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

Recently, the SUI ecosystem has welcomed a series of significant developments. With the unlocking of tokens and the launch of the cross-chain bridge mainnet, coupled with an unprecedented surge in meme popularity, SUI has led a new wave of price increases, with its market capitalization jumping into the top 20.

Overview

Sui is a permissionless, PoS-based Layer 1 blockchain designed to provide instant settlement and high throughput, supporting numerous latency-sensitive decentralized applications. The project was founded by members of the original Facebook Libra/Diem team and has attracted significant capital.

Market Performance

Since the beginning of 2024, SUI has performed remarkably:

• Significant increase in market capitalization: a quarter-over-quarter increase of 120% in Q4 2023, followed by an additional 176% increase in Q1 2024.
• Price hits a new high: reached a historical peak of $2.18 on March 27, 2024
• Current Price: $1.92 approximately (as of October 3, 2024)
• Recent increase: Up over 100% in the past three months

Sui Ecosystem Projects

The Sui ecosystem is rapidly expanding, attracting numerous developers and enterprises to participate. Main projects include:

DeFi project

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

• Cetus: DEX with a TVL of $180 million
• DeepBook: The first order book DEX in the Sui ecosystem
• Navi: The lending platform with the largest TVL, managing $410 million in assets.
• Scallop: Another major lending protocol, managing $170 million in assets.
• Suilend: The first project of Solend on Sui

wallet solution

• OKX Wallet: Supports multi-chain functionality, including SUI
• 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 available for pre-sale.
• DARKTIMES: A battle royale game on Sui, supported by Animoca Brands.

Meme Token

The activity of meme tokens on SUI is high, but the volatility is significant, so investments should be made with caution. Mainly including:

• $Hippo: market capitalization approximately $129 million
• $BLUB: market capitalization approximately 50.52 million USD
• $FUD: market capitalization approximately 36.21 million USD

Team Background

Mysten Labs was founded by former executives from Meta('s Novi Research and the chief architect of the Diem blockchain and Move language. Core members include:

• Evan Cheng: Co-founder and CEO, former Engineering Director at Facebook
• Sam Blackshear: Chief Technology Officer, primary designer of the Move language
• George Danezis: Chief Scientist, PhD from Cambridge, expert in blockchain and privacy protection
• Avery Ching: Chief Technology Officer, former Senior Engineer at Facebook

![TVL突破10亿美元，market capitalization闯进前20，SUI近期发生了什么？])https://img-cdn.gateio.im/webp-social/moments-1d246a727212f0ceb45931a8448dcc7d.webp(

Token Economics

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

![TVL突破10亿美元，market capitalization闯进前20，Sui近期发生了什么？])https://img-cdn.gateio.im/webp-social/moments-7b3c4fea1f416ab7265bce60365e10d4.webp(

Key Events of 2024

1. The network has been upgraded to version V1.34.2, and the protocol has been upgraded to version 60.
2. Launch the Hydropower plan and Enoki platform
3. Circle's native USDC is about to land on the Sui network.
4. Sui Bridge officially launched on the mainnet, connecting Ethereum and Sui
5. Grayscale launched the SUI Trust Fund, with assets under management exceeding $2.5 million.
6. Hold multiple community events, such as the Sui Builder House Singapore stop.

![TVL突破10亿美元，market capitalization闯进前20，Sui近期发生了什么？])https://img-cdn.gateio.im/webp-social/moments-705f3230b389fcab4e80ba064cf71bce.webp(

Technical Advantages

1. Object-oriented account model: enhances flexibility and scalability
2. Native Randomness: Provides secure and reliable randomness for applications such as games.
3. Native Zero-Knowledge Proofs: Enhanced Privacy Protection and Transaction Verification

![TVL breaks through 1 billion USD, market capitalization enters the top 20, what has happened to Sui recently?])https://img-cdn.gateio.im/webp-social/moments-572943f2bf5cc4ed8e05dd359844713e.webp(

Prospects and Challenges

Advantages:

• Excellent technical strength
• Strong R&D team
• High market attention

Challenge:

• Intense market competition
• The subsequent development of Meme projects is uncertain.
• Lack of blockbuster applications
• Project transparency needs improvement.

Overall, SUI shows long-term development potential with its innovative technology and strong team. However, investors should closely monitor its ecological development progress and fully assess market risks when making decisions.

![TVL突破10亿美元，market capitalization闯进前20，Sui近期发生了什么？])https://img-cdn.gateio.im/webp-social/moments-13ee700ad68284cc2d1ce93860771de3.webp(