The SUI ecosystem is developing rapidly, with a market capitalization entering the top 20.

Recently, the unlocking of SUI tokens and the launch of the cross-chain bridge on the mainnet, along with the rising popularity of meme tokens, have propelled SUI to lead a new wave of growth, with its market capitalization ranking in the top 20.

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

Market data shows that SUI has performed strongly since the fourth quarter of 2023, with a quarter-on-quarter market capitalization growth of 176% in the first quarter of 2024. On March 27, SUI reached an all-time high price of $2.18. As of October 3, the price of SUI is approximately $1.92, having increased by over 100% in the past three months.

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 USD
• Navi: The largest lending platform by TVL, managing $410 million in assets.
• Scallop: Another major lending protocol, managing $170 million in assets.

Wallet:

• OKX Wallet: Supports multi-chain functionality
• Sui Wallet: One of the most widely used SUI ecosystem wallets.

Game:

• SuiPlay0x1: Lightweight handheld gaming device, over 2000 units for pre-sale
• DARKTIMES: The battle royale game supported by Animoca

Meme Token:

• $Hippo: market capitalization exceeds 100 million USD
• $BLUB: market capitalization approximately 50 million USD
• $FUD: market capitalization of approximately 36 million USD, integrating multiple DeFi and GameFi projects

The economic model of SUI maintains network activity through staking rewards and community incentives, while driving token usage through smart contracts and DApp innovations.

2024 SUI Key Events:

• Network upgraded to version V1.34.2
• Circle native USDC is about to launch
• Sui Bridge officially launched on the mainnet
• Grayscale launches SUI trust fund

SUI technical advantages:

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

The development prospects of SUI are promising, but it still faces challenges such as market competition and a lack of blockbuster applications. Investors should closely monitor its ecological development progress and assess market risks.