Overview of Popular Projects in the SUI Ecosystem: Decentralized Finance and Memecoins

Recently, the crypto market has been mainly focused on two major hotspots: the continuous iteration of the meme coin track and the strong performance of the SUI public chain. As an emerging Layer 1 public chain, SUI's token distribution method has been controversial, but its coin price performance has been exceptionally bright. From 0.76 dollars at the beginning of September, it surged to a peak of 2.16 dollars, approaching its historical high, with an increase of 185% within a month and a half.

This wave of SUI market is led by institutions, which has raised the slogan "replace Solana." The influx of funds has not only driven up the price of SUI coins but also promoted the development of the entire ecosystem, including a significant increase in Total Value Locked (TVL), ecological projects, and even meme coins.

Let's take a look at the projects and coins in the SUI ecosystem that are worth paying attention to.

Decentralized Finance projects

Cetus

Cetus is the largest decentralized exchange (DEX) in the Sui ecosystem, adopting a concentrated liquidity model similar to Uniswap V3. Its product line includes DEX, liquidity pools, money market pools, yield vaults, and Launchpad, and it integrates the central limit order book DeepBook and the cross-chain bridge Wormhole.

The Launchpad feature of Cetus provides an IDO platform for Sui ecosystem projects, allowing users who hold xCETUS to participate. In the past few IDOs, such as CETUS, SUIA, and NAVX, there have been oversubscriptions, which is also an important reason why Cetus maintains a leading position in the DEX field.

Currently, Cetus's platform locked value exceeds 200 million USD, ranking fourth in the SUI ecosystem, with an 83% growth over the past month. Its token $Cetus has seen a price increase of 180% in the last 30 days, currently trading at approximately 0.17 USD, close to its historical high of 0.186 USD. The current market capitalization is 54.52 million USD, ranking 638th on Coingecko.

NAVI

NAVI is the first native one-stop liquidity protocol in the Sui ecosystem, similar to Aave on Ethereum, providing lending services. Currently supports assets such as 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 the project with the highest amount of locked assets in the SUI ecosystem, growing by 52% over the past month, with a total locked amount reaching 500 million USD. However, its token performance has not been as impressive as the product. Although $NAVI has risen over 150% in the past 30 days, it is still more than 100% away from its all-time high, which contrasts with the situation of SUI and Cetus nearing their historical peaks.

Currently, the trading price of $NAVI is approximately $0.15, with an all-time high of $0.357 and a current market capitalization of $36.62 million.

Scallop

Scallop is another lending protocol in the Sui ecosystem. In March of this year, it completed a strategic financing of $3 million, led by CMS Holdings and 6th Man Ventures, with other investors including Mysten Labs (the parent company of SUI), Cetus, and well-known NFT investor dingaling.

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

The token $SCA of Scallop experienced a period of decline after its listing, but has recently rebounded in the past month, increasing by 52%. However, this increase is still less than that of SUI and other ecosystem tokens. Currently, the trading price of $SCA is approximately $0.376, with a historical high of $1.28 and a current market capitalization of $20.34 million.

Meme Coin Project

HIPPO

The concept of HIPPO originates from the Thai internet celebrity hippo "Bouncing Pig" MOODENG. This meme coin concept first appeared on the Solana chain, where the Sol version of the hippo reached a market value of 330 million USD. Recently, the hippo token on Ethereum has sparked heated discussions due to its donation to Vitalik, which led to its destruction, causing the price to increase tenfold in just four days.

HIPPO is the hippo token in the SUI ecosystem. The current trading price is approximately $0.0148, close to its all-time high of $0.01848. The current market value is $148 million, with a 17% increase over the past seven days.

AAA

The image of AAA is a black cat, derived from an emoji on the Sui Name Service. This is one of the few meme coins in the SUI ecosystem that does not have a marine life theme. The community compares it to the well-known meme coin Popcat on Solana, hoping to achieve similar success.

Currently, the trading price of AAA is approximately $0.0019, with an all-time high of $0.00253. In the past seven days, AAA has increased by 293%, with a current market capitalization of $19 million.

BLUB

The image of BLUB is a fish with a Pepe the Frog face. It was once the most popular meme coin in the SUI ecosystem until it was surpassed by HIPPO.

Interestingly, the token issuance time of BLUB is September 1st, which is very close to the point when the price of SUI started to rise. From a market value of 3.5 million dollars at the time of issuance, BLUB once surged to 48 million dollars, achieving an increase of 11 times.

Currently, the trading price of BLUB is approximately $0.0000123, with a historical high of $0.0000161. Over the past seven days, BLUB has decreased by 9.8%, and the current market value is $40 million.