The SUI ecosystem is developing rapidly, with a market capitalization ranking in the top 20.

In the past week, the unlocking of SUI tokens and the launch of the cross-chain bridge on the mainnet, along with the unprecedented popularity of meme tokens, have driven SUI to a new wave of growth, with its market capitalization rising to the top 20.

Overview

Sui is a permissionless PoS Layer 1 blockchain developed by Mysten Labs, designed to provide instant settlement and high throughput, supporting latency-sensitive decentralized applications. The project was founded by members of the original Facebook Libra/Diem team and has gained capital attention and funding.

Market Performance

2024 SUI performs brilliantly:

• Market capitalization growth: 120% quarter-on-quarter increase in Q4 2023, with a further 176% increase in Q1 2024.
• Price Trend: Volatile increase, reached an all-time high of $2.18 on March 27
• Current price: $1.92 (as of October 3)
• Three-month increase exceeds 100%

Sui Ecosystem Projects

DeFi project

• Cetus: a DEX with a TVL of $180 million
• DeepBook: Order Book DEX
• Navi: A lending platform with a TVL of $410 million
• Scallop: A lending protocol with a TVL of $170 million.
• Suilend: The lending project of Solend on Sui.

wallet

• OKX Wallet: Multi-chain Wallet
• Sui Wallet: Mainstream Ecological Wallet
• Suiet: Open-source self-hosted wallet

Game

• SuiPlay0x1: lightweight handheld gaming device
• DARKTIMES: Battle Royale Game

Meme Token

• $Hippo: market capitalization of $129 million
• $BLUB: market capitalization of 50.52 million USD
• $FUD: market capitalization 36.21 million USD

Team Members

Mysten Labs was founded by former Meta executives and the chief architect of Diem:

• Evan Cheng: Co-founder and CEO
• Sam Blackshear: Chief Technology Officer
• George Danezis: Chief Scientist
• Avery Ching: CTO

Token Economics

Total supply of 10 billion SUI, main allocation:

• Unlock after 2030: 52.2%
• Community Reserve: 10.6%
• Staking Subsidy: 9.5%
• Series A investors: 7.1%
• Series B investors: 7%

Key Events of 2024

• Network upgraded to version V1.34.2
• Launch the Hydropower Accelerator Program and Enoki Enterprise Platform
• Circle native USDC login
• Sui Bridge mainnet launched
• Grayscale launched SUI Trust Fund
• Hold multiple community events

Technical Advantages

• Object-oriented account model
• Native randomness support
• Native Zero-Knowledge Proof ( ZKP )
• Innovative features such as zkLogin

Prospects and Challenges

Advantages:

• Technological Innovation
• Strong team background
• High market heat

Challenge:

• Intense market competition
• The sustainability of Meme is in doubt.
• Lack of blockbuster applications
• Transparency issues

SUI has long-term development potential due to its technological innovation and team strength. However, investors still need to closely monitor its ecological development progress and assess market risks.