Author: Socra, Jinse Finance
On November 11, the L1 blockchain Sui project token SUI reached a historical high of $3.3. Its on-chain ecosystem project Cow Protocol (COW) was also launched on Binance 5 days ago, further drawing the community's attention to the future potential of this new-generation public chain.
Meanwhile, Sui ecosystem tokens have generally risen, such as CETUS, DEEP, NAVX and related meme coins. Institutions have predicted that Sui will be one of the top 10 trends in the crypto industry over the next 12 months. So why is Sui leading the rise among major public chains, and what are the early popular projects on its chain worth noting?
I. Sui Enters an Upward Channel
In May 2023, Sui was officially listed on exchanges, and its token price subsequently dropped to around $0.37. However, with the arrival of a new bull market, SUI also experienced an explosion, reaching a historical high of $2 at the end of March, a rise of about 440% from the low.
But SUI soon fell back along with the cooling of the crypto market, dropping to around $0.46, a decline of as much as 77%. Therefore, in the previous crypto bull market, SUI's overall return performance was average among similar projects.
However, entering the second half of this year, SUI has ushered in an explosion period. In August, it once achieved a weekly gain of over 140%, and in September and October, SUI demonstrated its amazing strength again, rising from $0.74 to $2.368, a gain of up to 220%.
Just as many thought SUI had reached a stage high and started to short it, SUI continued to rise. With the victory of Trump and the recovery of the crypto market, SUI reached a high of $3.3, an increase of about 346% from the low of $0.74.
Amid the generally poor performance of public chain projects this year, Sui's performance has been outstanding.
According to defillama data, Sui's current TVL is $1.46 billion, with a 7-day increase of 49.14%, ranking 8th among public chains. In addition, according to CoinMarketCap data, SUI's market capitalization has now risen to 15th in the crypto field, surpassing BCH, currently at $9.068 billion.
There are multiple reasons behind Sui's rise, in addition to the overall recovery of the crypto market, it is more due to the accumulation of many positive factors.
In October this year, Grayscale opened a private placement fund that includes SUI and 19 other tokens for qualified investors. Valour also launched the Valour Sui (SUI) ETP on the Swedish stock market Spotlight, providing investment opportunities in SUI for retail and institutional investors.
The Sui project team has also been actively working, such as setting up a blockchain developer and entrepreneur incubator in Dubai, and planning to launch the handheld gaming device SuiPlay0X1 by 2025. Additionally, in August, Mysten Labs launched a new consensus engine Mysticeti, which can to some extent reduce the latency of the Sui blockchain.
Analysts have also found that compared to Solana and Ethereum, Sui's lending protocols offer higher yields. Among them, Scallop provides the highest stable yield, with borrowing able to earn up to 45% when pledging SCA to obtain veSCA.
II. Popular Ecosystem Projects
The wealth effect brought by SUI has also activated its on-chain ecosystem, and many community members have begun to turn their attention to Sui's early projects and MEME coins. According to information on the Sui official website, there are currently 86 recorded projects, with more in the areas of infrastructure, DeFi, and GameFi.
1. DeFi
NAVI Protocol
Navi is a one-stop liquidity protocol and lending platform native to Sui, providing collateralized lending/borrowing services for SUI, USDC, USDT, wETH and wBTC, and supporting isolated pools, flash loans, and upcoming cross-chain lending/borrowing features. It allows users to participate in the Sui ecosystem as liquidity providers or borrowers. Liquidity providers earn passive income by supplying assets to the market, while borrowers can flexibly obtain loans in different assets.
The current token price of NAVX is $0.18, with a market cap of around $57.5 million.
On October 22, NAVI Protocol became the official lending partner of Ondo Finance on the Sui network.
Cetus Protocol
Cetus Protocol is a decentralized exchange and liquidity protocol running on the Sui and Aptos blockchains. It utilizes a Concentrated Liquidity Market Maker (CLMM) paradigm, integrating elements of Uniswap V3 and Trader Joe to provide advanced trading and liquidity options.
The current CETUS token price is $0.36, with a market cap of $219 million.
Cetus' Q3 2024 report shows that TVL has exceeded $200 million, with nearly 2 million users. Total trading volume has exceeded $13 billion, an increase of 47% from the previous quarter. The number of users has reached 1.75 million, approaching the 2 million mark.
DeepBook Protocol
DeepBook is a shared decentralized central limit order book exchange built for the Sui ecosystem, leveraging Sui's performance to provide a low-latency, high-execution engine to propagate liquidity across the entire DeFi ecosystem.
The token DEEP is currently priced at $0.077, with a market cap of around $194 million.
Scallop
Scallop is the money and lending market of the Sui ecosystem, aiming to build a dynamic money market that provides high-yield lending, low-fee borrowing, AMM, and asset management tools on a unified platform, as well as SDK for professional traders.
In October this year, Scallop received investment from the Sui Foundation to drive the deployment of new features.
The current token price of SCA is $0.57, with a market cap of around $35.15 million.
Suilend
Suilend is an automated lending platform on Sui. On October 22, Suilend announced that it plans to launch its native token SEND in December.
Haedal Protocol
Haedal is a liquid staking protocol based on Sui, allowing anyone to stake their SUI tokens to contribute to the governance and decentralization of the Sui blockchain. In return, users will receive haSUI to continue participating in DeFi activities to earn additional rewards.
Turbos Finance
Turbos Finance is a non-custodial liquidity layer built on top of the Sui Network, providing an automated market maker (AMM) decentralized exchange with a concentrated liquidity market maker (CLMM) model and derivatives trading capabilities.
The current token price is $0.0053, with a market cap of around $9.75 million.
2. GameFi
Sui 8192
Sui 8192 is a on-chain game inspired by 2048, built by the Ethos team. Players can earn high scores by combining blocks and submit them to the leaderboard, and users can pre-approve transactions in Ethos to speed up the game.
Panzerdogs
Panzerdogs is an NFT game project where users can own every asset in the game and use them to battle each other in tanks. Similar to Brawl Stars, but with tanks and earning mechanisms.
Arcade Champion
Arcade Champion is a reimagining of classic arcade games, combining Non-Fungible Tokens and play-to-earn elements with familiar single-player and multiplayer competitive mini-games. The game uses a hero-based system, with NFTs representing each player's unique character. These NFTs can be upgraded, traded, and combined, playing a key role in both single-player and multiplayer game modes, allowing players to accumulate prizes and coins to become arcade champions.
Haven's Compass
Haven's Compass is a first-person tactical shooter game developed by Ghost Ivy. It focuses on fast-paced shooting gameplay, with both multiplayer and single-player modes planned for the final version.
Final Stardust
Final Stardust is an upcoming media franchise game, with its first work being Final Stardust: Cosmic Nexus, a digital collectible card game inspired by Japanese/anime TCG games like Pokemon and Yu-Gi-Oh.
Meme:
Turbos.Fun
On November 7, the Sui-based meme token launch platform Turbos.Fun officially went live, with the platform exceeding $5 million in trading volume and launching over 1,300 projects within 24 hours of launch.
HIPPO
The Sui version of the internet celebrity hippopotamus SU DENG, currently with a market cap of around $136 million.
BLUB
The first meme coin on Sui, with a marine fish theme, currently has a market cap of $30 million.
Uni
Named after the dog of the founder of SUI, the current market value is $167 million.
SHORK
Sui's shark-themed meme token, with a current market value of $5 million.
Summary
The continuous rise of Sui has surprised many investors. In fact, under the narrative of the Bitcoin bull cycle, new-generation public chains generally have more opportunities. Given the current crypto market environment, the future opportunities seem to outweigh the risks. The rise of public chains will also drive the prosperity of their on-chain ecosystem projects, so it is necessary to pay attention to these early projects in advance.
