The SUI ecosystem is developing rapidly, with a market capitalization ranking in the top 20.

Recently, with the unlocking of SUI tokens and the launch of the cross-chain bridge mainnet, along with the rising popularity of meme coins, SUI has ushered in a new round of price increases, with its market capitalization jumping into the top 20.

Overview

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

Market Performance

2024 SUI performs brilliantly:

• Market capitalization growth: 120% quarter-on-quarter growth in Q4 2023, followed by another 176% increase in Q1 2024.
• Price Trend: Overall upward trend in 2024, reaching an all-time high of $2.18 on March 27.
• Current price: $1.92( as of October 3, )
• All-time high: $2.18(2024 March 27, 2019 )
• Recent increase: Up more than 100% in the past three months

Sui Ecosystem Projects

The Sui ecosystem is rapidly expanding, attracting numerous developers and enterprises to participate:

DeFi project

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

• Cetus: A DEX with a TVL of $180 million, offering liquidity mining.
• DeepBook: Order book-based DEX, providing a decentralized liquidity layer for Sui
• Navi: A lending platform with a TVL of $410 million
• Scallop: A lending protocol with a TVL of $170 million.
• Suilend: The lending protocol Solend on Sui

wallet

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

game project

• SuiPlay0x1: a lightweight handheld gaming device, over 2000 units sold.
• DARKTIMES: A battle royale game on Sui, supported by Animoca Brands

Meme token

The meme coins on Sui draw from the successful cases of the Solana ecosystem, combining with the hydrological characteristics of Sui:

• $Hippo: market capitalization of $128 million, committed to donating a portion of profits to wildlife conservation organizations
• $BLUB: market capitalization 50.51 million USD, image resembles "pepe in water"
• $FUD: market capitalization of 36.2 million USD, issued earlier, with a more complete ecosystem

Team Members

Mysten Labs was founded by former executives from Meta( Facebook) and architects of the Diem blockchain.

• Evan Cheng: Co-founder and CEO, former Engineering Director at Facebook
• Sam Blackshear: Technical Director, Main Designer of the Move Language
• George Danezis: Chief Scientist, Cambridge PhD, expert in blockchain and privacy protection
• Avery Ching: Chief Technology Officer, former senior engineer at Facebook

Token Economics

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

Key Events of 2024

1. Network Iteration: Mainnet upgraded to version V1.34.2, protocol upgraded to version 60.

2. New Platform:

   • Hydropower Plan: 8-Week Virtual Accelerator Program
   • Enoki Platform: Enterprise Solutions Platform

3. Circle native USDC launches on the Sui network

4. Sui Bridge launches mainnet, connecting Ethereum and Sui

5. Grayscale launches SUI Trust Fund with assets under management exceeding 2.5 million USD.

6. Community Activities:

   • Sui Builder House Singapore Station
   • Sui Connect New York Station

Advantages of Sui Technology

1. Object-oriented account model: enhances flexibility and scalability

2. Native randomness: Provides a foundation for probability games, NFT allocation, etc.

3. Native zk( zero-knowledge proof ): protecting user privacy

Prospects and Challenges

Advantages:

• Excellent technology: Move language offers higher security and scalability.
• Strong team: Top talents from Facebook and Novi Research
• Market Heat: Gained widespread attention and capital support

Challenge:

• Market Competition: Facing competition from other L1 projects
• Meme's subsequent momentum: the ecosystem pool is relatively small
• Lack of blockbuster applications: No ecological DAPP has emerged that can break the circle.
• Transparency issues: the community has doubts about the token economics.

Conclusion

SUI has long-term development potential due to its innovative technology and strong team. Its unique technical advantages include an object-oriented account model, native randomness, and zero-knowledge proofs. However, it still faces challenges in the future, and investors should closely monitor the progress of ecological development and assess market risks.