraded to version V1.34.2
• Launching the Hydropower Accelerator Program and the Enoki Enterprise Solution Platform
• Circle's native USDC is about to launch on the SUI network.
• Sui Bridge officially launched on the mainnet, connecting to Ethereum.
• GrayScale launches SUI trust fund, asset management scale exceeds 2.5 million USD
• Hold multiple community events, such as Sui Builder House and Sui Connect.

Technical Advantages

The main technical advantages of SUI include:

• Object-oriented account model: Enhances flexibility and scalability
• Native Random: Provides secure random numbers for applications such as games.
• Native Zero-Knowledge Proofs: Protecting User Privacy
• zkLogin: Innovative Authentication Mechanism

Prospects and Challenges

Advantages:

• Excellent technical architecture
• Powerful R&D team
• Gain widespread market attention

Challenge:

• Intense competition from other L1 projects
• The continuous momentum of Meme projects
• Lack of blockbuster applications
• Need to improve project transparency

SUI has long-term development potential due to its innovative technology and strong team support. However, investors should closely monitor its ecological development progress and assess market risks.