Recent Development Trends and Market Performance Analysis of Sui

Sui, as a permissionless Layer 1 blockchain based on PoS consensus, aims to provide instant settlement and high throughput, supporting numerous delay-sensitive decentralized applications. The project was founded by members of the original Facebook Libra/Diem team and has garnered significant attention from investors.

Market Performance

According to the 2024 data, Sui (SUI) performed outstandingly:

• Market capitalization growth: Strong growth since the fourth quarter of 2023, with a quarter-on-quarter increase of 176% in the first quarter of 2024.
• Price Trend: Overall, it shows an upward trend in 2024, reaching a historical high of $2.18 on March 27.
• Current Price: $1.92( as of October 3, 2024 )
• All-time high: $2.18(20 on March 27, 2024 )
• Increase: Up over 100% in the past three months

Overview of the Sui Ecosystem

DeFi project

According to DefiLlama data, there are currently 5 protocols with a TVL exceeding 100 million USD:

• Cetus: TVL of $180 million, providing efficient decentralized trading
• DeepBook: The first order book DEX of the Sui ecosystem
• Navi: Lending platform, TVL 410 million USD
• Scallop: Lending Agreement, TVL $170 million
• Suilend: The first project of Solend on Sui

wallet solution

• OKX Wallet: Supports multi-chain functionality
• Sui Wallet: One of the most widely used wallets
• Suiet: Open-source self-custody wallet based on Sui

game project

• SuiPlay0x1: Lightweight handheld gaming device, over 2000 units pre-sold.
• DARKTIMES: A battle royale game on Sui, supported by Animoca Brands

Meme Token

The popularity of meme tokens on Sui is rising sharply, but the volatility is significant, so investment should be approached with caution. Some of the main meme tokens include:

• $Hippo: Market cap of $129 million
• $BLUB: Market cap of 50.52 million USD
• $FUD: Market cap of 36.21 million USD

Team Background

Mysten Labs was founded by former executives of Meta( Facebook) and the chief architect of the Diem blockchain, with core members including:

• Evan Cheng: Co-founder and CEO, former Engineering Director at Facebook
• Sam Blackshear: Technical Director, Principal Designer of Move Language
• George Danezis: Chief Scientist, PhD from Cambridge, USL Professor
• Avery Ching: Chief Technology Officer, former Senior Engineer at Facebook

Token Economics

• Total Supply: 10 billion SUI
• Main Allocation: 52.2% will be unlocked after 2030, 10.6% as community reserves, 9.5% for staking subsidies.

Key Events of 2024

1. Network Upgrade: The mainnet has been upgraded to version V1.34.2, and the protocol has been upgraded to version 60.
2. New Platform: Launch of the Hydropower Plan and Enoki Enterprise Solutions Platform
3. Circle's native USDC launches on the Sui network
4. Sui Bridge launches mainnet, connecting Ethereum and Sui
5. Grayscale launches SUI Trust Fund, with assets under management exceeding $2.5 million
6. Community Activities: Organizing events such as Sui Builder House and Sui Connect.

Technical Advantages

1. Object-oriented account model: Enhancing flexibility and scalability
2. Native Randomness: Provides the foundation for probability games and NFT allocations.
3. Native Zero-Knowledge Proofs: Enhanced Privacy Protection and Transaction Verification

Prospects and Challenges

Advantages:

• Excellent technical architecture
• Experienced team
• Market heat and capital support

Challenge:

• Intense market competition
• The sustainability of Meme projects is in doubt.
• Lack of blockbuster applications
• Transparency issues in token economics

Sui has long-term development potential due to its innovative technology and strong team. However, investors still need to closely monitor its ecological development progress and assess market risks.