Author: Climber, Golden Finance
Recently, the project token SUI of L1 public chain Sui has once again broken through the historical high. The price of the currency has led the growth of a number of projects in the same track since September, and its market value has also surpassed NEAR, and its Coingecko ranking has risen to 21st. At the same time, DeepBook announced that those who have participated in the DeFi project on Sui can obtain DEEP tokens, which also made the money collectors very happy.
In the sluggish crypto market, such a huge increase and timely wealth effect inevitably attracted the attention of many investors, and some analysts even compared it to the next Solnana. Some community members have focused their attention on Sui's ecosystem, hoping to discover Alpha projects from it.
Sui continues to rise
In March 2022, Mysten Labs, a Web3 infrastructure startup founded by four former Meta engineers, announced its Layer 1 public chain called "Sui". Mysten Labs said that Sui is a permissionless proof-of-stake (PoS) blockchain network with no theoretical limit on throughput per second. The network will also support smart contract development through the Move programming language, allowing developers to build decentralized applications on Sui.
Sui's developers raised a total of US$336 million in 2021 and 2022. At that time, its post-investment valuation exceeded US$2 billion. Investors included a16z Crypto, Jump Crypto, Binance Labs, Franklin Templeton, Coinbase Ventures and other well-known institutions.
In May 2023, Sui was officially launched on the exchange, and the project token has since fallen to as low as $0.37. However, with the advent of a new round of bull market, SUI has also ushered in a wave of explosions, and rose to a record high of $2 at the end of March this year, an increase of about 440% from the lowest point. However, it soon fell all the way as the crypto market cooled, falling to as low as $0.46, a drop of 77%. Therefore, in the last round of crypto bull market, SUI's overall performance was average among similar projects.
However, in the second half of the year, SUI ushered in a period of explosive growth. In August this year, it had a weekly performance of over 140%, and in September and October, SUI once again showed its amazing strength. It rose from $0.74 to $2.368, an increase of 220%. At a time when the returns of public chain projects are almost collectively sluggish this year, Sui has created a historical high.
In addition, Sui's market value also surpassed NEAR, ranking 21st on Coingecko. Its TVL has increased by 58.63% in the past month, surpassing Avalanche and Polygon.
The explosive growth of SUI also led a group of holders to choose to sell at high prices. On October 15, Sui Network published a statement saying that the $400 million token sell-off in the market might be caused by infrastructure partners.
There are many reasons behind Sui's rise. In addition to the overall recovery of the crypto market, it is more due to the combined effect of many favorable factors.
In October, Valour launched the Valour Sui (SUI) ETP on the Swedish stock market Spotlight, providing retail and institutional investors with investment opportunities in SUI. In addition, project CEO Evan Cheng announced that Sui will soon launch the SuiPlay0X1 handheld gaming device, which is now available for pre-order and is scheduled to be launched in 2025.
Cheng said, “This is a gaming device that can play all Windows games. It is better than other devices because of the deep software integration and operating system integration. Even for existing Web3 game players, it is a better product because of the software advantage.”
In August, Mysten Labs announced the launch of a new consensus engine, Mysticeti, which can reduce the latency of the Sui blockchain to a certain extent. What is particularly critical is that Grayscale launched a crypto investment trust service for SUI that month.
Hot projects on the chain
The wealth effect brought by SUI has also made its on-chain ecology active, and many community members have begun to shift their attention to early projects on Sui and MEME coins. According to information on Sui's official website, there are currently 86 native projects included, with many infrastructure, DeFi, and GameFi projects.
1、DeFi
NAVI Protocol
Navi is a one-stop liquidity protocol and lending platform native to Sui. It provides mortgage/lending services for SUI, USDC, USDT, wETH, and wBTC, and supports features such as isolated pools, flash loans, and upcoming cross-chain loans/borrowing. It enables users to participate in the Sui ecosystem as liquidity providers or borrowers. Liquidity providers provide assets to the market and earn passive income through yields, while borrowers can flexibly obtain loans for different assets.
AMM's Origin
Cetus is a DEX and centralized liquidity protocol focused on Move-based ecosystems such as Aptos and Sui. It is an important component of the ecosystem infrastructure, meeting the combined needs of traders, LPs, upper-layer applications, and growing DeFi users.
Scallop
Scallop is the currency and lending market of the Sui ecosystem, committed to building a dynamic currency market that provides high-interest lending, low-fee lending, AMM and asset management tools on a unified platform, and provides SDK for professional traders.
In October this year, Scallop received investment from the Sui Foundation to promote Scallop to deploy new features.
Suilend
Suilend is an automated lending platform on Sui.
Haedal Protocol
Haedal is a liquidity staking protocol based on Sui that allows anyone to stake their SUI tokens to contribute to the governance and decentralization of the Sui blockchain. At the same time, users will receive haSUI in return so that they can continue to participate in DeFi activities to gain additional benefits.
Turbos Finance
Turbos Finance is a non-custodial liquidity layer on top of Sui Network, providing an automated market maker (AMM) decentralized exchange with a centralized liquidity market maker (CLMM) model and derivatives trading capabilities.
2、GameFi
On 8192
Sui 8192 is an on-chain game inspired by 2048 and created by the Ethos team. Players can combine blocks to get high scores and submit them to the leaderboard. In addition, users can pre-approve transactions in Ethos to speed up the game.
Panzerdogs
Panzerdogs is an NFT gaming project where users can own every asset in the game and use them to battle each other in tanks. Like Brawl Stars, but with tanks and money-making mechanics.
Arcade Champion
Arcade Champion is a reimagining of the classic arcade game, combining NFTs and play-action elements with familiar single-player and multiplayer competitive mini-games. The game features a hero-based system that uses NFTs to represent each player's unique character. These NFTs are upgradable, tradable, and fusionable, and play a key role in both single-player and two-player modes, allowing players to accumulate bonuses and coins and achieve arcade dominance.
Haven‘s Compass
Haven's Compass is a first-person tactical shooter developed by Ghost Ivy. It focuses on fast-paced shooting gameplay, and both multiplayer and single-player will appear in the final version of the game.
Final Stardust
Final Stardust is an ongoing media franchise that begins with Final Stardust: Cosmic Nexus, a digital collectible card game inspired by Japanese/anime TCG games such as Pokemon and Yu-Gi-Oh.
3、MEME
The community platform @ShurikenTrade stated that the current Memecoin trading volume on Sui exceeds 100 million US dollars per day. At the same time, he also selected relevant popular MEMEs based on the market liquidity of the tokens.
However, the MEME track has always been high-risk. Although the track is extremely hot at present, readers still need to be cautious.
summary
At present, all major mainstream narratives have failed to catch fire, but the MEME sector in the market is becoming more and more intense. It is very rare for Sui, as an "orthodox" to achieve several times the increase in returns, which also gives blue-chip investors a glimmer of hope. Previously, the hot public chain generally brought its ecological projects, so the early projects of Sui ecology are particularly worthy of attention. However, whether Sui really rises or not still depends on its long-term performance.
