The price of SUI has reached a historic high, and Meme coins are surging. How to participate in the rising Sui ecosystem?

Author: Grapefruit, ChainCatcher

Editor: Nianqing, ChainCatcher

On October 13, the closing price of the SUI token surpassed $2.2, setting a new historical high, with its market capitalization entering the top 20, and the upward trend continues. By October 14, the price had already exceeded $2.3, with an increase of over 30% in the past two days. The latest monitoring data from traders shows that the performance of the SUI token has surpassed that of TON, making it the best-performing public chain token from the beginning of 2024 to now.

At the same time, multiple ecological Meme project tokens such as HIPPO, BLUB, and FUD have also seen concentrated surges, with increases exceeding 10 times. In addition, the two major DeFi applications within the ecosystem: the lending protocol NAVI Protocol and the order book exchange DeepBook, will officially start token trading on October 14.

The strong performance of the SUI token and ecological projects has attracted significant attention from the crypto market, with large amounts of capital flowing into the SUI ecosystem in search of wealth opportunities. According to Cointelegraph, nearly 27% of the funds that flowed out of Solana in September have shifted to SUI.

According to DeFiLlama data, the trading volume of funds on the Sui chain in the past 7 days has exceeded $1.32 billion, ranking sixth in the entire public chain market, with Arbitrum in fifth place.

How to seize new wealth opportunities amid the rise of the Sui chain ecosystem has become a hot topic in the crypto community.

SUI Token Accumulated Increase Exceeds 400%, Ecosystem TVL Surpasses $1 Billion

Looking at the K-line chart of the SUI token's trend, August 7 marks the starting point of the SUI token's rise. On this day, Grayscale announced the launch of the Sui native token SUI investment trust fund, after which the price of SUI began an astonishing rise, climbing from a low of $0.5 to a high of $2.3 on October 13, with an accumulated increase of over 400% in two months, and its market capitalization has also entered the top 20.

In just two months, the outstanding performance of Sui's token price has attracted attention not only from crypto investors but also prompted the entire crypto industry to re-evaluate this high-performance Layer 1 network. Some crypto users even hope that Sui will become the next Solana, leading to a massive influx of funds in search of opportunities, and the ecosystem has begun to concentrate and explode, with waves of Meme speculation and DeFi application booms.

According to DeFiLlama data, on October 1, the total locked value (TVL) of the Sui mainnet officially surpassed $1 billion, with a monthly increase of about 50%. Now, the amount of crypto assets locked on the Sui chain has risen to the top 7 in the entire blockchain market.

In addition to the growth in token price and TVL, other indicators such as the number of users and trading volume in the Sui ecosystem are also steadily increasing. Especially in terms of trading volume, according to the SuiSVison browser, Sui's daily transactions have surged from a few million to multiple peaks exceeding 100 million in October, with the highest daily trading volume reaching 117 million on October 5, setting a new historical high.

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

New Consensus Mysticeti Enhances Network Performance, Native Cross-Chain Bridge Introduces New Funds to the Ecosystem

Sui, created by a team that participated in Facebook's digital currency Libra, has attracted significant attention since its inception as a Layer 1 project.

If Grayscale's endorsement is the starting point for the explosive rise in SUI token prices, then the growth in Sui's ecosystem TVL and trading volume relies heavily on the improvement of its own ecological infrastructure.

Grayscale's approval of the Sui investment fund trust undoubtedly enhances the project's visibility and recognition among institutional investors. This move not only attracts the attention of institutional investors to Sui but also provides ordinary investors with a new investment channel. On October 9, the Sui fund trust was officially opened to investors, allowing them to invest in SUI tokens through holding the fund. As of October 14, the assets managed by Grayscale's Sui fund trust have surpassed $3 million.

If Grayscale is an external factor driving the development of the Sui ecosystem, then the improvements and breakthroughs in network performance and infrastructure construction are the solid foundation for its thriving ecosystem.

In a recent blog post by founder Evan, the vision of Sui aims to become the collaborative layer of the internet, where developers can coordinate or collaborate on any actions and behaviors through the Sui network. He gave an example: if someone has a travel plan, they need to buy plane tickets, book hotels, plan travel routes, find food, etc. However, this information is very fragmented, often requiring users to navigate across 4-5 websites to complete these actions. If there were a coordination system, users could complete all these actions with a single operation. Sui hopes to provide such an operating system.

In July of this year, Sui launched a new consensus engine, Mysticeti, primarily to address transaction delays and improve network throughput. The new consensus can reduce latency to 390 milliseconds, an 80% reduction compared to the previous consensus system, making Sui network transactions faster and TPS higher.

In terms of infrastructure construction, regarding user onboarding, Sui launched zkLogin technology last year, allowing users to log into Sui wallets using Web2 accounts like Google or Facebook without complex mnemonic phrases to access decentralized applications (DApps).

Currently, several wallets within the Sui ecosystem, such as Sui Wallet and Wave Wallet, have integrated zkLogin technology, supporting login with email, Google accounts, and other Web2 accounts.

Regarding asset interoperability between multiple chains, Sui has developed a native asset cross-chain bridge, Sui Bridge, which supports cross-chain transactions of native assets between Ethereum and Sui. This means that assets using the Sui Bridge for cross-chain transactions are native assets, unlike common cross-chain bridges that often use wrapped asset mapping.

Sui Bridge officially launched on September 30, currently supporting only native assets like ETH and WETH for cross-chain transactions. Notably, there are no cross-chain fees for asset transfers, and it will subsidize the Gas fees for transfers from Ethereum to Sui. However, it is important to note that the current transfer limits for this cross-chain bridge are capped, with a transfer amount of $8 million from Ethereum to Sui and $5 million from Sui to Ethereum every 24 hours.

In terms of ecosystem development, Sui has not only provided a channel for capital inflow into the Sui ecosystem through the official cross-chain bridge Sui Bridge but has also undertaken multiple series of actions: on October 8, Circle announced the official issuance of native USDC on the Sui chain; the cross-chain transfer protocol CCTP has also been launched on the Sui chain, allowing developers to build more native asset interoperability across chains.

Additionally, in terms of early project support, Sui has not only hosted hackathon events but also provided donation support.

In March of this year, Sui launched its first hackathon event, Sui Overflow. According to official reports, over 2,000 participants took part in this event, submitting more than 350 projects, with 32 teams ultimately winning awards. Projects such as the prediction platform Pandora Finance, DEX aggregator Hop Aggregator, and wallet Wave Wallet emerged as award-winning projects from this competition.

At the same time, early-stage projects in the ecosystem can also apply for donation support from SuiGrants. Data shows that SuiGrants has already supported 86 projects, with a total funding of $4.72 million.

What Projects Can Be Participated in the Sui Ecosystem?

Currently, according to the Sui ecosystem entry Sui.directory, there are already 86 native projects recorded, covering games, DeFi, and infrastructure.

Games

Web3 Version of the Steem Game Console SuiPlay

SuiPlay is a gaming console hardware device launched in collaboration between Mysten Labs and game system operator Playtron, with the first physical handheld console SuiPlay0X1 released in September. It will integrate native games from the Sui chain while supporting games from various game libraries like Steam, and is regarded as the "Web3 version of Steam."

The SuiPlay0X1 handheld console officially began pre-sales during the KBW conference in September, priced at $599 each. Users can pay using SUI, SOL, or ETH assets. It is reported that within a week of sales, orders exceeded 2,000 units, and the first 1,000 pre-order customers will receive a special soul-bound NFT, granting them special access, rewards, and benefits. Many crypto users participating in the pre-order regard SuiPlay0X1 as the next Saga phone, expecting few potential project airdrop opportunities.

The official statement indicates that SuiPlay0X1 has integrated shooting games like Xociety and dark games like DarkTimes built on the Sui network. The former, Xociety, received $7.5 million in Series A funding led by Hashed and the Sui Foundation in June this year, while the latter, DarkTimes, also received investment from institutions like Animoca Brands in April this year.

It is important to note that as of October 13, the SuiPlay0X1 physical device has not yet been released, with the official announcement stating it will be officially launched in 2025.

DeFi Applications

1. Order Book Exchange DeepBook

DeepBook is a decentralized central limit order book exchange based on Sui, with its native token DEEP set to launch on October 14, with a maximum supply of 10 billion.

2. Cetus, the DEX with the Highest Trading Volume on the Sui Chain

Cetus is a DEX platform focused on ecosystems based on Move technology, such as Aptos and Sui, established in 2022. It is also one of the earliest DEX platforms launched in the Sui ecosystem and has the highest trading volume on the Sui chain, with over $160 million in trading volume in the last 24 hours. According to DeFiLlama data, Cetus has a TVL of $228 million on the Sui chain, ranking second among Sui ecosystem applications.

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

3. Multi-Functional Platform Aftermath with DEX and Liquidity Staking

Aftermath is a decentralized trading platform based on Sui, which also integrates various functions such as liquidity staking for SUI tokens. It supports user trading and allows users to stake SUI tokens on the platform to earn PoS rewards 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, which received institutional investment from Jump Crypto and support from the Sui Foundation in March last year.

In the current wave of Meme speculation on the Sui chain, Turbos has positioned itself as a Meme hub, regarded as the Raydium of the Sui chain, supporting the issuance and trading of Meme coins, such as BLUE and FUD, which are among the top traded on the platform.

Recently, with the arrival of the Meme craze, the TVL on the Turbos platform has also surged, rising to $26 million, with an increase of over 143% in the past month, making it the fastest-growing DEX platform.

5. NAVI Protocol, the Lending Protocol with the Highest TVL on the Sui Chain

NAVI Protocol is a lending platform based on Sui. On October 7, its native token NAVI was launched on Bybit Launchpool and will start trading on October 14.

According to DeFiLlama data, as of October 13, the TVL on the NAVI Protocol platform has approached $400 million, making it the application with the highest TVL on the Sui chain.

Additionally, NAVI Protocol not only received strategic investment from Cetus in January this year but also completed a $2 million financing round led by OKX Ventures and Hashed, and acquired the liquidity staking protocol Volo on the Sui chain, indicating that NAVI Protocol supports both lending and staking of the SUI native token.

6. One-Stop Lending Platform Scallop

Scallop is also a one-stop lending protocol based on the Sui chain, supporting crypto asset collateralized lending while integrating trading, liquidity staking, cross-chain, and other functions.

On October 10, Scallop announced it had received investment from the Sui Foundation. Prior to this, it had announced two rounds of funding, first raising $3 million in March led by THE CMS and 6MV, followed by another round of strategic investment from DWF Labs in April.

As of October 13, the TVL on the Scallop platform is $160 million, ranking in the top five of the 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 the Sui chain, with a TVL of $187 million, ranking among the top three ecological applications on the Sui chain. Currently, it has not yet issued a token.

8. Perpetual Contract Platform Kriya

Kriya is building a series of DeFi product suites based on Sui, including cross-chain bridges, AMM trading protocols, and on-chain order book perpetual trading contracts, with a trading volume of $7 million in the last 24 hours.

9. Derivatives Trading Platform Bluefin

Bluefin, formerly known as Firefly and dTrade, is a decentralized perpetual contract protocol from the DeFi Summer period, which raised approximately $30 million in total funding in 2021 and announced its launch on the Sui network in October last year.

Meme Track

1. Sui Chain Hippo Su deng (HIPPO)

Su deng (HIPPO) is a hippo Meme project on the Sui chain, alongside MOO DENG on Ethereum and Moo deng on Solana, forming the three major hippo coins, all based on the hippo image from a Thai zoo. Its market capitalization once surpassed that of MOO DENG on Ethereum and Moo deng on Solana.

As of October 14, HIPPO's market capitalization is $116 million, making it the highest-valued Meme coin on the Sui chain, while the market capitalization of Solana's Moo deng is $130 million, and Ethereum's MOO DENG is only $35.2 million.

2. BLUB

BLUB is designed to express the characteristics of the Sui ecosystem's water system, claiming to be a fallen fish in the Sui ocean that will stir the development of the Sui ecosystem. This project was launched on June 30 this year and was once the highest-valued Meme coin on the Sui chain.

As of October 14, BLUB's market capitalization is $51 million, ranking second among Meme projects on the Sui chain.

3. Dog Project in the Sui Ecosystem Fud The Pug (FUD)

Fud The Pug (FUD) is a pug project within the Sui ecosystem, which was distributed for free to Sui ecosystem users via airdrop at the end of December last year. It launched relatively early, with a market capitalization of $50 million as of October 14.

4. Meme Token Issuance Platform Pump.fun

MovePump is a Meme issuance platform launched by the NFT trading platform BlueMove on Sui and Aptos, operating similarly to Pump.fun, with each Meme token deployment fee being only 0.5 SUI. Recently, it has created over 50 Meme projects, and the number continues to grow.

5. Hopdot.fun Launched by DEX Aggregator Hop

Hopdot.fun is a Meme token issuance platform launched by the DEX aggregator Hop on the Sui chain, originally planned to go live on October 12 but has now been postponed to October 20.