The SUI ecosystem thrives, and popular projects perform brilliantly

Recently, the focus of the cryptocurrency market has been mainly on two aspects: the continued popularity of meme tokens and the strong performance of the SUI public chain.

In terms of meme tokens, since September, several projects such as Neiro and MOODENG have surged on different public chains, continuously creating a wealth effect. At the same time, SUI, a Layer 1 public chain that emerged at the end of the previous bull market, has also attracted widespread attention from the market.

Despite the controversy surrounding SUI's token distribution method, its recent performance has been quite strong. It rose from $0.76 at the beginning of September to a high of $2.16, approaching its historical high of $2.18, marking a staggering increase of 185% in just one and a half months. This surge was led by institutions, with the narrative of "replacing Solana". With the influx of funds, the TVL of the SUI ecosystem, ecological projects, and even meme tokens have shown significant growth.

Let's take a look at some noteworthy projects in the SUI ecosystem:

Cetus

Cetus is the largest decentralized exchange in the SUI ecosystem, using a concentrated liquidity protocol similar to Uniswap V3. It offers a variety of products, including DEX, liquidity pools, money market pools, yield vaults, and Launchpad. Cetus also integrates the central limit order book DeepBook and the Wormhole cross-chain bridge.

As an important infrastructure of the SUI ecosystem, Cetus's Launchpad provides an IDO launch platform for ecological projects. Users holding xCETUS can participate in IDOs, and many past projects have been oversubscribed, which is one of the key factors that enable Cetus to maintain its leading position in DEX.

Currently, the total locked value on the Cetus platform exceeds 200 million USD, ranking fourth in the SUI ecosystem, with an increase of 83% over the past month. Its native token $Cetus has increased by 180% in price over the past 30 days, with the current coin price at approximately 0.17 USD, close to its historical high of 0.186 USD. Cetus has a market cap of 54.52 million USD, ranking 638 on Coingecko.

NAVI

NAVI is the first native one-stop liquidity protocol in the SUI ecosystem, similar to Aave on Ethereum, mainly providing lending services. It currently supports various assets, including Sui, vSui, NAVX, USDT, USDC, CETUS, and WETH, among others. Its stablecoin deposit rate is approximately 7%, while SUI is 4%.

NAVI is the project with the highest locked amount in the SUI ecosystem, growing by 52% in the past month, with a total locked amount reaching 500 million USD. However, its token performance is not as impressive as the product. Although $NAVI has surged over 150% alongside SUI in the past 30 days, it still has more than 100% upside potential to reach its historical high, contrasting with SUI and Cetus, which are close to their historical peaks.

The current 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 within the SUI ecosystem. In March of this year, Scallop completed a strategic financing round 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 a strategic investment from DWF Labs. DWF Labs will act as Scallop's main liquidity provider on major centralized exchanges and support over-the-counter (OTC) operations.

The token $SCA of Scallop experienced a period of decline after its launch, but has recently shown a slight recovery, increasing by 52% over the past month, although this growth is less than that of SUI and other major ecosystem coins. Currently, the price of $SCA is approximately $0.376, with an all-time high of $1.28 and a current market capitalization of $20.34 million.

Meme Tokens in the SUI Ecosystem

HIPPO

HIPPO is inspired by the Thai internet celebrity hippo "Bouncing Pig" MOODENG. This meme concept initially exploded on the Solana chain, with the market value of the Sol Hippo reaching as high as $330 million. Subsequently, the hippo project on Ethereum gained attention for donating tokens to Vitalik, which were then burned, causing the price to increase tenfold in just four days.

HIPPO is the hippo token in the SUI ecosystem. The current price is about $0.0148, close to the historical high of $0.01848, with a market cap of $148 million and 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 is not themed around marine life, and the community compares it to the well-known meme coin Popcat on Solana.

Currently, the price of AAA is approximately $0.0019, with a historical high of $0.00253 and a recent increase of up to 293% over the past seven days. The current market capitalization is $19 million.

BLUB

The image of BLUB is a fish with a Pepe face, which used to be the hottest meme coin in the SUI ecosystem until it was surpassed by HIPPO. Interestingly, the issuance date of BLUB (September 1) is close to the time when SUI began to rise. It climbed from an initial market value of 3.5 million dollars to a peak of 48 million dollars, achieving an 11-fold increase.

The current price of BLUB is approximately $0.0(6)123, with a historical high of $0.0(6)161. It has decreased by 9.8% in the last seven days, with a current market capitalization of $40 million.