The following content is published by JuCoin Labs Research Institute: As an innovative Layer1, Sui has become an important focus in the blockchain field with its unique technical architecture and strong scalability. Sui adopts an object-oriented data model based on the Move language, which can realize parallel transaction processing, greatly improve the throughput and transaction speed of the blockchain, and reduce latency. These advantages make Sui an ideal platform for building efficient decentralized applications (DApp) and decentralized finance (DeFi) projects. With the rapid development and technological progress of Sui, its capabilities in the DeFi field have been continuously enhanced, especially the integration of native USDC and the launch of the Mysticeti consensus engine, which has promoted the rapid growth of TVL and further verified Sui's potential in capital efficiency and ecological construction. In addition, Sui has also cooperated with many parties, including World Liberty Financial (WLFI), a decentralized financial protocol supported by Trump, to expand its influence in the global market, especially the US market. Therefore, paying attention to Sui is not only about its technological innovation, but also about observing a potential core infrastructure project. The continuous expansion of its ecosystem and the joining of partners will bring more opportunities. 1. Overview of SUI 1. Project Introduction Sui is the first Layer 1 built on the Move language launched by Mysten Labs. It aims to improve scalability, security and development efficiency through a new architecture. As the first blockchain built on an object-centric data model, Sui enables developers to build decentralized applications with parallel processing, low latency and high throughput. Sui's mainnet was launched in May 2023, and it has become a public chain that has received much attention in the United States after Solana. 2. Core Advantages Sui integrated native USDC in September 2024, enhancing its DeFi capabilities and making its TVL exceed US$1.12 billion, entering the top ten blockchain networks in TVL. As an emerging Layer1 public chain, Sui has the following technical features:
- Parallel execution architecture: Sui adopts Narwhal consensus protocol and Tusk asynchronous transaction sorting technology to achieve high parallelization and solve the serial bottleneck of traditional blockchain.
- Sui Move language: Based on the Move language developed by Facebook, Sui Move has the characteristics of strong modularity and composability, which improves the execution efficiency and security of smart contracts.
- Innovative consensus mechanism: In July 2024, Sui released the Mysticeti consensus engine, which reduced the consensus delay to about 390 milliseconds and increased transaction processing speed.
3. Team and Financing Sui was developed by Mysten Labs, which was founded by former core members of the Meta Diem project. The team members have deep experience in cryptography, system architecture and distributed systems. Sui received two rounds of financing from top institutions such as a16z, Binance Labs, and Jump Crypto in the early stage, with a total financing amount of over US$300 million and a valuation of over US$2 billion. The specific financing details are as follows:
- On December 6, 2021, it received US$36 million in financing, and investors include a16z, Coinbase Ventures, Electric Capital, Standard Crypto, Samsung Next, etc.
- On September 8, 2022, it received US$300 million in financing, and investors included YZi Labs, Coinbase Ventures, a16z, Jump Crypto, Circle Ventures, Franklin Templeton, Global Coin Research, etc.
Data source: rootdata 4. Economic model The total amount of SUI tokens is 10,000,000,000, which are used for ecosystem participation, Gas payment, governance and incentives.
- Initial issuance ratio: 50% allocated to the community managed by the foundation; 20% allocated to early contributors; 14% allocated to investors and 10% allocated to the Mysten Labs treasury; 6% allocated to the community access program and application testers.
- Inflation mechanism: Sui adopts a floating Gas model. Users can quote their expected Gas prices, and the system balances network resources through the Tallying rule. Part of the Gas fee will be destroyed to form a deflationary mechanism.
II. On-chain data 1. Total number of active accounts Active addresses reflect the user stickiness of the public chain. The rapid growth of active accounts on Sui shows that Sui has a solid user base. As of press time, the total number of active accounts on Sui has exceeded 130 million.
Data source: suivision.xyz 2. TVL data TVL is an important indicator for measuring the development of ecological DeFi. A higher TVL means that the network has stronger liquidity and the scope of DeFi services is deeper and wider. According to DefiLlama data, the TVL of Sui Ecosystem has exceeded 1.78 billion US dollars, ranking among the top 10 public chains.
Data source: defillama 3. Daily transaction volume From the perspective of daily transaction volume, the SUI ecosystem users are very active. As of press time, the total number of Sui transactions has exceeded 9.6 billion, and the peak number of daily transactions is 300 million.
Data source: suivision.xyz 3. Ecological projects 1. DeFi According to DefiLlama data, this article selected the top five DeFi protocols of Sui based on TVL ranking, namely Suilend, NAVI Protocol, Cetus Protocol, Haedal Protocol and Scallop.
Data source: defillama
- Suilend: An automatic lending platform on Sui, with a TVL of over $200 million, providing lending services for a variety of assets, and plans to launch the native token SEND to further expand its DeFi product line.
- NAVI Protocol: The leading lending protocol in the Sui ecosystem, with a TVL of over $500 million, provides multi-asset lending, leveraged vaults, and DEX aggregation. Through the acquisition of Volo LST, NAVI has expanded its liquidity pledge services and become the core liquidity hub of the Sui ecosystem.
- Cetus Protocol: The largest DEX on Sui, adopts the centralized liquidity market maker (CLMM) model to support efficient asset trading and liquidity provision. Its TVL is approximately US$170 million, and its daily trading volume and number of users continue to grow.
- Haedal Protocol: A liquid staking protocol based on Sui, which allows users to pledge SUI tokens and obtain haSUI as a voucher, which can be used in the DeFi ecosystem. Its TVL is approximately 22.51 million US dollars, and it supports an automatic reinvestment mechanism to increase user returns.
- Scallop: A lending protocol that provides high-interest deposits and low-fee borrowing services. Through its partnership with the Sui Foundation, Scallop received incentive support and its TVL reached approximately $42.94 million.
2. NFT and digital asset platform
- BlueMove: A dual-chain NFT market on Sui and Aptos, providing NFT minting, trading, and staking functions, with a dominant trading volume in the Sui NFT market.
- KeepSake: A creator-friendly NFT platform on Sui that supports social NFT creation and collection, emphasizes interaction with the creator community, and has an interface suitable for non-crypto native users.
- Souffl3: NFT Launchpad and multi-chain market, supporting the issuance of high-quality projects, cooperating with many well-known NFT games, and providing liquidity and initial sales management services.
3. Infrastructure and tools
- Ethos Wallet: Sui's native wallet, with a user-friendly interface, supports built-in DApp browsing and NFT display, is suitable for mobile devices and Chrome plug-ins, and is one of Sui's officially recommended wallets.
- The Gamified DeFi/NFT tool platform on Typus:Sui guides users to explore ecological projects, receive rewards, obtain OG identities, etc. through a task system. It is one of the early drainage tools of the ecosystem.
- Surf Wallet: A Sui wallet for developers that supports modular integration and rich developer debugging tools, making it easy to quickly integrate identity and signature logic in DApps.
4. GameFi / SocialFi
- Abyss World: A large-scale open world RPG game developed by Metagame Industries, using the UE5 engine, and received investment from Mysten Labs, deeply integrating Web3 technology into the game economy.
- Panzerdogs: A turn-based tank shooting game that emphasizes PVP competition and asset-driven, combining off-chain matching and on-chain settlement. It is an early project on Sui to realize the linkage between NFT combat and income.
- SuiFrens: Sui's social pet training application, which combines NFT, social interaction and light game mechanism, is an important "social + game" experimental field in Sui's ecosystem, and is widely used in activities such as airdrops and OG check-ins.
- Final Stardust: A card battle game that emphasizes strategic gameplay and asset combination. It is suitable for players on the chain to build a "collection + battle" system. It is a relatively mature PvP model explorer in chain games.
- Cosmocadia: A pixel-style construction casual game with strong social attributes, emphasizing community governance and construction experience. NFT is used for buildings, resources and character configuration. It is a typical case of exploring Social+GameFi.
5. Meme
- $HIPPO: The meme coin with the highest market value in the Sui ecosystem, inspired by the Thai hippopotamus "Moo Deng". Since its launch in October 2024, HIPPO has risen rapidly, with a current market value of more than $260 million and a 24-hour trading volume of $106 million. The project is known for its charitable nature and has donated 5 million baht (about $150,000) to the Khao Kheow Open Zoo in Thailand for wildlife protection.
- $BLUB: BLUB is known as the "dirtiest fish in Sui's ocean". It combines the water elements of Pepe culture and Sui ecology and has a unique visual identity. The total supply is 420.69 trillion, 75% of which are used for liquidity pools and 10% for marketing. It supports the staking mechanism and incentivizes long-term holders.
- $AAA: One of the most representative cat-themed meme coins in the Sui ecosystem, it originated from an experimental project created by community member Drippy on the Move Pump platform in 2024. Inspired by a black cat picture, the project quickly became popular in the Sui community and became one of the most popular meme coins.
IV. Valuation Analysis As of May 2025, Sui's circulating market value is approximately US$4.78 billion, the fully diluted valuation (FDV) is approximately US$21.7 billion, and the circulation ratio is 27.6%. The current TVL is US$1.78 billion, corresponding to an M/TVL (market value/locked volume ratio) of 2.6, which is lower than Solana's 6.1, indicating that its on-chain capital efficiency is at a medium level. However, Sui's TVL growth depends largely on ecological incentives rather than natural user demand, and the on-chain activity and real usage scenarios have yet to be consolidated. From a long-term potential perspective, if the price of SUI reaches US$10, the corresponding market value will rise to approximately US$29.3 billion; if compared with Solana's market value at the peak of the bull market in 2021 (US$78.2 billion), SUI's theoretical price range is between US$13.85 and US$26.71. However, its current TVL/FDV ratio is only 0.082, much lower than Aptos (0.2989) and Sonic (0.6917), indicating that its valuation level is relatively high and the ecosystem's capital accumulation capacity and sustainability are still facing challenges.
Data source: tradingview 5. Risks The main risks faced by Sui include frequent token unlocking and high reliance on ecological incentives. As of press time, the total locked amount of SUI is 1.45 billion, accounting for about 14.54% of the total supply; the amount to be unlocked is 5.22 billion, accounting for 52.17% of the total supply.
Data source: tokenomist In addition, Sui attracted users and developers by issuing liquidity subsidies to DeFi protocols in the early stages of development. This strategy may increase the platform's activity and TVL in the short term, but it is not a sustainable way of growth. Despite this, Sui has made significant progress in technological innovation and ecological incentives. If its ecosystem can achieve a transition from incentive-driven to spontaneous user retention, its current valuation will have strong support. Otherwise, it may face the risk of downward valuation. VI. Conclusion Sui is a high-performance Layer1 blockchain developed by Mysten Labs, founded by the former Meta Diem team. It is based on the Move language and adopts an object-centric parallel execution architecture, which greatly improves scalability and development efficiency. Since the launch of the mainnet in May 2023, Sui has launched the Mysticeti consensus and integrated native USDC. The TVL has exceeded US$1.78 billion and the number of active addresses has exceeded 130 million, quickly ranking among the top ten public chains in the world. In terms of ecology, Sui has built a diversified application system covering DeFi (NAVI, Suilend, Cetus), NFT (BlueMove, Souffl3), GameFi (Abyss World, Final Stardust) and Meme ($HIPPO, $BLUB). Thanks to strong developer support and continuous incentive strategies, Sui's cumulative transaction volume has reached 9.6 billion, with a daily transaction peak of over 300 million, showing highly active on-chain user behavior. At present, Sui's circulating market value is about US$4.78 billion, the fully diluted valuation (FDV) is about US$21.7 billion, and the M/TVL (market value to locked volume ratio) is 2.6, which is at the middle level of mainstream public chains, and there is still room for optimization of ecological capital efficiency. In the short term, Sui relies on token incentives to increase activity, but there is still pressure to unlock tokens. If the Sui ecosystem can shift from incentive-driven to user-initiated retention, and continue to promote the implementation of DeFi, games and consumer-level applications, Sui is expected to move towards a more sustainable growth curve and become one of the leading public chains.
