The popularity of SUI ecosystem projects continues to rise, with impressive performances in the fields of Decentralized Finance and meme coins.

Recently, the focus of the cryptocurrency market has mainly concentrated on two aspects: the ongoing popularity of meme coins and the strong performance of the SUI public chain. As a Layer 1 public chain that has risen during the end of this cycle, SUI's price has surged approximately 185% in the past month and a half, climbing from $0.76 to $2.16, nearly reaching its historical high of $2.18.

This wave of SUI market is driven by institutional funds, with the core narrative aiming to replace the position of Solana. As funds flow in, not only does the price of SUI rise, but the total locked value of its ecosystem, ecological projects, and even meme coins also rise accordingly. Let's take a look at the projects in the SUI ecosystem that are worth paying attention to.

Cetus: The Leading DEX in the SUI Ecosystem

Cetus is the largest decentralized exchange in the SUI ecosystem, adopting a concentrated liquidity model similar to Uniswap V3. Its product line is rich, including 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, further enhancing its functionality.

Cetus's Launchpad feature provides an IDO launch platform for SUI ecosystem projects, and holding xCETUS allows participation in crowdfunding. Previous IDOs such as CETUS, SUIA, and NAVX have all been oversubscribed, which is an important factor for Cetus to maintain its leading position in the DEX field.

Currently, the locked amount on the Cetus platform exceeds $200 million, ranking fourth in the SUI ecosystem, with an increase of 83% over the past month. Its native token $Cetus has seen a price increase of 180% in the last 30 days, with the current price around $0.17, close to the historical high of $0.186. The market capitalization of $Cetus has reached $54.52 million, ranking 638th in the global cryptocurrency rankings.

NAVI: The Lending Giant of the SUI Ecosystem

NAVI is the first native one-stop liquidity protocol on SUI, similar to Aave on Ethereum, primarily providing lending services. It currently supports various assets such as Sui, vSui, NAVX, USDT, USDC, CETUS, and WETH. The platform offers competitive deposit rates, with annualized returns for stablecoin deposits at approximately 7%, while SUI is at 4%.

NAVI is the project with the highest locked value in the SUI ecosystem, growing by 52% in the past month, with a total locked value of up to $500 million. However, the performance of its token $NAVI is slightly inferior to the product data. Although $NAVI increased by more than 150% within 30 days during the surge of SUI, it still has a certain gap from its historical high. Currently, the price of $NAVI is about $0.15, while its historical highest price was $0.357, with a current market value of $36.62 million.

Scallop: A Lending Protocol Favored by Capital

Scallop is another important lending protocol in the SUI ecosystem. In March of this year, Scallop completed a strategic financing of $3 million, led by CMS Holdings and 6th Man Ventures, with participation from SUI's parent company Mysten Labs, Cetus, and well-known NFT collector dingaling.

At the end of April, Scallop received strategic investment from DWF Labs. DWF Labs will act as the main liquidity provider for Scallop on major centralized exchanges and support over-the-counter (OTC) business.

The $SCA token experienced a period of decline after its launch, but has recently shown signs of recovery, rising 52% over the past month. The current price of $SCA is approximately $0.376, with an all-time high of $1.28 and a current market capitalization of $20.34 million.

The Meme Coin Craze of the SUI Ecosystem

HIPPO

HIPPO is inspired by the Thai internet celebrity hippo "Bouncing Pig" MOODENG. This meme concept initially became popular on the Solana chain, then spread to Ethereum, and eventually landed in the SUI ecosystem. Currently, the price of HIPPO is approximately $0.0148, close to its historical high of $0.01848, with a market cap of $14.8 million and a 17% increase over the past week.

AAA

AAA is a meme coin featuring a black cat as its image, originating from an emoji pack on the SUI Name Service. It is one of the few meme coins in the SUI ecosystem that does not have a marine life theme, and the community compares it to the well-known Popcat on Solana. The current price of AAA is approximately $0.0019, with a historical high of $0.00253 and an impressive increase of 293% over the past seven days, with a market cap of about $19 million.

BLUB

The image of BLUB is a fish with a Pepe expression, which used to be the most popular meme coin in the SUI ecosystem until the emergence of HIPPO. Interestingly, the issuance time of BLUB was close to the time when SUI started to rise, soaring from an initial market value of $3.5 million to a peak of $48 million, achieving an 11-fold increase. Currently, the price of BLUB is about $0.0000123, with a historical high of $0.0000161, down 9.8% in the past week, and the market value remains around $40 million.