TVL surpasses 1 billion USD, market capitalization enters the top 20, Sui recent updates

Sui, as an emerging Layer 1 blockchain platform, has shown impressive performance recently. With the unlocking of tokens and the launch of cross-chain bridges on the mainnet, as well as the popularity of meme tokens in the ecosystem, Sui has led a new wave of increases, and its market capitalization has entered the top 20.

Overview

Sui is a permissionless, PoS-based Layer 1 blockchain designed to provide instant settlement and high throughput, supporting a wide range of latency-sensitive decentralized applications. The project was founded by former members of the Facebook Libra/Diem team and has attracted capital interest and funding.

Market Performance

According to the market data for 2024, Sui has performed exceptionally well:

• Market capitalization growth: Strong performance since the fourth quarter of 2023, with a quarter-on-quarter growth of 176% in the first quarter of 2024.
• Price Trend: Overall, it shows an upward trend in 2024, reaching an all-time high of $2.18 on March 27.
• Current price: around $1.92 (as of October 3, 2024)
• All-time high: $2.18 (March 27, 2024)
• Increase: Up over 100% in the past three months

Sui Ecosystem Projects

Since the launch of the Sui mainnet, the ecosystem has rapidly expanded, attracting numerous developers and enterprises to participate.

DeFi project

According to data platforms, there are currently 5 protocols with a TVL exceeding 100 million USD:

• Cetus: A DEX platform with a TVL of $180 million
• DeepBook: The first order book DEX of the Sui ecosystem
• Navi: The lending platform with the largest TVL, managing $410 million in assets.
• Scallop: Another major lending protocol, managing $170 million in assets.
• Suilend: The first project of Solend on Sui

wallet solution

• OKX Wallet: Supports multi-chain functionality, including Sui
• 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: A lightweight handheld gaming device, over 2000 units available for pre-sale.
• DARKTIMES: The battle royale game on Sui, supported by Animoca Brands

Meme token

The meme tokens on Sui draw from the experiences of the Solana ecosystem, combined with Sui's aquatic characteristics. Currently, the volatility is high, and investment should be approached with caution.

The main meme tokens include:

• $Hippo: market capitalization approximately $129 million
• $BLUB: market capitalization approximately 50.52 million USD
• $FUD: market capitalization approximately 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.

Main members include:

• Evan Cheng: Co-founder and CEO, former Engineering Director at Facebook
• Sam Blackshear: Chief Technology Officer, primary 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 tokens
• Main allocation: 52.2% unlocked after 2030, 10.6% community reserve, 9.5% staking subsidy

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 of the Hydropower Accelerator Program and Enoki Enterprise Solutions Platform
3. Circle's native USDC is about to launch on the Sui network.
4. Sui Bridge officially launched on the mainnet, connecting Ethereum and Sui.
5. Grayscale launches Sui Trust Fund, asset management scale exceeds 2.5 million USD
6. Hold multiple community events, such as Sui Builder House Singapore station

Advantages of Sui Technology

1. Object-oriented account model: provides greater flexibility and scalability
2. Native Randomness: Provides the foundation for applications such as probability games.
3. Native Zero-Knowledge Proofs: Protecting User Privacy

Prospects and Challenges

Advantages:

• Excellent technology and a strong R&D team
• Gain widespread market attention and capital support

Challenge:

• Facing fierce competition from other L1 projects
• Lack of blockbuster applications
• The community has doubts about the token economics and project transparency.

Conclusion

Sui, with its innovative technology and strong team, has long-term development potential. However, investors should closely monitor its ecological development progress and fully assess market risks before making decisions.