Recent developments of SUI: market capitalization breaks into the top 20, TVL exceeds 1 billion USD

Recently, the unlocking of the SUI token and the launch of the cross-chain bridge on the mainnet, combined with the surging popularity of meme tokens, have propelled SUI to lead a new wave of price increase, with its market capitalization jumping into the top 20.

SUI, developed by Mysten Labs, is a permissionless, PoS-based Layer 1 blockchain designed to provide instant settlement and high throughput. The project was founded by members of the original Facebook Libra/Diem team and has received capital favor and financing support.

According to the 2024 market data, SUI performed outstandingly:

• Significant increase in market capitalization: 120% quarter-on-quarter growth in Q4 2023, followed by a further growth of 176% in Q1 2024.
• Price hits a new high: reached a historic high of $2.18 on March 27, 2024.
• Current price: $1.92(2024 October 3, 2024 )
• Three-month increase of over 100%

The SUI ecosystem is rapidly expanding, attracting numerous developers and enterprises to participate. Major projects include:

DeFi projects:

• Cetus: DEX with a TVL of $180 million
• Navi: A lending platform with a TVL of $410 million.
• Scallop: A lending protocol with a TVL of $170 million

Wallet:

• OKX Wallet
• Sui Wallet
• Suiet

Game:

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

Meme Token:

• $Hippo: market capitalization 1.28 million USD
• $BLUB: market capitalization 5051 million USD
• $FUD: market capitalization 36.2 million USD

SUI Token Economics:

• Total Supply: 10 billion SUI
• 52.2% will be unlocked after 2030
• Maintain network activity through staking rewards and community incentives.

Key Events in 2024:

1. Network upgraded to version V1.34.2
2. Launch the Hydropower Accelerator Program and Enoki Business Solutions Platform
3. Circle's native USDC is about to launch
4. Sui Bridge officially launched on the mainnet
5. Grayscale Launches SUI Trust Fund
6. Hold multiple community events

SUI Technical Advantages:

• Object-oriented account model
• Native randomness support
• Native Zero-Knowledge Proof

SUI has long-term development potential, but still faces challenges such as market competition and a lack of blockbuster applications. Investors should closely monitor its ecosystem development progress and carefully assess risks.