The popularity of the SUI public chain ecosystem is rising, overview of major projects

Recently, the cryptocurrency market has shown two major focal points: the meme coin sector remains hot, and the strong rise of the SUI public chain ecosystem. As an emerging Layer 1 public chain, SUI has seen its price surge by about 185% in the past one and a half months, rising from $0.76 to $2.16, almost reaching an all-time high.

The current hype around SUI is mainly driven by institutional funds and the narrative of being a "Solana alternative." The influx of funds not only pushed up the price of SUI but also drove a general increase in the total locked value ( TVL ) within its ecosystem, as well as a rise in ecological projects and even meme coins.

Let's take a closer look at several important projects worth noting in the SUI ecosystem:

Cetus: Leading DEX in the SUI Ecosystem

Cetus, as the largest decentralized exchange in the SUI ecosystem, adopts a concentrated liquidity protocol similar to Uniswap V3. Its product line is rich, including DEX, liquidity pools, yield farms, treasury, and Launchpad, among others. The platform also integrates the central limit order book DeepBook and the cross-chain bridge Wormhole, further enhancing its functionality.

Cetus's Launchpad feature provides an IDO launch platform for SUI ecosystem projects, which is also an important factor in maintaining its leading position in the DEX market. Currently, the platform's locked amount exceeds 200 million USD, ranking fourth in the SUI ecosystem, with a growth of 83% over the past month.

The native token of Cetus, $CETUS, has increased in price by 180% over the past 30 days, currently nearing $0.17 and about to challenge its historical high of $0.186. The current market cap is approximately $54.52 million, ranking 638th on Coingecko.

NAVI: The Top Lending Protocol of the SUI Ecosystem

NAVI is the first native one-stop liquidity protocol on SUI, similar to Aave on Ethereum. It offers lending services for various assets, including SUI, vSUI, NAVX, USDT, USDC, CETUS, and WETH. The deposit interest rate for stablecoins is approximately 7%, while the deposit interest rate for SUI is 4%.

NAVI is currently the project with the highest locked value in the SUI ecosystem, reaching 500 million dollars, with a growth of 52% within a month. However, the performance of its token $NAVI has lagged relatively. Although it has risen over 150% in the past 30 days, it still has a significant gap to its historical peak. Currently, the price of $NAVI is about 0.15 dollars, with a historical peak of 0.357 dollars and a current market capitalization of 36.62 million dollars.

Scallop: The Highly Anticipated Lending Protocol

Scallop is another important lending protocol in the SUI ecosystem. In March of this year, Scallop completed a strategic financing of $3 million, with investors including well-known institutions such as CMS Holdings, 6th Man Ventures, and SUI's parent company Mysten Labs.

At the end of April, Scallop announced that it has received strategic investment from DWF Labs. DWF Labs will become Scallop's main liquidity provider on major centralized exchanges and will support over-the-counter (OTC) trading.

The token $SCA of Scallop experienced a period of decline after its launch, but has recently rebounded, rising 52% in the past month. Currently, the price of $SCA is approximately $0.376, with a historical high of $1.28 and a current market capitalization of $20.34 million.

The Meme Coin Craze of the SUI Ecosystem

In addition to DeFi projects, the meme coins in the SUI ecosystem have also attracted market attention:

1. HIPPO: Inspired by the Thai internet celebrity hippo "Bouncing Pig" MOODENG. The current price is approximately $0.0148, with a market capitalization of $148 million, and an increase of 17% over the past week.

2. AAA: A meme coin featuring a black cat, derived from the emojis on the SUI Name Service. It has risen by as much as 293% in the past seven days, with a current market cap of $19 million.

3. BLUB: The image is a fish with a Pepe expression, which was once the largest meme coin in the SUI ecosystem. Since its launch on September 1, it reached a market value of up to 48 million USD, achieving an 11-fold increase. The current market value is approximately 40 million USD.

The rapid development of the SUI ecosystem reflects the intense competition among Layer 1 public chains and the market's enthusiasm for emerging public chains. However, investors still need to cautiously assess risks and closely monitor the long-term development prospects of the projects.