Recent Updates and Market Performance of SUI

SUI, as a permissionless, PoS-based Layer 1 blockchain, has recently performed impressively, entering the top 20 by market capitalization.

Market Performance

SUI has shown strong performance since the fourth quarter of 2023:

• Market capitalization increased by 120% month-on-month, with a further increase of 176% in the first quarter of 2024.
• Reached an all-time high of $2.18 on March 27, 2024
• As of noon on October 3, 2024, the price is approximately $1.92
• Increased by over 100% in the past three months

SUI Ecosystem Projects

DeFi project

Data shows that there are currently 5 protocols with a TVL exceeding 100m:

1. Cetus: A DEX with a TVL of approximately $180 million, providing liquidity pools.
2. DeepBook: Order book DEX, providing decentralized liquidity layer for Sui
3. Navi: The largest lending platform by TVL, managing approximately $410 million in assets.
4. Scallop: Another major lending protocol, managing approximately $170 million in assets.
5. Suilend: The first project of Solend on Sui

wallet solution

• OKX Wallet: Supports multi-chain functionality including SUI.
• Sui Wallet: One of the most widely used wallets in the SUI ecosystem.
• Suiet: An open-source self-custody wallet built on Sui

game project

• SuiPlay0x1: lightweight handheld gaming device, over 2000 units available for pre-sale
• DARKTIMES: A battle royale game on Sui, developed by Blowfish Studios

Meme token

The meme tokens on SUI have recently gained popularity, but they are quite volatile, so investment should be done with caution. Several major meme tokens include:

• $Hippo: Market cap approximately $129 million
• $BLUB: Market cap approximately $50.52 million
• $FUD: Market cap approximately 36.21 million USD

Key Events in 2024

1. Network iteration update: Mainnet upgraded to version V1.34.2
2. New platform tools: Launch of the Hydropower plan and Enoki platform
3. Circle's native USDC lands on the Sui network
4. Sui Bridge officially launched on the mainnet
5. Grayscale launches SUI Trust Fund, asset management scale exceeds 2.5 million USD
6. Hold multiple community events, such as the Sui Builder House Singapore station.

Technical Advantages

1. Object-oriented account model: Enhancing flexibility and scalability
2. Native Randomness: Provides the foundation for applications like probability games.
3. Native Zero-Knowledge Proof: Protecting User Privacy

Prospects and Challenges

Advantages:

• Excellent technology and a strong R&D team
• Gained wide market attention and capital support

Challenge:

• Facing fierce competition from other L1 projects
• Lack of blockbuster applications
• There are doubts about the tokenomics and project transparency.

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