The original text is from Pink Brains
Compiled by | Odaily Planet Daily Golem (@web3golem)_
Editor's note: After the Memes in the Sui ecosystem attracted attention, the SUI token surged over 10% in the past week, breaking the $2 mark again after more than six months; meanwhile, the daily active users on the Sui blockchain skyrocketed by 300% in less than a month, and the TVL reached an all-time high, indicating that the ecosystem is thriving. Will Sui truly become the "Solana killer"?
This article delves into the Sui ecosystem, introducing its development in areas such as infrastructure, stablecoins, DeFi, Memes, and consumer applications, and finally recommends KOLs worth following in the Sui ecosystem, hoping to help readers understand the Sui ecosystem better.
Advantages of Sui
Sui uses an object-centric approach and parallel execution to address issues such as blockchain latency, transaction costs, and network congestion. It is built using Rust and Sui Move, simplifying the development of scalable smart contracts while achieving 297,000 TPS, 390 milliseconds of finality time, and consistently low gas fees (despite exponential growth in transactions on SUI), greatly enhancing user experience.
Recently, Sui launched a new blockchain consensus protocol called Mysticeti, further reducing latency on the Sui blockchain. Mysticeti is tailored for Sui, unifying the fast path and consensus process, achieving a consensus latency of 390 milliseconds and settlement finality of 640 milliseconds. This means that swapping on Sui is as fast as a blink of an eye.
Sui excels in micropayments, gaming, and real-world transactions due to its speed and offline capabilities. Whether using account abstraction wallets like Stashed and Sui Wallet or Telegram-based wallets like Wave Wallet, users can easily send funds using Web 2.0 accounts (such as Google, Twitch, TG), simplifying the onboarding process for newcomers.
The Sui ecosystem is rapidly developing, currently featuring 28 major dApps covering the following areas:
DeFi: AMM, lending, payments, liquid staking, Meme coin platforms;
Web 3.0: DePIN, privacy-focused browsers, and open architecture games;
Consumer applications: NFT minting, marketplaces, community tools, GameFi.
Next, we will specifically introduce the projects in the Sui ecosystem.
Infrastructure
Cross-Chain Bridges
Interoperability solutions like Wormhole are crucial for Sui's DeFi ecosystem. $55 million has been transferred to the Sui blockchain via Portal Bridge, making Sui the third-ranked blockchain for bridge-in funds in the past 7 days.
At the same time, Sui Bridge also provides a native way to bridge assets between Sui and Ethereum, protected by Sui's network validators. Sui Bridge currently only supports ETH and WETH.
Oracles
Pyth Network is the largest oracle on Sui, with a total collateral value of $939 million. The top ten protocols, including NAVI protocol, Scallop, and Suilend, are all within Pyth's service range.
Stablecoins
USDC/USDT
USDC and USDT bridged from Ethereum are the most liquid stablecoins on the Sui network, but the liquidity of wrapped stablecoins from other chains is significantly lower, which may pose a challenge for new users trying to join the Sui ecosystem.
At the same time, USDC will soon gain native support on the Sui network through Circle's cross-chain transfer protocol. This will make Sui the first Move-based blockchain to support native USDC. CCTP will connect Sui with blockchains like Arbitrum, Base, Ethereum, and Solana, ensuring secure and efficient USDC transactions without locking liquidity.
AUSD
AUSD, issued by Agora, is the first RWA-backed stablecoin launched on Sui, supported by major fund management company VanEck. AUSD enriches the expanding list of native assets on Sui. AUSD is also a rapidly growing stablecoin on Ethereum and Avax, with a supply exceeding $61 million.
USDY
USDY, issued by Ondo Finance, is the first dollar-denominated token on Sui, including stablecoins and interest-bearing alternatives, backed by short-term U.S. Treasury bonds. Compared to other blockchains, Sui's USDY market cap is relatively small, exceeding $8 million, with room for growth compared to Aptos and Solana.
DeFi
Since late September, Sui's visibility and on-chain metrics have significantly improved, posing a potential threat to Solana. Driven by the surge in SUI token prices and recent hype surrounding its DeFi, its TVL has surpassed $1.69 billion for the first time.
The mainstream DeFi protocols on the Sui platform are as follows:
NAVI Protocol: The largest lending platform on Sui, with a TVL of $400 million in September, a supply of $10 billion, and loans exceeding $35 million.
Cetus: A leading DEX on Sui, with a daily trading volume of $118 million and a TVL of $214 million. It ranks among the top DEX aggregators by market share and has low swap slippage.
Turbos: A DEX on Sui that offers both concentrated liquidity market maker (CLMM) and automated market maker (AMM) models, with a TVL of $22.12 million. Turbos positions itself as a Meme hub among several mainstream DEXs, officially collaborating with many Meme tokens in the Sui ecosystem, showing excellent trading volume and liquidity performance, such as the leading Meme token BLUB, which ranks first in trading volume on Turbos.
Scallop: The second-largest lending protocol on Sui, with a TVL of $250 million. The protocol offers veSCA token rewards weekly, with a total trading volume exceeding $100 billion.
Suilend: The third-ranked lending protocol on Sui, with a TVL of $180 million and swap trading volume of $25 million. Users can earn SUI rewards by depositing or borrowing SUI, USDC, USDT, ETH, SOL, or AUSD on the platform.
Aftermath: Aftermath is the DeFi hub on Sui, with a TVL of $104 million. The Aftermath Aggregator scans DEXs to provide users with the best swap routes. It is the first DEX to support sETH via Sui Bridge and features an afSUI/sETH pool and dynamic gas.
DeepBook: DeepBook is a key liquidity layer for efficient DeFi on Sui. It currently has over 736,000 wallets using it, with a total of 100 million transactions and a total trading volume exceeding $5 billion. The DeepBook v3 testnet has 112,000 unique addresses and 1.3 million transactions. The DEEP token is expected to enter TGE soon.
In addition to the mainstream protocols mentioned above, there are also DeFi protocols on Sui such as Kriya, FlowX Finance, and Suiswap.
Meme Coins
The surge in DeFi trading volume on Sui is primarily driven by the frenzy surrounding Meme coins, with trading volume doubling since late September. Although most Meme coins on Sui are low-cap and immature, there are still some notable tokens, ranked by market capitalization as follows:
Market Cap $5 million - $10 million
HIPPO - Community Account: @hippo_cto
BLUB - Community Account: @blubsui
FUD - Community Account: @fudthepug
Market Cap $1 million - $5 million
- aaa - Community Account: @aaaCatSui
Market Cap Below $1 million
HSUI - Community Account: @HsuiOnSui
SCB - Community Account: @sacabamfun
LIQ - Community Account: @Beliquoronsui
PUFF - Community Account: @PufferSui
Meme Coin Platforms
MovePump is the first Meme launch platform launched by BlueMove on Sui and Aptos, having created over 50 Meme projects recently, with the number continuing to grow.
hopdotfun, a leading DEX aggregator on Sui, will launch Hop on October 12.
Consumer Applications (GameFi, SocialFi, DePIN)
With its highly scalable blockchain design and low transaction fees, Sui is also a hub for consumer applications, including Web3 games, social/DeSo applications, and DePIN.
GameFi
SuiPlay: Set to launch in the first half of 2025, it will be the first Web3 native handheld gaming device based on Sui, supported by PLAYTR0N. Two major gaming partners are expected to appear on SuiPlay0X1, one being the AAA popular shooter game XOCIETY with RPG progression, and the other being the free, Nordic-style medieval royal fighting game DARKTIMES.
BIRDS: BIRDS is a Meme coin and Telegram mini-game program built on Sui. The application has 3 million users, over 450,000 daily active users, and over $1.3 million in on-chain transactions.
E4C: Final Salvation has launched a beta version on Sui. The application reached 100,000 users just days after its release. As a MOBA game, it also features Rangers NFT in-game avatars and utilities.
SocialFi
Although SocialFi on Sui has not yet gained significant attention, there are still some projects under development:
DePIN
Chirp is a well-known DePIN project on Sui that simplifies the Internet of Things by allowing devices from different manufacturers to easily communicate with each other and with the blockchain. Its ecosystem provides tools to reduce costs and accelerate the entry of Web3/Web2 projects into RWA, giving Sui an advantage in the DePIN and RWA fields.
Notable Ecosystem Builders
evan.sui: Co-founder and CEO of Mysten Labs;
Jameel.sui: Ecosystem Development Director at Sui Foundation;
BL: Chief Technology Officer at STUDIO MIRAI;
c | Sui: Retail Marketing Director at Sui Foundation;
Sam Blackshear: Creator of Move, Co-founder and Chief Technology Officer at Mysten Labs;
Adeniyi.sui: Co-founder and Chief Product Officer at Mysten Labs;
MrBreadSmith.sui: Official ambassador for Sui, Cosmocadia, and Scallop;
Matteo.sui: Official ambassador for Sui;
Drippy.sui: Software Engineer in the Sui ecosystem;
JoshuaOrhue.sui: Official ambassador for Sui and DoubleUp;
David Ticzon: Member of the Sui ecosystem team;
Cleanwater.Sui: Official ambassador for Sui and Liquor;
TREVINvsNFT.SUI: Brand ambassador for Sui and Cosmocadia;
0xjulian.sui: Co-founder of FlowX Finance and Suipiens community, core contributor at NOVΛGEN.
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