Recent Developments and Ecosystem Overview of SUI

Recently, with the unlocking of SUI tokens and the launch of the cross-chain bridge mainnet, along with the rising popularity of Meme tokens, SUI has led a new wave of price increases, entering the top 20 in market capitalization.

Overview

SUI is a permissionless, PoS-based Layer 1 blockchain developed by the former Facebook Libra/Diem team, designed to provide instant settlement and high throughput, supporting various decentralized applications.

Market Performance

2024 SUI performs outstandingly:

• Market capitalization increased significantly: 120% quarter-on-quarter growth in Q4 2023, with a further increase of 176% in Q1 2024.
• Price reaches an all-time high: reached a historical high of $2.18 on March 27, 2024
• Current Price: Approximately $1.92(2024 October 3, 2024 )
• Three-month increase exceeds 100%

Sui Ecosystem Projects

DeFi project

• Cetus: DEX with a TVL of 180 million USD
• DeepBook: Order Book DEX
• Navi: A lending platform with a TVL of $410 million
• Scallop: A lending protocol with a TVL of $170 million.
• Suilend: The lending project Solend on Sui

wallet

• OKX Wallet: Supports multiple chains
• Sui Wallet: One of the most widely used wallets in the ecosystem.
• Suiet: Open-source self-custody wallet

Game Project

• SuiPlay0x1: lightweight handheld gaming device
• DARKTIMES: Battle Royale Game

Meme Token

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

Token Economics

• Total Supply: 10 billion SUI
• 52.2% will be unlocked after 2030
• Maintain network activity through staking rewards and community incentives.

Key Events of 2024

1. The network has been updated to version V1.34.2
2. Launch the Hydropower Accelerator Program and Enoki Enterprise Platform
3. Circle native USDC is about to go live.
4. Sui Bridge connects to the Ethereum mainnet.
5. Grayscale Launches SUI Trust Fund

Technical Advantages

1. Object-oriented account model
2. Native Random Number Generation
3. Native Zero-Knowledge Proof Support

Prospects and Challenges

Advantages:

• Technological Innovation
• Strong Team
• High market attention

Challenge:

• The market competition is fierce
• Sustainability of Meme Popularity
• Lack of blockbuster applications
• Project transparency is questionable