Suichain Rise: Learn about the ecological opportunities in the new hot forces in one article

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. Its market value has also surpassed NEAR, and its Coingecko ranking has risen to 21st. At the same time, DeepBook announced that it would obtain DEEP tokens if it had previously participated in the DeFi project on Sui, which also made the Mao Party very happy.

In the sluggish crypto market, such a huge increase and timely wealth effect will inevitably attract the attention of many investors, and some analysts even compare it to the next Solnana. And some community members have focused their attention on Sui's ecology, hoping to dig out Alpha projects from it.

Continued rise of Sui

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 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 developers raised a total of US$336 million in 2021 and 2022, with a post-investment valuation of more than US$2 billion at the time. 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 US$0.37. However, with the advent of a new round of bull market, SUI has also ushered in a wave of outbreaks, and rose to a record high of US$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 down, falling to as low as $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 the year, SUI ushered in a period of explosive growth. In August this year, there was a single-week performance of more than 140%, and in September and October, SUI once again showed 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 has surpassed NEAR, and its ranking in Coingecko has risen to 21st. Its TVL has increased by 58.63% in the past month, surpassing Avalanche and Polygon.

The explosive growth of SUI has also led a group of holders to choose to sell at high prices. On October 15, Sui Network issued a statement saying that the $400 million token sale in the market may 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 superposition 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 in terms of deep software integration and operating system integration. Even for existing Web3 gamers, it is a better product due to the advantages of software."

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 turn their attention to early projects on Sui and MEME coins. According to 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 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.

Cetus AMM

Cetus is a DEX and centralized liquidity protocol that focuses on Move-based ecosystems such as Aptos and Sui. It is an important part of the ecosystem infrastructure that meets the comprehensive needs of traders, LPs, upper-layer applications, and growing DeFi users.

Scallop

Scallop is the currency and lending market of the Sui ecosystem. It 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.

Suilend

Suilend is an automatic 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 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.

2. GameFi

Sui 8192

Sui 8192 is an on-chain game inspired by 2048 and built 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 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 shooter gameplay, and both multiplayer and single-player will appear in the final version of the game.

Final Stardust

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

3. MEME

Community platform @ShurikenTrade said that the current Memecoin transaction volume on Sui exceeds 100 million US dollars per day. At the same time, he also comprehensively selected relevant popular MEMEs based on the market liquidity of tokens.

However, the MEME track has always been high-risk. Although the track is currently very hot, readers still need to be cautious.

Conclusion

At present, major mainstream narratives have all failed, but the MEME sector in the market is getting more and more intense. It is very rare for Sui to achieve several times the increase in returns as an "orthodox", 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 still depends on its long-term performance.