The Sui ecosystem welcomes a new round of rise, with market capitalization entering the top 20

Recently, with the unlocking of tokens and the launch of cross-chain bridges on the mainnet, as well as the rising popularity of meme tokens, the Sui ecosystem has welcomed a new round of rise, and its market capitalization has entered the top 20.

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

Market Performance

Sui has performed strongly since the fourth quarter of 2023, with a market capitalization rise of 120% month-on-month, and a further rise of 176% in the first quarter of 2024. On March 27 of this year, Sui reached an all-time high of $2.18. As of October 3, the price of Sui is approximately $1.92, having risen over 100% in the past three months.

Ecological Development

The Sui ecosystem is rapidly expanding, attracting numerous developers and projects.

DeFi project

Currently, there are 5 protocols with a TVL exceeding 100 million USD:

• Cetus: DEX with a TVL of $180 million
• Navi: The TVL of the lending platform is $410 million.
• Scallop: The TVL of the lending protocol is $170 million.
• DeepBook: Order Book DEX
• Suilend: Solend's first lending project on Sui

wallet

• OKX Wallet: A comprehensive wallet supporting multiple chains
• Sui Wallet: One of the most widely used wallets in the Sui ecosystem.
• Suiet: an open-source self-custody wallet

Game

• SuiPlay0x1: lightweight handheld gaming device, over 2000 units have been pre-sold
• DARKTIMES: A battle royale game on Sui, developed by a studio under Animoca.

Meme token

A batch of popular meme tokens have emerged on Sui:

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

Technical Advantages

Sui has the following technical advantages:

1. Object-oriented account model: improves the flexibility and efficiency of asset management.

2. Native randomness: Provides reliable randomness support for applications such as games and NFTs.

3. Native zero-knowledge proof: Enhance privacy protection capabilities

4. zkLogin: An innovative authentication mechanism that simplifies the user login process.

Prospects and Challenges

Advantages:

• Advanced technological architecture
• Experienced development team
• High market attention

Challenge:

• Facing competition from other L1 projects
• The sustainability of the meme craze is in doubt.
• Lack of blockbuster applications
• Project transparency needs improvement

Although Sui has many technical highlights, its long-term development still faces numerous uncertainties. Investors should closely monitor its ecological development progress and fully assess market risks.