Bitget Research Institute: SUI ecosystem TVL breaks through $900 million, setting a new record high, with frequent positive news supporting the future price of SOL on Solana Breakpoint.

In the past 24 hours, the market has seen many new popular coins and topics, which are likely to be the next wealth creation opportunities.

The sectors with abnormal movements and those worth paying attention to are: SUI ecosystem, Solana ecosystem;
User hot search tokens & topics: EARNM, PENDLE, GRASS;
Potential airdrop opportunities: Story Protocol, Fuel Network;

Data statistics time: September 23, 2024, 4:00 (UTC+0)

I. Market Environment

BTC spot ETF has seen net inflows on 4 out of the past 5 working days, with a net inflow of $397 million last week. The price of BTC has risen by 9% in the past week, currently fluctuating between $62,000 and $64,500. The ETH/BTC exchange rate has rebounded to 0.04, and the on-chain gas for ETH has risen to over 20 gwei.

The TVL of the SUI ecosystem has surpassed $900 million, reaching a historical high, and the price of SUI has risen by 48% in the past 7 days. There is speculation in the market that "SUI will become the Solana killer." The Solana Breakpoint 2024 conference has concluded, with many project parties announcing new plans and major product iterations, which did not have a significant impact on the price of SOL, but laid a good foundation for the long-term development of the Solana ecosystem.

II. Wealth Creation Sectors

1) Sector with abnormal movements: SUI ecosystem

Main reasons: The TVL of the SUI ecosystem has reached a historical high, and there is speculation in the market that "SUI will become the Solana killer." SUI's underlying technology, such as its unique object model and Move programming language, provides an efficient and secure platform, attracting developers and projects.

Rising situation:

In the past 7 days, SUI has risen by 48%, while CETUS, NAVX, and SCA have risen by 50%, 93%, and 19% respectively.

Factors affecting future market:

In fact, the SUI ecosystem has not yet formed a strong moat or killer-level application, and the trading activity within the ecosystem is not high. In the short term, the price may be speculated, but for the price to continue to rise in the long term, it still needs the support of fundamental improvements and product advancements. After 7 days, SUI will face a $100 million unlock, and the price may fluctuate significantly before and after the unlock.

2) Sectors worth paying attention to: SOL and the Solana ecosystem

Main reasons:

The Solana Breakpoint 2024 conference has concluded, with many project parties announcing new plans and major product iterations, such as:

(1) Solayer announced at the Solana Breakpoint conference that it will collaborate with OpenEden to launch the stablecoin SUSDC;

(2) Magic Eden announced at the Solana Breakpoint event that it will launch the ME token on Solana;

(3) A spokesperson from Coinbase stated that they will operate cbBTC on the Solana chain;

(4) …

Although these developments and positive news have not immediately reflected in the price of SOL, the development of Dapps and the prosperity of the ecosystem rely on these as support, laying a good foundation for the long-term development of the Solana ecosystem.

III. User Hot Searches

1) Popular Dapps

EARNM

EARNM is a MobileFi and DePIN reward platform that transforms smartphones into EarnPhones. Through its proprietary Fractal Box protocol, EARNM combines the accessibility of Web2 with the innovative rewards of Web3, nurturing a balanced and growth-oriented deflationary ecosystem.

EARNM plans to continue expanding its ecosystem through its innovative MobileFi and DePIN solutions, aiming to create a globally networked system centered around earning rewards with mobile phones, driving a new digital economic model. As of now, EARNM has become one of the top three dApps on DappRadar, demonstrating its significant success in user growth and activity.

EARNM represents a new type of mobile finance and loyalty reward system, leveraging blockchain technology and the ubiquity of mobile devices to provide a new source of income for users, while offering new marketing and user incentive tools for businesses.

2) Twitter

Bitget Research Institute: TVL of SUI ecosystem surpasses $900 million, frequent positive news from Solana Breakpoint supports future price of SOL

Hamster Kombat:

Hamster Kombat is a Telegram-based clicker game where players can earn gold coins by clicking on hamsters and through other means. Players take on the role of a cryptocurrency exchange CEO and can strengthen the exchange and upgrade hourly profits by earning coins. In the future, they can receive token airdrop rewards, and players can also increase their earnings through subscribing to Telegram channels, inviting friends, and other methods.

3) Google Search & Regions

Bitget Research Institute: TVL of SUI ecosystem surpasses $900 million, frequent positive news from Solana Breakpoint supports future price of SOL

From a global perspective:

PENDLE

Pendle has officially entered the Bitcoin yield field by launching BTC pools, providing new yield strategies and fixed income trading opportunities for Bitcoin holders. This move comes at a time when the market's interest in Bitcoin staking and its income opportunities is rapidly increasing. Pendle is collaborating with various Bitcoin yield protocols, including Corn LBTC and EtherFi's eBTC, allowing users to access new income opportunities through these partnerships. There are plans to launch more yield pools for re-staking Bitcoin, such as Bedrock uniBTC, Solv solvBTC, PumpBTC, and others.

The V3 upgrade of Pendle will further enhance liquidity and scalability, expected to attract more investment into the BTCFi field. This upgrade is part of Pendle's multi-stage plan in the Bitcoin yield field, known as the "Bitcoin Arc."

From the perspective of various regional hot searches:

(1) Grass is the main focus in CIS and other regions, while Crypto Bubble has become a hot search in Ukraine, Russia, and other areas, indicating a high level of attention to the secondary market in CIS.

(2) Hot searches in Europe and the United States are diverse, mainly focusing on projects with recent strong performance, including: AERO, AIOZ, PENDLE, and others;

(3) Asian users have a high level of interest in weighted coins, including BTC, ETH, and others, while the search volume for Crypto Exchange has increased in the Middle East.

IV. Potential Airdrop Opportunities

Story Protocol

Story Protocol is an IP management protocol that aims to change the way human history is recorded by utilizing blockchain technology to record content and IP on various blockchains and connect them.

The project recently completed a Series B financing of $80 million, led by a16z Crypto, with other participating institutions including Foresight Ventures, Hashed, and others. As of now, the open team behind Story Protocol, PIP Labs, has raised $140 million, with a valuation of $2.25 billion. There is very high market attention, and it may become a leading project in the new track of blockchain.

Specific participation method: Story Protocol has collaborated with multiple projects, including Colormp, where users can participate in the Launch NFT minting of these projects and continue to complete tasks in coordination with project progress, potentially receiving future IP token airdrops.

Fuel

Fuel is a UTXO-based modular execution layer that brings globally accessible scalability to Ethereum. As a modular execution layer, Fuel can achieve global throughput in ways that a single-chain cannot, while inheriting the security of Ethereum.

In September 2022, Fuel Labs successfully raised $80 million in a round of financing led by Blockchain Capital and Stratos Technologies. Several top investment institutions participated, such as CoinFund, Bain Capital Crypto, and TRGC.

Specific participation method: Tokens accepted by Fuel can be directly deposited to earn points. For every $1 worth of the following assets deposited, 1.5 points are earned daily: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH; from July 8th to 22nd, depositing ezETH can earn 3 points daily.

Original article link: https://www.bitget.fit/en-US/research/articles/12560603815936

【Disclaimer】The market is risky, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investing based on this information is at your own risk.

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