Overview of Recent SUI Developments and Ecosystem Growth

Recently, with the unlocking of tokens and the launch of cross-chain bridges on the mainnet, as well as the unprecedented popularity of meme tokens, SUI has led a new wave of price increases, ranking among the top 20 by market capitalization.

Overview

Sui is a permissionless, PoS-based Layer 1 blockchain developed by Mysten Labs, founded by members of the original Facebook Libra/Diem team. The project aims to provide instant settlement and high throughput, supporting various latency-sensitive decentralized applications.

Market Performance

Since 2024, SUI has performed remarkably:

• Market value has increased significantly, with a 120% quarter-on-quarter growth in Q4 2023, and a further increase of 176% in Q1 2024.
• The overall price shows an upward trend, reaching a historical high of $2.18 on March 27.
• As of October 3, the price is approximately $1.92, with an increase of over 100% in the past three months.

Sui Ecological Project

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

DeFi project

DefiLlama data shows that there are currently 5 protocols with a TVL exceeding 100 million USD:

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

wallet solution

• OKX Wallet: A multi-chain asset management tool
• Sui Wallet: The most widely used native wallet
• Suiet: Open-source self-custody wallet

Game Project

• SuiPlay0x1: Lightweight handheld gaming device, over 2000 units available for pre-sale.
• DARKTIMES: A battle royale game on Sui, developed by a studio under Animoca.

Meme Token

The meme token on Sui references successful cases from the Solana ecosystem, combined with the water system characteristics of Sui:

• $Hippo: Market cap approximately $129 million
• $BLUB: Market cap approximately $50.52 million
• $FUD: Market cap approximately 36.21 million USD, integrating multiple DeFi and GameFi projects.

Team Members

The core team of Mysten Labs comes from Meta(Facebook)'s Novi research department and the Diem blockchain project:

• Evan Cheng: Co-founder and CEO, former Engineering Director at Facebook
• Sam Blackshear: Chief Technology Officer, principal designer of the Move language
• George Danezis: Chief Scientist, Blockchain and Privacy Protection Expert
• Avery Ching: CTO, former senior engineer at Facebook

Token Economics

Total supply of 10 billion SUI, distributed as follows:

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

Key Events in 2024

1. Network upgraded to version V1.34.2, protocol upgraded to version 60.
2. Launch of the Hydropower Accelerator Program and the Enoki Business Solutions Platform
3. Circle's native USDC is about to land on the Sui network
4. Sui Bridge officially launched on the mainnet, connecting Ethereum and Sui.
5. Grayscale launches Sui Trust Fund, AUM exceeds 2.5 million USD
6. Hold the Sui Builder House Singapore event and the Sui Connect New York community event.

Sui Technical Advantages

1. Object-oriented account model, enhancing flexibility and scalability
2. Native randomness support, suitable for scenarios such as probabilistic games and NFT distribution.
3. Native zero-knowledge proof support, enhancing privacy protection
4. zkLogin feature enables trustless and user-friendly authentication.

Prospects and Challenges

Advantages:

• Outstanding technical strength and innovation
• Experienced team background
• Market enthusiasm and capital support

Challenge:

• Intense market competition
• The driving force behind the subsequent development of Meme projects
• Lack of blockbuster applications
• Project transparency issues

Conclusion

SUI, backed by innovative technology and a strong team, demonstrates long-term development potential. However, in the face of market competition and ecological construction challenges, investors should closely monitor its progress and carefully assess risks.