After the Sui ecosystem meme attracted people's attention, the token SUI also rose by more than 10% in the past week, breaking through $2 again after more than 6 months; at the same time, the daily activity of the Sui blockchain soared by 300% in less than a month, TVL hit a record high, and the ecosystem is also booming. Will Sui really become a "Solana killer"?
I will go deep into the Sui ecosystem and introduce the development of the Sui ecosystem from the fields of infrastructure, stablecoins, DeFi, Meme, and consumer applications. Finally, I will recommend KOLs worth paying attention to in the Sui ecosystem. I hope it will help everyone understand the Sui ecosystem.
Sui's Advantages
Sui uses an object-centric approach and parallel execution to solve problems such as blockchain latency, transaction costs, and network congestion. Built with Rust and Sui Move, it simplifies scalable smart contract development while greatly enhancing the user experience with 297,000 TPS, 390 millisecond finality, and consistently low gas fees (despite exponential growth in txns in SUI).
Recently, Sui launched a new blockchain consensus protocol, Mysticeti, which further reduces latency on the Sui blockchain. Tailored for Sui, Mysticeti unifies the fast path and consensus processes, achieving 390 milliseconds of consensus latency and 640 milliseconds of settlement finality. This means that swapping on Sui is as fast as a blink of an eye.
Sui excels in micropayments, games, and real-world transactions with its fast speed and offline capabilities. Whether using an account abstraction wallet like Stashed, Sui Wallet, or a Telegram-based wallet like Wave Wallet, users can easily send funds using Web 2.0 accounts (such as Google, Twitch, TG), simplifying the entry of new users.
Sui’s ecosystem is growing rapidly, with 28 major dApps currently in the ecosystem, covering the following areas:
DeFi: AMM, lending, payment, liquidity staking, Meme coin platform;
Web 3.0: DePIN, privacy-focused browsers, and open-architecture games;
Consumer Applications: NFT minting, marketplace and community tools, GameFi.
Next, we will introduce the projects of Sui ecosystem in detail.
Infrastructure
Cross-chain bridge
Interoperability solutions like Wormhole are critical to Sui’s DeFi ecosystem. $55 million was transferred to the Sui blockchain via Portal Bridge, making Sui the third-largest blockchain by inflows over the past seven days.
At the same time, Sui Bridge also provides a native way to bridge assets between Sui and Ethereum, protected by Sui's network validators. Sui Bridge currently only supports ETH and WETH.
Oracle
Pyth Network is the largest oracle on Sui, with a total guaranteed value of $939 million. The top ten protocols NAVI protocol, Scallop, Suilend, etc. are all within the scope of Pyth's services.
Stablecoins
USDC/USDT
USDC and USDT bridged from Ethereum are the most liquid stablecoins on the Sui network, but wrapped stablecoins from other different chains have significantly lower liquidity, which can be a challenge for new users trying to join the Sui ecosystem.
Meanwhile, USDC will soon be natively supported on the Sui network through Circle’s cross-chain transfer protocol. This will make Sui the first Move-based blockchain to support native USDC. CCTP will connect Sui with blockchains such as Arbitrum, Base, Ethereum, and Solana, ensuring secure and efficient USDC transactions without locking up liquidity.
AUSD
AUSD, issued by Agora, is the first RWA-backed stablecoin launched on Sui, backed by major fund manager VanEck. AUSD adds to Sui’s growing list of native assets. AUSD is also a fast-growing stablecoin on Ethereum and Avax, with a supply of over $61 million.
USDY
USDY, issued by Ondo Finance, is the first dollar-denominated token on Sui, including stablecoins and interest-bearing alternatives backed by short-term U.S. Treasuries. Compared to other blockchains, Sui's USDY market cap is relatively small at over $8 million, and has room to grow compared to Aptos and Solana.
DeFi
Since late September, Sui’s popularity and on-chain metrics have increased significantly, posing a threat to Solana. Driven by the surge in the price of the SUI token and the recent hype around its DeFi, its TVL exceeded $1.69 billion for the first time.
The mainstream DeFi protocols of the Sui platform are as follows:
NAVI Protocol: The largest lending platform on Sui, with a TVL of $400 million in September, a supply of $10 billion, and a loan amount of over $35 billion.
Cetus: The leading DEX on Sui with $118M daily volume and $214M TVL. It is the top DEX aggregator by market share and has low swap slippage.
Turbos: Sui provides DEX with centralized liquidity market maker (CLMM) model and automated market maker (AMM) model, with a TVL of 22.12 million US dollars. Among several mainstream DEXs, Turbos is strategically positioned as a Meme hub, and has official cooperation with many Sui ecological Meme tokens, with excellent trading volume and liquidity performance. For example, the top Meme token BLUB ranks first in trading volume on Turbos.
Scallop: The second largest lending protocol on Sui, with a TVL of $250 million. The protocol offers veSCA token rewards every week, with a total transaction volume of over $100 billion.
Suilend: The third-ranked lending protocol on Sui, with a TVL of $180 million and a swap volume of $25 million. Users who deposit or lend SUI, USDC, USDT, ETH, SOL or AUSD on the platform can receive a certain amount of SUI rewards.
Aftermath: Aftermath is the DeFi hub on Sui with a TVL of $104 million. Aftermath Aggregator provides users with the best swap route by scanning DEXs. It is the first DEX to support sETH of Sui Bridge and has afSUI/sETH pool and dynamic Gas.
DeepBook: DeepBook is a key liquidity layer for efficient DeFi on Sui. It is currently used by more than 736,000 wallets, with a total transaction volume of more than 100 million transactions and a total transaction volume of more than $5 billion. The DeepBook v3 testnet has 112,000 unique addresses and 1.3 million transactions. DEEP tokens are expected to enter TGE soon.
In addition to the mainstream protocols introduced above, there are also DeFi protocols such as Kriya, FlowX Finance, and Suiswap on Sui.
Meme Coin
The surge in DeFi trading volume on Sui is mainly driven by the meme coin craze, with trading volume tripling since late September. Although most of the meme coins on Sui are low-cap and immature, there are still some noteworthy tokens
Meme Coin Platform
MovePump is BlueMove’s first Meme launchpad on Sui and Aptos, and has recently created more than 50 Meme projects, with the number continuing to grow.
hopdotfun, launched by Hop, the leading DEX aggregator on Sui, will also be launched on October 12.
