Overview of SUI Ecosystem Hot Projects

Recently, the focus of the cryptocurrency market has mainly concentrated on two aspects. The first is the continuous development of meme tokens, with projects like lowercase Neiro and MOODENG performing remarkably on different public chains, continuously creating a wealth effect. The second is the performance of the SUI public chain, which emerged as a Layer 1 project at the end of the last cycle. Despite its controversial token distribution method, the recent price performance has been strong, rising from $0.76 at the beginning of September to a peak of $2.16, an increase of about 185%.

The recent market movement of SUI is driven by institutions, focusing on the narrative of replacing Solana. The influx of funds has not only boosted the price of SUI but also promoted the overall development of its ecosystem, including total value locked (TVL), ecosystem projects, and even the price increase of related meme tokens.

Here are several projects in the SUI ecosystem worth paying attention to:

Cetus

Cetus is the largest decentralized exchange (DEX) in the SUI ecosystem, using a concentrated liquidity protocol similar to Uniswap V3. Its product line includes DEX, liquidity pools, gun pools, yield vaults, and Launchpad, among others. Cetus also integrates the central limit order book DeepBook and the Wormhole cross-chain bridge.

Cetus's Launchpad provides an IDO platform for SUI ecosystem projects, and holding xCETUS allows participation. The past few IDOs have all experienced oversubscription, which is an important factor in Cetus maintaining its leading position in the DEX space.

Currently, the locked-up volume on the Cetus platform exceeds 200 million USD, ranking fourth in the SUI ecosystem, with an 83% increase over the past month. Its token $Cetus has seen a price increase of 180% in 30 days, with the current price around 0.17 USD, close to its all-time 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 on SUI, similar to Aave on Ethereum, providing lending services. Currently supports assets such as SUI, vSUI, NAVX, USDT, USDC, CETUS, WETH, etc. The deposit interest rate for stablecoins is approximately 7%, while it is 4% for SUI.

NAVI is the project with the highest locked amount in the SUI ecosystem, growing by 52% in one month, with a total locked amount reaching 500 million USD. However, the performance of its token $NAVI is not as impressive as the product. Although it has risen over 150% in the past 30 days, there is still a certain gap from its historical peak. The current token price is about 0.15 USD, with a historical high of 0.357 USD, and a current market capitalization of 36.62 million USD.

Scallop

Scallop is another lending protocol on SUI. In March of this year, Scallop completed a $3 million strategic financing round led by CMS Holdings and 6th Man Ventures, with participation from Mysten Labs (the parent company of SUI), Cetus, and others. At the end of April, Scallop received a strategic investment from DWF Labs, which will become Scallop's main liquidity provider on major centralized exchanges.

The Scallop token $SCA experienced a downturn after its launch, but has recently rebounded, increasing by 52% over the past month. The current price is approximately $0.376, with an all-time high of $1.28 and a market capitalization of $20.34 million.

Meme Token

Several meme tokens worth noting have also emerged in the SUI ecosystem:

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

2. AAA: Using a black cat as its image, it is an emoji pack on the SUI name service. In the past seven days, it has increased by as much as 293%, with a current price of about $0.0019 and a market capitalization of $19 million.

3. BLUB: The image is a fish with a Pepe face, which was once the largest meme coin on SUI. The current price is about $0.0000123, with a market cap of $40 million, down 9.8% in the last seven days.

The development of these projects demonstrates the vitality and diversity of the SUI ecosystem, attracting a large number of investors' attention, from DeFi protocols to meme tokens. However, investors still need to be cautious and closely monitor market trends and project developments.