Leading the rise of major public chains, what are the hot projects worth paying attention to in Sui Ecosystem?

Author: Socra, Golden Finance

On November 11, the L1 public chain Sui project token SUI hit a record high of $3.3. And its on-chain ecological project Cow Protocol (COW) was also launched on Binance 5 days ago, which made the community pay more attention to the future possibilities of this new generation of public chains.

At the same time, Sui ecological tokens generally rose, such as CETUS, DEEP, NAVX and related meme coins. In this regard, some institutions predict that Sui will be included in the top ten trends in the development of the crypto industry in the next 12 months. So why can Sui lead the rise of major mainstream public chains, and what are the early popular projects on its chain that are worth paying attention to?

1. Sui opens the upward channel

In May 2023, Sui was officially launched on the exchange, and since then the project token has fallen to around $0.37. However, with the advent of a new round of bull market, SUI also ushered in a wave of outbreaks, and rose to a historical high of $2 at the end of March this year, an increase of about 440% from the lowest point.

But soon SUI fell all the way as the crypto market cooled, falling to around $0.46, a drop of 77%. Therefore, in the last round of crypto bull market, SUI's overall return performance was average among similar projects.

However, in the second half of this year, SUI ushered in an outbreak period. In August this year, there was a single-week performance of more than 140%, and in September and October, SUI once again demonstrated its amazing strength. It has risen from $0.74 to $2.368, an increase of 220%.

Just when many people thought that SUI had reached its peak and shorted it, SUI continued to rise. With Trump's victory and the recovery of the crypto market, SUI rose to $3.3, which is about 346% higher than the low of $0.74.

At a time when the returns of public chain projects are almost collectively poor this year, Sui's performance is outstanding.

According to DefiLLama data, Sui's current TVL is $1.46 billion, with a 49.14% increase in the past 7 days, currently ranking 8th among public chains. In addition, according to CoinMarketcap data, SUI's market value has now risen to the 15th place in the crypto field, surpassing BCH, and is now reported at US$9.068 billion.

There are many reasons behind Sui's rise. In addition to the overall recovery of the crypto market, it is more due to the superposition of many favorable factors.

In October this year, Grayscale opened private fund subscriptions including 20 tokens including SUI to qualified investors. Valour also launched Valour Sui (SUI) ETP on the Swedish stock market Spotlight, providing retail and institutional investors with investment opportunities in SUI.

The Sui project is also actively working. For example, the team has established a blockchain developer and entrepreneur incubator in Dubai, and plans to launch the handheld gaming device SuiPlay0X1 in 2025. In addition, in August this year, Mysten Labs launched a new consensus engine Mysticeti, which can reduce the latency of the Sui blockchain to a certain extent.

Analysts have found that the Sui lending protocol offers higher returns compared to Solana and Ethereum. Among them, Scallop offers the highest stable return. When staking SCA to obtain veSCA, borrowing can obtain up to 45% of the return.

2. Popular ecological projects

The wealth effect brought by SUI has also made its on-chain ecology active, and many community members have begun to turn their attention to early projects on Sui and MEME coins. According to information on Sui's official website, there are currently 86 projects included, including 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 isolation pools, flash loans, and upcoming cross-chain loans/borrowing functions. 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 yield, while borrowers can flexibly obtain loans for different assets.

The current project token NAVX is priced at $0.18 and has a market value of approximately $57.5 million.

On October 22, NAVI Protocol became the official lending partner of Ondo Finance on the Sui network.

Cetus Protocol

Cetus Protocol is a decentralized exchange and liquidity protocol that runs on the Sui and Aptos blockchains. It uses the centralized liquidity market maker (CLMM) paradigm and integrates elements of Uniswap V3 and Trader Joe to provide advanced trading and liquidity options.

The current CETUS price is $0.36 and the market value is $219 million.

Cetus 2024 Q3 report shows that TVL exceeded $200 million and the number of users was nearly 2 million. The total trading volume exceeded $13 billion, an increase of 47% from the previous quarter. The number of users reached 1.75 million, approaching the 2 million mark.

DeepBook Protocol

DeepBook is a shared decentralized central limit order book exchange built for the Sui ecosystem, leveraging Sui's performance and providing a low-latency and high-execution engine to spread liquidity throughout the DeFi ecosystem.

The price of the project token DEEP is now $0.077, with a market value of approximately $194 million.

Scallop

Scallop is the currency and lending market for the Sui ecosystem, which is committed to building a dynamic currency market, providing high-interest lending, low-fee lending, AMM and asset management tools on a unified platform, and providing SDK for professional traders.

In October this year, Scallop received an investment from the Sui Foundation to promote Scallop to deploy new features.

The current price of the project token SCA is $0.57, with a market value of approximately $35.15 million.

Suilend

Suilend is an automated lending platform on Sui. On October 22, Suilend announced that it expects to launch its native token SEND in December.

Haedal Protocol

Haedal is a liquidity pledge protocol based on Sui that allows anyone to pledge 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 for additional income.

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.

The project token price is now $0.0053, with a market value of approximately $9.75 million.

2. GameFi

Sui 8192

Sui 8192 is an on-chain game inspired by 2048 and created by the Ethos team. Players can get high scores by combining blocks 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 game project where users can own every asset in the game and use them to fight each other in tanks. Similar to Brawl Stars, but with tanks and money-making mechanisms.

Arcade Champion

Arcade Champion is a re-interpretation of the classic arcade game, combining NFT and play elements with familiar single-player and multiplayer competitive mini-games. The game uses a hero-based system that uses NFTs to represent each player's unique character. These NFTs are upgradable, tradable, and fusing, and play a key role in both single and two-player game 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 shooter gameplay, with multiplayer and single-player gameplay to appear in the final version of the game.

Final Stardust

Final Stardust is a media franchise in the making, with the first entry being Final Stardust: Cosmic Nexus, a digital collectible card game inspired by Japanese/anime TCG games such as Pokemon and Yu-Gi-Oh.

Meme:

Turbos.Fun

On November 7, Turbos.Fun, the meme token launch platform on Sui Chain, was officially launched. Within 24 hours of its launch, the platform's trading volume exceeded $5 million and more than 1,300 projects were launched.

HIPPO

Sui's version of the popular hippo SU DENG, currently has a market value of approximately $136 million.

BLUB

Sui's first meme coin, with a theme of marine fish, has a market value of $30 million.

Uni

Named after the dog of the founder of SUI, it has a market value of $167 million.

SHORK

Sui's shark-themed meme token, currently has a market value of $5 million.

Conclusion

Sui's continuous rise has exceeded the expectations of many investors. In fact, under the narrative of Bitcoin's rising cycle, new-generation public chains generally have more opportunities. In terms of the current crypto market environment, it is clear that future opportunities outweigh risks. The rise of public chains will drive the prosperity of ecological projects on their chains, so it is necessary to pay attention to these early projects in advance.