At the end of 2022, the much-anticipated star public chain Aptos was launched, and with it the ecological development gradually became popular. In the next more than half a year, there was not much splash. At this time, another star public chain Sui Network, once known as MOVE's twin sister with Aptos, arrived belatedly. Although the main network initially caused a carnival in the circle, is it really worth participating?
The author has sorted out some of the key information since its launch, hoping to bring some reference to everyone.
【Sui Network】
Last year, Sui Network announced its own economic model, with a total of 10 billion coins, which will be used for: participating in staking, gas fees, governance voting, and supporting multi-functional and liquid assets of the entire Sui economy.
In terms of distribution, 50% will be allocated to the community managed by the Sui Foundation as a reserve, the remaining part will be 20% for early contributors, 14% for investors, 10% for the Mysten Lab treasury, and 6% for community access programs and application testers.
Previously, when SUI was launched online, winning users were selected from early contributors and community members through random screening. These users can activate their quota in the corresponding exchange and make purchases.
Overall, Sui's economic model is more beneficial to contributors and can encourage users to participate in network construction.
【market】
Whether it is infrastructure or application, whenever a token is launched, price must be one of the key evaluation dimensions for the project. SUI’s recent performance is as follows:
1. Still hot
According to CoinMarketCap's comprehensive weighted ranking, after gradually getting rid of the craze of MEMECoin and BRC-20, SUI has returned to the top 3 most popular in the market; at the same time, SUI's circulation volume in 24 hours reached $94,513,089, defeating a number of strong Tokens, ranking Ranked 9th in circulation.
2. Volatility decreases
Since Sui went online on May 4, the price of SUI dropped to $1.12 as of press time. The price fell by 0.53% within 24 hours, but it was 1.63% higher than 7 days ago, so the price fluctuation is not an exaggeration.
【Ecology】
In addition to Token, we generally also observe the overall ecological development of the project. Especially for public chain projects, it is more like a network. Only the more prosperous the ecology is, the more user nodes it will have, and the overall value of the project can be maximized.
1. Number of items
According to statistics, at the end of the first phase of the Sui test network, it had 18 partners and about 60 ecological projects. Currently, there are still 44 projects listed as ecological projects by Sui official ecology.
Among them, projects involving mainstream and popular tracks, such as:
*The same project may involve multiple tracks
2. TVL amount
According to Defillama, as of press time. The TVL on Sui is $23.62 M, which dropped 2.45% within 24 hours. It has been fluctuating within the same range without any significant changes.
Among them, 72.84% ($17.21M) comes from the well-known DEX project Cetus. However, recently when it was in $SUIA IDO, due to system reasons, it was delayed in receiving, resulting in user losses, resulting in a decline in brand image and the loss of some users.
Therefore, there is a certain decrease in TVL - 6.25% in 24 hours and 28.84% in 7 days.
3. IDO situation
Recently, the IDO of some Sui ecological projects has frequently broken. For example, $SUIA mentioned above was the first Launchpad project of the Sui ecosystem. However, after IDO, $SUIA was quickly listed on centralized exchanges such as Kucoin and fell below the IDO price in just a few minutes. At this time, IDO users cannot claim their $SUIA.
To make matters worse, after the IDO of another DeFi and DEX project, Turbos Finance, its price quickly fell from about $0.0055 to $0.0035.
Currently, there are several Sui ecological projects - WispSwap, Meadow, Betta, YouSUI and Abyss World, which are undergoing or are about to undergo IDO, and their future is unknown.
【Financing】
Judging the quality of the project from the perspective of VC investment, this is our consensus. For public chain projects, it is not only necessary to look at their own financing, but also to look at the financing situation of ecological projects.
The following is part of the financing situation compiled by the author for your reference:
From the current point of view, the projects in the Sui ecosystem do not have enough strength to win the favor of VCs, so the financing received is relatively small, and some of it is carried out by Sui Investment Fund.
【Conclusion】
The current Web3 bear market is still continuing. At the same time, the AI craze started by ChatGPT has captured more market attention. Therefore, the overall environment is not friendly to the new public chain and its ecology.
However, Sui has been online for less than a month, and its ecosystem is very likely to produce excellent applications. And in the last bull market, many public chains have achieved outstanding performance. So in the next round of bull market, Sui's performance is worth looking forward to.
