The Rise of SUI Ecological Projects, Layer 1 Track Reignites Waves

Recently, the focus of the cryptocurrency market has mainly been on two directions: the continued popularity of meme coins and the strong performance of the SUI public chain. The meme coin sector is constantly innovating and creating wealth effects. At the same time, as an emerging Layer 1 public chain, SUI has also attracted widespread attention.

As a public chain project that emerged at the end of the last bull market, SUI's token distribution method differs from meme coins that emphasize fair asset issuance, and it is regarded as a typical institutional investor token. However, SUI has recently performed strongly, rising from $0.76 at the beginning of September to a peak of $2.16, close to its historical high of $2.18, with an increase of approximately 185% within a month and a half.

The current hype around SUI was initiated by institutional investors, focusing on the narrative of "replacing Solana." The influx of funds has not only boosted the price of SUI but also driven up its total locked value (TVL), ecosystem projects, and even related meme coins.

Let's take a look at a few projects in the SUI ecosystem that are worth noting:

Cetus

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

Cetus's Launchpad provides an Initial DEX Offering (IDO) platform for SUI ecosystem projects, and holding xCETUS tokens allows participation in the IDO. The past few IDOs, such as CETUS, SUIA, and NAVX, have all experienced oversubscription, which is a key factor in Cetus's leading position in the DEX space.

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 token $Cetus has risen 180% in price over the last 30 days, currently around $0.17, close to its historical high of $0.186. The current market value is $54.52 million, ranking 638th on Coingecko.

NAVI

NAVI is the first native one-stop liquidity protocol in the SUI ecosystem, similar to Aave on Ethereum, providing lending services. It currently supports assets such as Sui, vSui, NAVX, USDT, USDC, CETUS, and WETH. The annual interest rate for stablecoin deposits is approximately 7%, while SUI is 4%.

NAVI is the project with the highest locked value in the SUI ecosystem, growing by 52% in one month, reaching a total of $500 million. However, the performance of its token $NAVI is not as impressive as the product. Despite rising over 150% in the 30 days during the SUI surge, it still has a gap of more than 100% from its historical high, which contrasts with the situation of SUI and Cetus, which are close to their historical highs.

The current price of $NAVI is approximately $0.15, with a historical high of $0.357, and a current market cap of $36.62 million.

Scallop

Scallop is another lending protocol in 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 received strategic investment from DWF Labs again. DWF Labs will become Scallop's main liquidity provider on major centralized exchanges and support over-the-counter (OTC) business.

The token $SCA of Scallop experienced a downturn after its launch, but has recently rebounded slightly over the past month, rising by 52%. However, the increase is not as significant as that of SUI and other major ecosystem coins. Currently, the price of $SCA is approximately $0.376, with a historical high of $1.28 and a current market capitalization of $20.34 million.

Meme Coins of 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 Sol version of the hippo reaching a market cap of $330 million. Recently, the hippo token on Ethereum surged tenfold in price within just four days due to donations made to Vitalik and its subsequent burn.

HIPPO is the hippo token in the SUI ecosystem, currently priced at approximately $0.0148, with a historical high of $0.01848. The current market cap is $148 million, with a 17% increase over the past 7 days.

AAA

The image of AAA is a black cat, a concept derived from an emoji on the SUI Name Service. This is a rare non-aquatic themed meme coin in the SUI ecosystem, and the community hopes it can replicate the success of the well-known meme coin Popcat on Solana.

The current price of AAA is approximately $0.0019, the historical high is $0.00253, with a 293% increase over the past 7 days, and a current market capitalization of $19 million.

BLUB

The image of BLUB is a fish with a Pepe the Frog face, which was once the most popular meme coin in the SUI ecosystem, until the emergence of HIPPO.

Interestingly, the issuance date of BLUB (September 1) is close to the point when SUI started to rise. It increased from an initial market value of 3.5 million USD to a peak of 48 million USD, achieving an 11-fold increase.

The current price of BLUB is approximately $0.0000123, with a historical high of $0.0000161, a decline of 9.8% in the last 7 days, and a current market value of $40 million.