Recent Dynamics and Ecological Development of SUI

This week, with the unlocking of SUI tokens and the launch of the cross-chain bridge mainnet, along with the surge in popularity of meme tokens, SUI has led a new wave of price increases, entering the top 20 by market capitalization.

Overview

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

Market Performance

SUI performs outstandingly in 2024:

• Market capitalization growth: A quarter-on-quarter increase of 120% in the fourth quarter of 2023, followed by a further increase of 176% in the first quarter of 2024.
• Price Trend: Overall, there is an upward trend in 2024, reaching an all-time high of $2.18 on March 27.
• Current Price: $1.92( as of October 3 )
• All-time high: $2.18(20 on March 27, 2024 )
• Increase: Up more than 100% in the past three months

Sui Ecosystem Projects

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

DeFi project:

• Cetus: DEX with a TVL of $180 million
• DeepBook: The first 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 first project of Solend on Sui

Wallet:

• OKX Wallet
• Sui Wallet
• Suiet

Game:

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

Meme Token:

• $Hippo: Market cap of $128 million
• $BLUB: Market Cap $50.51 million
• $FUD: Market Cap $36.2 million

Team Members

Mysten Labs was founded by former executives of Meta( Facebook) and the chief architect of the Diem blockchain:

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

Token Economics

• Total Supply: 10 billion SUI
• Main Distribution:
  • 52.2% allocated for distribution after 2030
• 10.6% Community Reserve
• 9.5% staking subsidy
• 7.1% Series A investors
• 7%B round investors

Important Events of 2024

1. Network iteration updated to version V1.34.2
2. Launch the Hydropower program and Enoki 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 Sui Builder House and Sui Connect community events

Technical Advantages

1. Object-oriented account model
2. Native Randomness Support
3. Native Zero-Knowledge Proof ( ZKP ) support

Prospects and Challenges

Advantages:

• Excellent technical strength
• Powerful R&D team
• Gain market popularity and capital support

Challenge:

• Market competition is fierce
• The sustainability of Meme popularity is in doubt.
• Lack of blockbuster applications
• The transparency of token economics is in question.