Recent developments of SUI: TVL exceeds 1 billion USD, market capitalization ranks in the top 20

SUI, as an emerging public chain project, has recently performed remarkably. With the unlocking of tokens and the launch of the cross-chain bridge mainnet, along with the boost from the meme craze, SUI's market capitalization has quickly risen 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, supporting various decentralized applications.

Market Performance

Since the beginning of 2024, SUI has performed strongly:

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

Sui Ecosystem

The SUI ecosystem is rapidly expanding, covering multiple fields:

DeFi project

• DEX such as Cetus, DeepBook
• Lending protocols such as Navi, Scallop, and Suilend

wallet

• OKX Wallet, Sui Wallet, Suiet, etc.

game

• SuiPlay0x1 lightweight gaming device
• DARKTIMES Battle Royale Game

Meme Token

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

Key Events

2024 SUI Development Trends:

1. Network iteration: Mainnet upgraded to version V1.34.2
2. New Platform: Launch of the Hydropower Accelerator Program and Enoki Enterprise Solution Platform
3. Circle's native USDC is about to land on the Sui network.
4. Sui Bridge mainnet launched, connecting Ethereum and Sui
5. Grayscale launched the SUI trust fund with assets under management exceeding 2.5 million dollars.
6. Host multiple community events, such as the Sui Builder House Singapore station, etc.

Technical Advantages

SUI has the following technical features:

1. Object-oriented account model, enhancing flexibility and scalability
2. Native randomness support provides a foundation for applications such as probability games.
3. Native zero-knowledge proof support, enhancing privacy protection

Prospects and Challenges

advantage

• Advanced technology architecture
• Experienced team
• High market attention

Challenge

• The market competition is fierce.
• Lack of blockbuster applications
• There is controversy over token economics.

Summary

SUI, backed by innovative technology and a strong team, demonstrates long-term development potential. However, in the face of fierce market competition and challenges such as ecosystem development, SUI still needs to continue working on application implementation and transparency. Investors should closely monitor its ecosystem development progress and carefully assess risks.