Recent Market Performance and Ecological Development of SUI

With the unlocking of SUI tokens and the launch of the mainnet cross-chain bridge, along with the rising popularity of meme tokens, SUI has led a new wave of price increases, placing its market capitalization among the top 20.

Overview

SUI is a permissionless, PoS-based layer 1 blockchain that offers instant settlement and high throughput, supporting various latency-sensitive decentralized applications. The project was founded by members of the original Facebook Libra/Diem team and has garnered capital attention and funding.

Market Performance

2024 SUI performs brilliantly:

• Market capitalization has significantly increased: a 120% quarter-on-quarter growth in Q4 2023, followed by a further 176% growth in Q1 2024.
• Price continues to rise: On March 27, 2024, it reached an all-time high of $2.18, and as of October 3, the price is $1.92.
• Three-month increase exceeds 100%

Sui Ecosystem Projects

The SUI ecosystem is rapidly expanding, attracting numerous developers and enterprises to participate.

DeFi project

The main DeFi protocols include:

• Cetus: DEX with a TVL of $180 million
• Navi: The largest lending platform by TVL, managing $410 million in assets.
• Scallop: Another major lending protocol, managing $170 million in assets.
• DeepBook: Order Book DEX
• Suilend: The first project of Solend on Sui

wallet

• OKX Wallet: Supports multi-chain functionality
• SUI Wallet: One of the most widely used wallets in the ecosystem.
• Suiet: open-source self-custody wallet

Game project

• SuiPlay0x1: A lightweight handheld gaming device, with over 2,000 units already pre-sold.
• DARKTIMES: A battle royale game on Sui, developed by a studio under Animoca.

Meme Token

The meme coins on Sui draw inspiration from the successful cases in the Solana ecosystem, combined with the water system characteristics of Sui. The main projects include:

• $Hippo: Market cap $128 million
• $BLUB: Market Cap $50.51 Million
• $FUD: Market cap of 36.2 million USD, ecosystem is more complete.

Team Members

Mysten Labs was founded by former executives from Meta( Facebook) and the chief architect of the Diem blockchain. Key members include:

• Evan Cheng: Co-founder and CEO, former Engineering Director at Facebook
• Sam Blackshear: Technical Director, Main Designer of the Move Programming Language
• George Danezis: Chief Scientist, PhD from Cambridge, experienced in the fields of blockchain and privacy protection.
• Avery Ching: Chief Technology Officer, former Senior Engineer at Facebook

Token Economics

The total supply is 10 billion SUI, distributed as follows:

• Unlock after 2030: 52.2%
• Community Reserve: 10.6%
• Staking Subsidy: 9.5%
• Series A Investor: 7.1%
• Series B Investors: 7%
• Early Contributors: 6.1%
• Community Access Plan: 5.8%
• Mysten Labs: 1.6%

Key Events of 2024

1. The network has been upgraded to version V1.34.2, and the protocol has been upgraded to version 60.

2. Launch the Hydropower program and Enoki platform

3. Circle's native USDC is about to launch on the Sui network.

4. Sui Bridge launched on the mainnet, connecting Ethereum and Sui

5. Grayscale launches SUI Trust Fund, asset management scale exceeds 2.5 million dollars.

6. Hold multiple community events, such as Sui Builder House and Sui Connect

Advantages of Sui Technology

1. Object-oriented account model: Enhancing flexibility and scalability

2. Native randomness: provides the foundation for probability games and NFT allocations.

3. Native Zero-Knowledge Proofs: Enhancing Privacy Protection

4. zkLogin: Innovative Authentication Mechanism

Prospects and Challenges

Advantages:

• Advanced Technology Architecture
• Experienced team
• High market attention

Challenge:

• Intense market competition
• The sustainability of the Meme project remains to be observed.
• Lack of blockbuster applications
• Project transparency needs to be improved.

Summary

SUI, with its innovative technology and strong team, demonstrates long-term development potential. However, investors should closely monitor its ecological development progress and fully assess market risks when making decisions.