Recent Updates and Ecological Development of SUI

SUI has recently experienced a new surge, with its market value jumping into the top 20. This is attributed to a combination of factors, including token unlocking, the launch of cross-chain bridges on the mainnet, and the popularity of meme tokens within the ecosystem.

Overview of SUI

SUI is a permissionless, PoS-based Layer 1 blockchain developed by Mysten Labs, founded by former members of the Facebook Libra/Diem team. It aims to provide instant settlement and high throughput to support latency-sensitive decentralized applications.

Market Performance

2024 SUI shows outstanding performance:

• Market capitalization growth month-on-month: 120% growth in Q4 2023, and another 176% increase in Q1 2024.
• Price Trend: Overall upward trend, reached an all-time high of $2.18 on March 27.
• Current Price: $1.92( as of October 3, )
• Three-month increase exceeds 100%

SUI Ecosystem Projects

DeFi project

DefiLlama data shows that currently there are 5 protocols with a TVL exceeding 100 million USD:

1. Cetus: TVL $180 million, supports a wide range of token swaps and liquidity mining.
2. Navi: TVL $410 million, providing lending services
3. Scallop: TVL 170 million USD, lending protocol
4. Suilend: The first project of Solend on SUI
5. DeepBook: The first order book DEX in the SUI ecosystem

wallet solution

• OKX Wallet: Supports multiple chains, including SUI
• Sui Wallet: One of the most widely used SUI ecosystem wallets.
• Suiet: An open-source self-custody wallet based on SUI

Game Project

• SuiPlay0x1: lightweight handheld gaming device, over 2000 units available for pre-sale
• DARKTIMES: Battle Royale game supported by Animoca

Meme Token

The popularity of SUI ecosystem meme tokens is soaring, mainly including:

• $Hippo: Market cap of $128 million
• $BLUB: Market cap of 50.51 million USD
• $FUD: Market cap of 36.2 million USD

Key Events of 2024

1. Network upgraded to version V1.34.2
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 launched the SUI Trust Fund, AUM exceeds 2.5 million USD
6. Hold multiple community events, such as Sui Builder House Singapore station

SUI Technical Advantages

1. Object-oriented account model: Assets and smart contracts are viewed as independent objects.
2. Native Randomness: Secure random numbers generated through the verification node network.
3. Native Zero-Knowledge Proof: Supports Privacy-Protecting Transaction Verification

Prospects and Challenges

Advantages:

• Excellent technical foundation
• Strong team background
• Market enthusiasm and capital support

Challenge:

• Intense market competition
• The follow-up momentum of meme projects is limited.
• Lack of blockbuster applications
• Token economics transparency issues

SUI has long-term development potential due to its innovative technology and strong team, but investors still need to closely monitor its ecological development progress and assess market risks.