Leading the major public chains, what are the popular projects in the Sui ecosystem that are worth paying attention to?

Author: Socra, Golden Finance

On November 11, the L1 public chain Sui project's token SUI reached an all-time high of $3.3. Meanwhile, its on-chain ecological project Cow Protocol (COW) was listed on Binance just five days ago, further attracting community attention to the future potential of this new-generation public chain.

At the same time, Sui's ecological tokens saw a general rise, including CETUS, DEEP, NAVX, and related meme coins. In this regard, some institutions predict that Sui will be among the top ten trends in the development of the crypto industry over the next 12 months. So why is Sui leading the rise among major public chains, and what early popular projects on its chain are worth paying attention to?

1. Sui's Ascending Channel

In May 2023, Sui officially launched on exchanges, after which the project token fell to around $0.37. However, with the arrival of a new bull market, SUI experienced a surge, reaching an all-time high of $2 at the end of March this year, marking an increase of approximately 440% from its lowest point.

But soon after, SUI fell sharply as the crypto market cooled, dropping to around $0.46, a decline of 77%. Therefore, in the last crypto bull market, SUI's overall returns were relatively average compared to similar projects.

However, entering the second half of this year, SUI entered a period of explosive growth. In August, it recorded over 140% in a single week, and in September and October, SUI showcased remarkable strength again, rising from $0.74 to $2.368, an increase of 220%.

Just when many thought SUI had peaked and started shorting it, SUI continued to climb. With Trump's victory and the crypto market warming up, SUI reached a peak of $3.3, representing an increase of about 346% from its low of $0.74.

In a year where public chain project returns have generally been poor, Sui's performance stands out.

According to DefiLLama data, Sui's current TVL is $1.46 billion, with a 49.14% increase over the past week, ranking 8th among public chains. Additionally, according to CoinMarketcap data, SUI's market capitalization has risen to 15th in the crypto space, surpassing BCH, currently reported at $9.068 billion.

The rise of Sui is attributed to various factors; besides the overall recovery of the crypto market, it is more due to the accumulation of many favorable factors.

In October this year, Grayscale opened private fund subscriptions for qualified investors, including SUI and 19 other tokens. Valour also launched the Valour Sui (SUI) ETP on the Swedish stock market Spotlight, providing retail and institutional investors with investment opportunities in SUI.

The Sui project team is also actively working, such as establishing a blockchain developer and entrepreneur incubator in Dubai and planning to launch the handheld gaming device SuiPlay0X1 in 2025. Additionally, in August this year, Mysten Labs launched a new consensus engine, Mysticeti, which can reduce latency on the Sui blockchain to some extent.

Analysts have noted that compared to Solana and Ethereum, Sui's lending protocols offer higher yields. Among them, Scallop provides the highest stable returns, with staking SCA to obtain veSCA allowing for borrowing with a maximum yield of 45%.

2. Popular Ecological Projects

The wealth effect brought by SUI has also activated its on-chain ecosystem, with many community members shifting their focus to early projects and MEME coins on Sui. According to information from the Sui official website, there are currently 86 projects listed, with many in the infrastructure, DeFi, and GameFi categories.

1. DeFi

NAVI Protocol

Navi is a native one-stop liquidity protocol and lending platform on Sui, providing collateralized loan/lending services for SUI, USDC, USDT, wETH, and wBTC, and supporting features such as isolated pools, flash loans, and upcoming cross-chain loans/lending. It allows users to participate in the Sui ecosystem as liquidity providers or borrowers. Liquidity providers supply assets to the market and earn passive income through yields, while borrowers can flexibly obtain loans in different assets.

Currently, the project token NAVX is priced at $0.18, with a market capitalization 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 operating on the Sui and Aptos blockchains. It utilizes the concentrated liquidity market maker (CLMM) paradigm, integrating elements from Uniswap V3 and Trader Joe to provide advanced trading and liquidity options.

Currently, the CETUS token is priced at $0.36, with a market capitalization of $219 million.

The Cetus Q3 2024 report shows that TVL has surpassed $200 million, with nearly 2 million users. Total trading volume has exceeded $13 billion, a 47% increase from the previous quarter. The user count has 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 to provide low latency and high execution engines to spread liquidity throughout the DeFi ecosystem.

The project token DEEP is currently priced at $0.077, with a market capitalization of approximately $194 million.

Scallop

Scallop is a currency and lending market within the Sui ecosystem, dedicated to building a dynamic currency market that offers high-interest lending, low-fee borrowing, AMM, and asset management tools on a unified platform, providing SDKs for professional traders.

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

Currently, the project token SCA is priced at $0.57, with a market capitalization 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 staking protocol based on Sui, allowing anyone to stake their SUI tokens and contribute to the governance and decentralization of the Sui blockchain. Meanwhile, users will receive haSUI as a reward, enabling them to continue participating in DeFi activities for additional earnings.

Turbos Finance

Turbos Finance is a non-custodial liquidity layer built on the Sui Network, providing an automated market maker (AMM) decentralized exchange with a concentrated liquidity market maker (CLMM) model and derivatives trading capabilities.

The project token is currently priced at $0.0053, with a market capitalization of approximately $9.75 million.

2. GameFi

Sui 8192

Sui 8192 is an on-chain game inspired by 2048, developed by the Ethos team. Players can achieve high scores by combining blocks and submitting them to the leaderboard. Additionally, users can pre-approve transactions in Ethos to speed up gameplay.

Panzerdogs

Panzerdogs is an NFT game project where users can own every asset in the game and use them to battle each other in tanks. It is similar to Brawl Stars but features tanks and a monetization mechanism.

Arcade Champion

Arcade Champion is a reimagining of classic arcade games, combining NFT and gameplay elements with familiar single-player and multiplayer competitive mini-games. The game uses a hero-based system, with NFTs representing each player's unique character. These NFTs can be upgraded, traded, and fused, playing a key role in both single and dual-player modes, allowing players to accumulate prizes and coins to achieve arcade dominance.

Haven's Compass

Haven's Compass is a first-person tactical shooter developed by Ghost Ivy. It focuses on fast-paced shooting gameplay, with both multiplayer and single-player modes appearing in the final version of the game.

Final Stardust

Final Stardust is an upcoming media franchise game, with its first installment being Final Stardust: Cosmic Nexus, a digital collectible card game inspired by Japanese/anime TCG games like Pokémon and Yu-Gi-Oh.

Meme:

Turbos.Fun

On November 7, the meme token launch platform Turbos.Fun on the Sui chain officially went live, with trading volume exceeding $5 million within the first 24 hours and launching over 1,300 projects.

HIPPO

The Sui version of the popular meme hippo SU DENG currently has a market capitalization of approximately $136 million.

BLUB

The first meme coin on Sui, themed around ocean fish, currently has a market capitalization of $30 million.

Uni

Named after the dog of SUI's founder, currently has a market capitalization of $167 million.

SHORK

A shark-themed meme token on Sui, currently has a market capitalization of $5 million.

Conclusion

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