The SUI ecosystem is developing rapidly, with a market capitalization ranking in the top 20.

Recently, with the unlocking of SUI tokens and the launch of the cross-chain bridge mainnet, as well as the rising popularity of meme tokens, SUI has welcomed a new round of growth, with its market capitalization soaring 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. Its goal is to provide instant settlement and high throughput, supporting various latency-sensitive decentralized applications.

Market Performance

According to 2024 data, SUI performed remarkably:

• Significant increase in market capitalization: 120% quarter-on-quarter growth in Q4 2023, with an additional increase of 176% in Q1 2024.
• Price trends are favorable: overall increase in 2024, reaching an all-time high of $2.18 on March 27.
• Current price: $1.92( as of October 3, 2024 )
• The increase in the past three months has exceeded 100%.

Sui ecosystem projects

After the launch of the SUI mainnet, the ecosystem expanded rapidly, attracting numerous developers and enterprises to participate.

DeFi project

According to DefiLlama data, there are currently 5 protocols with a TVL exceeding 100 million USD:

• Cetus: A DEX with a TVL of $180 million, supporting token swaps and liquidity mining.
• DeepBook: The first order book DEX of the Sui ecosystem
• Navi: A lending platform with a TVL of $410 million
• Scallop: A lending protocol with a TVL of 170 million USD.
• Suilend: The first project of Solend on Sui

wallet

• OKX Wallet: supports multi-chain functionality, integrates SUI chain
• Sui Wallet: One of the most widely used wallets in the Sui ecosystem
• Suiet: An open-source self-custody wallet built on Sui

game project

• SuiPlay0x1: A lightweight handheld gaming device, over 2000 units sold.
• DARKTIMES: A battle royale game on Sui, supported by Animoca

Meme Token

The popularity of meme tokens for Sui has surged recently, with major projects including:

• $Hippo: market capitalization 128 million USD, depicted as a hippopotamus in water
• $BLUB:market capitalization of 50.51 million USD, similar to "Pepe in water"
• $FUD: market capitalization of 36.2 million USD, earlier launched "Water Dog" token

Team Members

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

• Evan Cheng: Co-founder and CEO, former Engineering Director at Facebook
• Sam Blackshear: Technical Director, Main Designer of Move Language
• George Danezis: Chief Scientist, PhD from Cambridge
• Avery Ching: CTO, former senior engineer at Facebook

Token Economics

• Total Supply: 10 billion SUI
• Main allocation: 52.2% unlocked after 2030, 10.6% community reserve, 9.5% staking subsidies

Key Events of 2024

• Network upgraded to version V1.34.2
• Launch the Hydropower Accelerator Program and the Enoki Enterprise Platform
• Circle native USDC is about to launch
• Sui Bridge mainnet launched, connecting to Ethereum
• Grayscale launched the SUI trust fund, with AUM exceeding $2.5 million.
• Hold multiple community events, such as the Sui Builder House Singapore stop.

Technical Advantages

• Object-oriented account model: Enhancing flexibility and scalability
• Native randomness: Provides the foundation for applications such as games.
• Native Zero-Knowledge Proof: Enhanced Privacy Protection
• zkLogin: an innovative identity authentication mechanism

Prospects and Challenges

Advantages:

• Advanced technology architecture
• Strong R&D team
• High market attention

Challenge:

• Intense market competition
• The sustainability of Meme popularity is questionable.
• Lack of blockbuster applications
• The transparency of the project needs to be improved.

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