The price of SUI coins hit a record high and Meme coins surged. How to participate in the rising Sui ecosystem?

Written by: Grapefruit, ChainCatcher

Editor: Nianqing, ChainCatcher

October 13, SUI Token收盘价格突破 2.2 美元，创下历史新高，市值闯进前 20，且涨势还在持续，10 月 14 日币价已突破 2.3 美元，近两日涨幅已超过 30%。交易员的最新监测数据显示，SUI 币价的表现已超越 TON，是 2024 年初至今价格表现最佳的公链Token.

At the same time, the prices of multiple ecological meme projects such as HIPPO, BLUB, and FUD also soared, with the increase exceeding 10 times. In addition, the two major DeFi applications in the ecosystem: the lending agreement NAVI Protocol and the order bookexchange DeepBook will officially start token trading on October 14.

The strong performance of Sui tokens and ecological projects has attracted great attention from the crypto market. A large amount of funds are pouring into the Sui ecosystem in search of wealth opportunities. According to Cointelegraph, nearly 27% of capital outflows from Solana were transferred to Sui in September.

According to DeFiLlama data, the transaction volume on the Sui chain has exceeded US$1.32 billion in the past 7 days, ranking sixth in the entire public chain market, and Arbitrum ranks fifth.

How to seize new wealth opportunities in the ecological rise of Sui Chain?Communityhotly debated topic.

The cumulative increase of SUI tokens exceeded 400%, and the ecosystem TVL exceeded 1 billion US dollars

If we look at the trend of SUI tokens from the K-line chart, August 7 was the starting point for the rise of SUI tokens. On this day, after Grayscale announced the launch of Sui's native token SUI Investment Trust Fund, the price of SUI tokens began an amazing rise, from a low of $0.5 all the way to a high of $2.3 on October 13. In two months, the cumulative increase in the price of SUI tokens exceeded 400%, and its market value also ranked among the top 20.

In just two months, Sui's excellent performance in currency price has been remarkable. It has not only attracted the attention of crypto investors, but also made the entire crypto industry re-examine this high-performance Layer1 network. Some crypto users even pin their hopes on Sui as the next Solana. Funds have also begun to pour in in large quantities in search of opportunities, and the ecosystem has also begun to explode. Meme hype such as HIPPO and DeFi application crazes have come one after another.

According to DeFiLlama data, on October 1, the total locked value (TVL) of Sui mainnet officially exceeded 1 billion US dollars, with a monthly increase of about 50%. Now the amount of encrypted assets locked on Sui chain isBlockchainThe market ranking has jumped to top 7.

In addition to the growth in coin price and TVL, other indicators such as the number of users and transaction volume of the Sui ecosystem are also rising steadily. In particular, according to the SuiSVison browser, Sui has gone from millions of transactions per day to more than 100 million transactions per day since October, with the highest transaction volume on October 5 reaching 117 million transactions, setting a record high.

As the price of tokens rises, more and more investors and developers are paying attention to this platform. According to the developer data, there are 1,108 developers on the Sui chain, with an increase of about 64% in the past year, making it the fastest growing public chain.

New consensus Mysticeti improves network performance, and native cross-chain bridge introduces new funds to the ecosystem

Sui, a Layer1 project created by a team that participated in Facebook's digital currency Libra, has attracted much attention since its creation.

If Grayscale's endorsement is the starting point for the rise in SUI coin prices, then the growth of TVL and transaction volume data in the Sui ecosystem mainly depends on the improvement of its own ecological infrastructure.

Grayscale's approval of the Sui Investment Fund Trust has undoubtedly enhanced the popularity and recognition of the Sui project among institutional investors. This move not only attracted the attention of institutional investors to Sui, but also provided a new investment channel for ordinary investors. On October 9, the Sui Fund Trust was officially opened to investors, who can invest in SUI tokens by holding the fund. As of October 14, the assets managed by Grayscale's Sui Fund Trust have exceeded 3 million US dollars.

If Grayscale is the external factor driving the development of Sui ecology, then its own improvement and breakthroughs in network performance and infrastructure construction are the solid foundation for the vigorous development of its ecology.

In the latest blog published by founder Evan, Sui's vision is to become the collaborative layer of the Internet, that is, developers can coordinate or collaborate on any behavior and action through the Sui network. He gave an example, for example, if people have a travel plan, they need to buy air tickets, book hotels, plan travel routes, find food, etc., but these contents are very scattered, and users often need to cross 4-5 websites to complete these actions. However, if there is a coordination system, users can complete all these operations with one operation. Sui hopes to provide such an operating system.

In July this year, Sui launched a new consensus engine, Mysticeti, which is mainly used to solve the transaction delay of the network and improve the network throughput. The new consensus can shorten the delay to 390 milliseconds, which is 80% lower than the previous consensus system. This makes Sui network transactions faster and TPS higher.

In terms of infrastructure construction, first of all, regarding the user on-chain entrance, Sui launched the zkLogin login technology as early as last year, which supports users to log in to Sui by using Web2 accounts such as Google or Facebook. wallet, you can use decentralized applications without complicated mnemonics DApps.

Currently, Sui Wallet, Wave Wallet and otherwallet都已集成了 zkLogin 技术，支持使用电子邮件、谷歌账户等 Web2 账号登陆wallet.

Regarding the interoperability of assets between multiple chains, Sui officially developed the native asset cross-chain bridge Sui Bridge, which supports cross-chain native assets between Ethereum and Sui. This means that the assets that cross-chain using Sui Bridge are all native assets, which is different from the common cross-chain bridges that mostly use packaged asset mapping.

Sui Bridge was officially launched on September 30th, and currently only supports native assets such as ETH and WETH on Ethereum and cross-chain. It is worth mentioning that there is no cross-chain handling fee for cross-chain assets, and the gas fee for transfers from Ethereum to Sui will be subsidized. However, it should be noted that the amount of assets transferred by the cross-chain bridge is currently limited. The transfer amount from Ethereum to Sui is 8 million US dollars every 24 hours, and the transfer amount from Sui to Ethereum is 5 million US dollars.

In terms of ecological development, Sui not only provides a channel for funds to flow into the Sui ecosystem through the official cross-chain bridge Sui Bridge, but also carries out a series of actions: On October 8, Circle announced the official issuance of native USDC on the Sui chain; the cross-chain transmission protocol CCTP has also been launched on the Sui chain, and developers can build native asset interoperability of more chains based on this.

In addition, in terms of supporting early-stage projects, Sui not only has hackathon activities, but also donation support.

In March this year, Sui launched the first hackathon event Sui Overflow. According to official reports, there were more than 2,000 participants in this event, more than 350 projects were submitted, and 32 teams won the prize. Projects such as the prediction platform Pandora Finance, the DEX aggregator Hop Aggregator, and the wallet Wave Wallet are all winning projects from the competition.

At the same time, early ecological projects can also apply for donation support from SuiGrants. Data shows that SuiGrants has provided support to 86 projects with a total funding of US$4.72 million.

What projects can I participate in in the Sui ecosystem?

Currently, according to Sui.directory, the portal of Sui ecosystem, there are 86 native projects included, covering games, DeFi and infrastructure.

Games

Web3 version of Steem game SuiPlay

SuiPlay is a game console hardware device jointly launched by Mysten Labs and game system operating developer Playtron. In September, the first physical handheld game console SuiPlay0X1 was released. It will integrate native games in the Sui chain and support games from multiple game libraries such as Steam. It is regarded as the "Web3 version of Steam."

SuiPlay0X1 handheld game console has officially started pre-sale during the KBW conference in September. Each unit is priced at $599. Users can pay with SUI, SOL, and ETH assets. It is reported that the order volume exceeded 2,000 units within a week of the sale. The first 1,000 pre-orders will also receive specialsoul binding NFT, will enjoy special access rights, rewards and benefits. Many crypto users who participated in the reservation regard SuiPlay0X1 as the next Saga phone, and there will be few potential project airdrop opportunities.

Officials said that SuiPlay0X1 has integrated the shooting game Xociety and dark game DarkTimes built on the Sui network. The former Xociety received a US$7.5 million Series A financing led by Hashed and Sui Foundation in June this year, and the latter DarkTimes also received investment from Animoca Brands and other institutions in April this year.

It should be noted that as of October 13, the physical SuiPlay0X1 machine has not been sold yet. According to official statements, it will be officially released in 2025.

DeFi Applications

1. Order Bookexchange DeepBook

DeepBook 是基于 Sui 的去中心化中央限价订单簿交易所，原生代币 DEEP 将于 10 月 14 日上线，DEEP 最大供应量 100 亿。

2. Cetus with the highest transaction volume on Sui chain

Cetus is a DEX platform focusing on the ecosystem based on Move technology such as Aptos and Sui. It was created in 2022 and is also the earliest DEX platform launched in the Sui ecosystem. It is also the DEX with the largest transaction volume on the Sui chain, with a transaction volume of more than 160 million US dollars in the past 24 hours. According to DeFiLlama data, Cetus's TVL on the Sui chain is 228 million US dollars, ranking second among Sui ecological applications.

According to the Rootdata encrypted data platform, Cetus has also invested in the Sui ecosystem's lending platforms Scallop and NAVI Protocol.

3. Aftermath, a multifunctional platform including DEX and liquidity staking

Aftermath is a decentralized trading platform based on Sui. It also integrates multiple functions such as liquidity staking of SUI tokens. It not only supports user transactions, but also allows users to stake SUI tokens on the platform to obtain PoS income from the Sui network.

As of October 13, the TVL on the Aftermath platform has reached $116 million.

4. AMM mechanism DEX platform Turbos

Turbos is a DEX platform based on the AMM mechanism. In March last year, it received institutional investment from Jump Crypto and support from the Sui Foundation.

In this round of meme hype on Sui chain, Turbos is positioned as a meme hub by the transaction and is regarded as Raydium on Sui chain, supporting the issuance and trading of meme coins. For example, the popular BLUE and FUD on Sui chain rank first in trading volume on this platform.

Recently, with the advent of the Meme craze, the TVL on the Turbos platform has also begun to soar, rising to 26 million US dollars, an increase of more than 143% in the past month, making it the fastest growing DEX platform.

5. NAVI Protocol, the largest lending protocol on Sui Chain TVL

NAVI Protocol is a lending platform based on Sui. On October 7, the platform’s native token NAVI was launched on Bybit Launch.pool It will be launched and trading will start on October 14.

According to DeFiLlama data, the TVL of the NAVI Protocol platform was close to US$400 million on October 13, and it is also the application with the highest TVL on the Sui chain.

In addition, NAVI Protocol not only received strategic investment from Cetus in January this year, but also completed a $2 million financing led by OKX Ventures, Hashed, etc., and acquired Volo, a liquidity pledge protocol on the Sui chain. This means that NAVI Protocol not only supports lending, but also supports the pledge of SUI native tokens.

6. Scallop, a one-stop lending platform

Scallop is also a one-stop lending protocol based on Sui chain. It not only supports crypto asset mortgage lending, but also integrates trading, liquid pledge, cross-chain and other functions.

On October 10, Scallop announced that it had received investment from the Sui Foundation. Prior to this, it had announced two investments. First, in March, it received a $3 million financing led by THE CMS and 6MV, and then in April, it announced that it had received a strategic investment from DWF Labs.

As of October 13, TVL on the Scallop platform is Xiaobai Navigation160 million USD, ranking top 5 in Sui ecosystem.

7. Suilend, a lending platform developed by the Solend team on Solana

Suilend is a lending platform developed by the Solend team on Solana on the Sui chain. Its TVL has reached 187 million US dollars, and it is one of the top three ecological applications on the Sui chain. At present, no tokens have been issued.

8. SustainabilitycontractPlatform Kriya

Kriya is building a suite of DeFi products based on Sui, including cross-chain bridges, AMM trading protocols, and on-chain order book perpetual trading.contract, the platform's 24-hour trading volume was $7 million.

9. Derivatives trading platform Bluefin

Bluefin, formerly known as Firefly and dTrade, is a decentralized perpetual contract protocol during the DeFi Summer period. It received a total of approximately US$30 million in financing in 2021 and announced the launch of the Sui network in October last year.

Meme Track

1. Sui chain hippopotamus Su deng (HIPPO)

Su deng (HIPPO) is a hippo meme project on the Sui chain. It is one of the three major hippo coins along with MOO DENG on Ethereum and Moo deng on Solana. They are all created based on the image of hippopotamus in a Thai zoo. The market value once surpassed MOO DENG on Ethereum and Moo deng on Solana.

As of October 14, HIPPO had a market value of $116 million, making it the Meme coin with the highest market value on the Sui chain. During the same period, Solana's Moo deng had a market value of $130 million, and the market value of MOO DENG on Ethereum was only $35.2 million.

2. BLUB

The image design of BLUE expresses the characteristics of Sui's ecological water system. It is known as a fallen fish in the Sui ocean and will stir up the development of Sui's ecology. The project was launched on June 30 this year and was once the Meme coin with the highest market value on the Sui chain.

On October 14, BLUB’s market value was 51 million US dollars, ranking second among Sui Chain Meme projects.

3. Sui Ecosystem’s dog project Fud The Pug (FUD)

Fud The Pug (FUD) is a pug project within the Sui ecosystem. It was distributed to Sui ecosystem users for free in the form of an airdrop at the end of December last year. It was launched relatively early, and its market value was 50 million US dollars as of October 14.

4. Meme coin issuance platform Pump.fun

MovePump is a Meme distribution platform launched by NFT trading platform BlueMove on Sui and Aptos. Its working mechanism is similar to Pump.fun. The deployment fee for each Meme token is only 0.5SUI. More than 50 Meme projects have been created recently, and the number is still increasing.

5. Hopdot.fun launched by DEX aggregator Hop

Hopdot.fun is a Meme coin issuance platform launched by Hop, a DEX aggregator on the Sui chain. It was originally scheduled to go online on October 12, but has now been postponed to October 20.

The article comes from the Internet:The price of SUI coins hit a record high and Meme coins surged. How to participate in the rising Sui ecosystem?

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