TVL exceeds 1 billion USD, market capitalization ranks in the top 20, analysis of recent trends of Sui

Sui, as a permissionless, PoS-based Layer 1 blockchain, aims to provide instant settlement and high throughput to support a wide array of next-generation latency-sensitive decentralized applications. The project was founded by members of the original Facebook project Libra/Diem team and has garnered attention and funding from investors.

Market Performance

SUI performs outstandingly in 2024:

• Market capitalization growth: Strong performance since the fourth quarter of 2023, with a quarter-on-quarter increase of 120%, and a further increase of 176% in the first quarter of 2024.
• Price trend: Overall upward trend in 2024. Reached an all-time high of $2.18 on March 27.
• Current price: $1.92 (as of October 3, 2024)
• All-time high: $2.18 (March 27, 2024)
• Increase: Over the past three months, it has risen by more than 100%.

Sui Ecosystem Projects

Since the launch of Sui's autonomous online platform, the ecosystem has rapidly expanded, attracting numerous developers and companies to participate.

DeFi project

Currently, there are 5 protocols with TVL exceeding 100m:

• Cetus: A DEX with a TVL of approximately $180 million, supporting a wide range of token swaps and liquidity mining.
• DeepBook: The first order book DEX of the Sui ecosystem, providing a decentralized liquidity layer for Sui.
• Navi: A lending platform with a TVL of 410 million USD.
• Scallop: A lending protocol managing $170 million in assets.
• Suilend: The first project of Solend on Sui.

wallet solution

• OKX Wallet: Supports multi-chain functionality, including the Sui chain.
• Sui Wallet: One of the most widely used wallets in the Sui ecosystem.
• Suiet: An open-source self-custody wallet built on Sui.

game project

• SuiPlay0x1: lightweight handheld gaming device, over 2000 units available for pre-sale.
• DARKTIMES: A battle royale game on Sui, developed by Blowfish Studios and supported by Animoca.

Meme Token

The meme coins on Sui draw inspiration from the successful cases in the Solana ecosystem, combined with the characteristics of the Sui water system. Mainly includes:

• $Hippo: market capitalization of approximately 129 million USD
• $BLUB: market capitalization of approximately 50.52 million USD
• $FUD: market capitalization of about 36.21 million USD

Team Members

Mysten Labs was founded by former executives from Meta( Facebook)'s Novi Research and the chief architect of the Diem blockchain and Move language, with core members including:

• Evan Cheng: Co-founder and CEO, former Engineering Director at Facebook
• Sam Blackshear: Technical Director, Principal Designer of the Move Language
• George Danezis: Chief Scientist, PhD from Cambridge
• Avery Ching: Chief Technology Officer, former Senior Engineer at Facebook

Token Economics

• Total Supply: 10 billion SUI
• Main allocation: 52.2% unlock after 2030 10.6% Community Reserve 9.5% staking subsidy 7.1% Series A investors 7% Series B investors 6.1% early contributors

Approximately 52.2% of the tokens will be unlocked after 2030 to support long-term development.

Key Events of 2024

1. The network has been upgraded to version V1.34.2, and the protocol has been upgraded to version 60.
2. Launch the Hydropower Accelerator Program and the Enoki Enterprise Solutions Platform
3. Circle's native USDC officially lands on the Sui network
4. Sui Bridge mainnet launched, achieving native connection with Ethereum.
5. Grayscale launches SUI trust fund, AUM exceeds 2.5 million USD
6. Hold community events such as Sui Builder House in Singapore and Sui Connect in New York.

Advantages of Sui Technology

1. Object-oriented account model: enhances flexibility and scalability
2. Native Randomness: Provides a reliable foundation for applications such as probability games.
3. Native Zero-Knowledge Proofs: Enhancing Privacy Protection and Transaction Verification

Prospects and Challenges

Advantages:

• Excellent technical architecture
• Strong R&D team
• Market enthusiasm and capital support

Challenge:

• Intense market competition
• The ongoing momentum of Meme projects
• Lack of blockbuster applications
• Token economics transparency issues

Conclusion

Sui, with its innovative technology and strong team, has long-term development potential. Its object-oriented account model, native randomness, and zero-knowledge proofs are unique advantages. However, it still faces challenges such as market competition and ecological development. Investors should closely monitor its application innovations and ecological progress, and fully assess market risks.