Author: Xiyou, ChainCatcher

Editor: Nianqing, ChainCatcher

On October 13, the closing price of the SUI token broke $2.2, setting a new historical high, with its market capitalization entering the top 20, and the upward trend continues. By October 14, the token price had surpassed $2.3, with an increase of over 30% in the past two days. The latest monitoring data from traders shows that the performance of the SUI token has surpassed that of TON, making it the best-performing public chain token from the beginning of 2024 to now.

At the same time, several ecological meme projects such as HIPPO, BLUB, and FUD have also seen concentrated surges in their token prices, with increases exceeding 10 times. Additionally, two major DeFi applications within the ecosystem: the lending protocol NAVI Protocol and the order book exchange DeepBook, will officially start token trading on October 14.

The strong performance of the SUI token and ecological projects has attracted significant attention in the crypto market, with a large influx of funds entering the Sui ecosystem in search of wealth opportunities. According to Cointelegraph, nearly 27% of the funds that flowed out of Solana in September have shifted to Sui.

According to DeFiLlama data, the trading volume of funds on the Sui chain in the past 7 days has exceeded $1.32 billion, ranking sixth in the entire public chain market, with Arbitrum in fifth place.

How to seize new wealth opportunities amid the rise of the Sui chain ecosystem has become a hot topic in the crypto community.

SUI Token Cumulative Increase Exceeds 400%, Ecosystem TVL Breaks $1 Billion

Looking at the K-line chart of the SUI token's performance, August 7 marks the starting point for the rise of the SUI token. On this day, Grayscale announced the launch of the Sui native token SUI investment trust fund, after which the price of SUI began an astonishing rise, climbing from a low of $0.5 to a high of $2.3 on October 13, with a cumulative increase of over 400% in two months, and its market capitalization has also entered the top 20.

In just two months, the outstanding performance of Sui's token price has attracted the attention of crypto investors and prompted the entire crypto industry to reassess this high-performance Layer 1 network. Some crypto users even hope that Sui will become the next Solana, leading to a massive influx of funds in search of opportunities, and the ecosystem has begun to concentrate and explode, with waves of meme speculation like HIPPO and DeFi application trends following one after another.

According to DeFiLlama data, on October 1, the total locked value (TVL) of the Sui mainnet officially broke $1 billion, with a monthly increase of about 50%. Now, the amount of crypto assets locked on the Sui chain has risen to the top 7 in the entire blockchain market.

In addition to the growth in token price and TVL, other indicators such as the number of users and trading volume in the Sui ecosystem are also steadily increasing. Especially in terms of trading volume, according to the SuiSVison browser, Sui's daily transactions have surged from a few million to over 100 million on several occasions since entering October, with a peak trading volume of 117 million transactions on October 5, setting a new historical high.

As the token price rises, more and more investors and developers are beginning to pay attention to this platform. According to developer data, there are already 1,108 developers on the Sui chain, an increase of about 64% in the past year, making it the fastest-growing public chain.

New Consensus Mysticeti Enhances Network Performance, Native Cross-Chain Bridge Introduces New Funds to the Ecosystem

Sui, created by a team from Facebook's digital currency Libra, has attracted significant attention since its inception as a Layer 1 project.

If Grayscale's endorsement was the starting point for the surge in SUI token prices, then the growth in Sui's TVL and trading volume relies mainly on the improvement of its own ecological infrastructure.

Grayscale's approval of the Sui investment trust undoubtedly enhances the project's visibility and recognition among institutional investors. This move not only attracts the attention of institutional investors to Sui but also provides ordinary investors with a new investment channel. On October 9, the Sui fund trust officially opened to investors, allowing them to invest in SUI tokens through holding the fund. As of October 14, the assets managed by Grayscale's Sui fund trust have exceeded $3 million.

If Grayscale is an external factor driving the development of the Sui ecosystem, then the improvements and breakthroughs in network performance and infrastructure construction are the solid foundation for its thriving ecosystem.

In a recent blog post by founder Evan, the vision of Sui aims to become the collaborative layer of the internet, where developers can coordinate or collaborate on any actions and behaviors through the Sui network. He gave an example: if someone has a travel plan, they need to buy plane tickets, book hotels, plan travel routes, find food, etc. However, this information is very fragmented, often requiring users to navigate across 4-5 websites to complete these actions. If there were a coordination system, users could complete all these actions with a single operation. Sui hopes to provide such an operating system.

In July of this year, Sui launched a new consensus engine, Mysticeti, primarily to address transaction delays and improve network throughput. The new consensus can reduce latency to 390 milliseconds, an 80% reduction compared to the previous consensus system, making Sui network transactions faster and TPS higher.

In terms of infrastructure construction, regarding user onboarding, Sui introduced zkLogin login technology last year, allowing users to log into Sui wallets using Web2 accounts like Google or Facebook without complex mnemonic phrases to access decentralized applications (DApps).

Currently, several wallets within the Sui ecosystem, such as Sui Wallet and Wave Wallet, have integrated zkLogin technology, supporting login with email, Google accounts, and other Web2 accounts.

Regarding asset interoperability between multiple chains, Sui has developed a native asset cross-chain bridge, Sui Bridge, which supports cross-chain transactions of native assets between Ethereum and Sui. This means that assets using the Sui Bridge for cross-chain transactions are native assets, unlike common cross-chain bridges that often use wrapped asset mapping.

Sui Bridge officially launched on September 30, currently supporting only native assets like ETH and WETH for cross-chain transactions. Notably, there are no cross-chain fees for asset transfers, and it will subsidize the Gas fees for transfers from Ethereum to Sui. However, it is important to note that the current transfer limits for this cross-chain bridge are capped, with a transfer amount of $8 million from Ethereum to Sui and $5 million from Sui to Ethereum every 24 hours.

In terms of ecosystem development, Sui not only provides a channel for funds to flow into the Sui ecosystem through the official cross-chain bridge Sui Bridge but has also taken several series of actions: on October 8, Circle announced the official issuance of native USDC on the Sui chain; the cross-chain transfer protocol CCTP has also been launched on the Sui chain, allowing developers to build more native asset interoperability across chains.

Additionally, in early project support, Sui has not only hosted hackathon events but also provided donation support.

In March of this year, Sui launched its first hackathon event, Sui Overflow. According to official reports, over 2,000 participants took part in this event, with more than 350 projects submitted, and 32 teams ultimately won awards, including projects like the prediction platform Pandora Finance, DEX aggregator Hop Aggregator, and wallet Wave Wallet.

At the same time, early-stage projects in the ecosystem can also apply for donation support from SuiGrants. Data shows that SuiGrants has already supported 86 projects, with a total funding of $4.72 million.

What Projects Can Be Participated in the Sui Ecosystem?

Currently, according to the Sui ecosystem entry Sui.directory, there are already 86 native projects recorded, covering games, DeFi, and infrastructure.

Games

Web3 Version of the Steem Game Console SuiPlay

SuiPlay is a gaming console hardware device launched in collaboration between Mysten Labs and game system operator Playtron, with the first physical handheld console, SuiPlay0X1, released in September. It will integrate native games from the Sui chain while supporting games from various game libraries like Steam, and is regarded as the "Web3 version of Steam."

The SuiPlay0X1 handheld console officially began pre-sales during the KBW conference in September, priced at $599 each. Users can pay with SUI, SOL, or ETH assets. It is reported that over 2,000 units were ordered within a week of the sale, and the first 1,000 pre-order customers will receive a special soul-bound NFT, granting them special access, rewards, and benefits. Many crypto users participating in the pre-order view SuiPlay0X1 as the next Saga phone, anticipating few potential project airdrop opportunities.

The official statement indicates that SuiPlay0X1 has integrated shooting games like Xociety and dark games like DarkTimes built on the Sui network. The former, Xociety, received $7.5 million in Series A funding led by Hashed and the Sui Foundation in June this year, while the latter, DarkTimes, also received investment from institutions like Animoca Brands in April this year.

It is important to note that as of October 13, the SuiPlay0X1 physical console has not yet been released, with the official announcement stating it will be officially launched in 2025.

DeFi Applications

1. Order Book Exchange DeepBook

DeepBook is a decentralized central limit order book exchange based on Sui, with its native token DEEP set to launch on October 14, with a maximum supply of 10 billion.

2. Cetus, the Highest Trading Volume on Sui Chain

Cetus is a DEX platform focused on ecosystems based on Move technology, such as Aptos and Sui, established in 2022. It is also one of the earliest DEX platforms launched within the Sui ecosystem and has the highest trading volume on the Sui chain, with over $160 million in trading volume in the last 24 hours. According to DeFiLlama data, Cetus has a TVL of $228 million on the Sui chain, ranking second among Sui ecosystem applications.

According to the Rootdata crypto data platform, Cetus has also invested in Sui ecosystem lending platforms Scallop and NAVI Protocol.

3. Multi-Functional Platform Aftermath with DEX and Liquidity Staking

Aftermath is a decentralized trading platform based on Sui, which also integrates various functions such as liquidity staking for SUI tokens, supporting both user trading and staking SUI tokens on the platform to earn PoS rewards from the Sui network.

As of October 13, the TVL on the Aftermath platform has reached $116 million.

4. AMM Mechanism DEX Platform Turbos

Turbos is a DEX platform based on the AMM mechanism, which received institutional investment from Jump Crypto and support from the Sui Foundation in March last year.

In the current wave of meme speculation on the Sui chain, Turbos has positioned itself as a meme hub, regarded as the Raydium of the Sui chain, supporting the issuance and trading of meme coins. For instance, the popular BLUE and FUD tokens on the Sui chain rank first in trading volume on this platform.

Recently, with the arrival of the meme craze, the TVL on the Turbos platform has surged, rising to $26 million, an increase of over 143% in the past month, making it the fastest-growing DEX platform.

5. NAVI Protocol: The Largest Lending Protocol on the Sui Chain by TVL

NAVI Protocol is a lending platform based on Sui. On October 7, its native token NAVI was launched on Bybit Launchpool and will begin trading on October 14.

According to DeFiLlama data, as of October 13, the TVL of the NAVI Protocol platform is nearing $400 million, making it the highest TVL application on the Sui chain.

Additionally, NAVI Protocol not only received strategic investment from Cetus in January this year but also completed a $2 million financing round led by OKX Ventures and Hashed, and acquired the liquidity staking protocol Volo on the Sui chain. This means NAVI Protocol supports not only lending but also staking of the SUI native token.

6. Scallop: A One-Stop Lending Platform

Scallop is also a one-stop lending protocol based on the Sui chain, supporting crypto asset collateralized lending while integrating trading, liquidity staking, and cross-chain functionalities.

On October 10, Scallop announced investment from the Sui Foundation. Prior to this, it had announced two rounds of investment, first securing $3 million in March led by THE CMS and 6MV, followed by a strategic investment from DWF Labs in April.

As of October 13, the TVL on the Scallop platform is $160 million, ranking in the top five within the Sui ecosystem.

7. Suilend: A Lending Platform Developed by the Solend Team on Solana

Suilend is a lending platform developed by the Solend team from Solana on the Sui chain, with a TVL of $187 million, making it one of the top three ecological applications on the Sui chain. Currently, it has not yet issued a token.

8. Kriya: A Perpetual Contract Platform

Kriya is building a suite of DeFi products based on Sui, including a cross-chain bridge, AMM trading protocol, and on-chain order book perpetual trading contracts, with a trading volume of $7 million occurring within 24 hours.

9. Bluefin: A Derivatives Trading Platform

Bluefin, formerly known as Firefly and dTrade, is a decentralized perpetual contract protocol that emerged during DeFi Summer. It raised approximately $30 million in total funding in 2021 and announced its launch on the Sui network in October last year.

Meme Track

1. Su deng (HIPPO) on the Sui Chain

Su deng (HIPPO) is a hippo meme project on the Sui chain, alongside MOO DENG on Ethereum and Moo deng on Solana, forming the three major hippo coins. All are based on the hippo image from a Thai zoo, and its market capitalization once surpassed that of MOO DENG on Ethereum and Moo deng on Solana.

As of October 14, HIPPO has a market capitalization of $116 million, making it the highest-valued meme coin on the Sui chain, while the market capitalization of Moo deng on Solana is $130 million, and MOO DENG on Ethereum is only $35.2 million.

2. BLUB

The design of BLUE expresses the characteristics of the Sui ecosystem's water system, claiming to be a fallen fish in the Sui ocean that will stir the development of the Sui ecosystem. This project was launched on June 30 of this year and was once the highest-valued meme coin on the Sui chain.

As of October 14, BLUB has a market capitalization of $51 million, ranking second among meme projects on the Sui chain.

3. Fud The Pug (FUD): A Dog Project in the Sui Ecosystem

Fud The Pug (FUD) is a pug project within the Sui ecosystem, which was distributed for free to Sui ecosystem users via an airdrop at the end of December last year. It launched early and has a market capitalization of $50 million as of October 14.

4. Meme Coin Issuance Platform Pump.fun

MovePump is a meme issuance platform launched by the NFT trading platform BlueMove on Sui and Aptos, operating similarly to Pump.fun. The deployment cost for each meme token is only 0.5 SUI, and over 50 meme projects have been created recently, with the number continuing to increase.

5. Hopdot.fun Launched by DEX Aggregator Hop

Hopdot.fun is a meme coin issuance platform launched by the DEX aggregator Hop on the Sui chain, originally scheduled to go live on October 12, but has now been postponed to October 20.

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