Sui's expansion roadmap is continuously improving alongside the advancement of Pilotfish's execution sharding, aiming for true horizontal scalability and flexible validator configurations. This article originates from a piece by Delphi Digital, organized, compiled, and written by Glendon, Techub News. (Background: Why did Sui surge 70% in a week? Multiple drivers, from Pokémon collaboration rumors to soaring DEX trading volume) Since Delphi Digital's last in-depth exploration of Sui's architecture, ecosystem, and tokenomics, the network has completed a series of critical upgrades in its infrastructure and application stack. In this follow-up report, we will analyze key developments in its ecosystem, including the construction of Bitcoin Finance (BTCfi) infrastructure, the growth trajectory of the lending protocol Suilend, and the expansion of Aftermath Finance's territory. In terms of infrastructure, the launch of Mysticeti v2 introduced a 'Fast Path' for low-competition transactions, significantly reducing latency and rebalancing validator workloads. Simultaneously, Move VM 2.0 achieved significant execution improvements through enhanced high-level composability, region-based memory management, a modular architecture, and features designed to support more complex and dynamic on-chain logic. At the same time, Sui's expansion kit roadmap is also continuously improving alongside the advancement of Pilotfish's execution sharding, aiming for true horizontal scalability of the kit and flexible validator configurations. These improvements are further strengthened by implementing localized object-based fee markets and MEV-aware optimizations (including priority transaction submission and consensus block flows). Ecosystem updates The DEX trading volume on Sui has retreated from last quarter's peak, but it can be seen that after the WAL token of the decentralized storage protocol Walrus went live on March 27, trading volume has increased. BTCfi on Sui BTCfi has recently emerged as a niche market on Sui, bringing lending, staking, and yield fundamentals to Bitcoin, which has traditionally been seen as passive collateral. According to DeFiLlama, the total value locked (TVL) in the BTCfi space has grown from less than $100 million to over $4.5 billion, covering various assets including re-staking, anchoring, and decentralized BTC. By the end of 2024, Sui announced a partnership with Babylon Labs and Lombard Protocol to introduce native BTC staking through LBTC. LBTC is a liquidity staking token directly minted by Lombard on the Sui and Cubist platforms, designed to assist users in managing deposits, minting, cross-chain, and staking. A few weeks later, in December 2024, Sailayer partnered with LBTC and WBTC to launch re-staking opportunities for BTC with LBTC and WBTC. Prior to this, the Lorenzo Protocol launched stBTC on Sui, a liquidity staking token powered by Babylon, designed to aggregate BTC yield and integrate with DeFi protocols such as Cetus and Navi. In early February 2025, Sui Bridge added support for wrapped BTC assets like WBTC and LBTC, and since then, over 587 BTC have flowed into the Sui DeFi platform. So far, over $111 million in wrapped BTC has been deposited into Suilend, Navi, and Cetus, among other Sui native protocols. DeFi Protocol Suilend on Sui Suilend is the lending protocol in the Sui ecosystem, and within less than a year of operation, its annualized revenue reached $15 million in February 2024, with 70% flowing into the SEND treasury. The treasury initially obtained 1.2 million SUI from 'mdrop'. Suilend also launched the Automated Market Maker (AMM) Steamm, which features integrated money market components aimed at maximizing capital efficiency by depositing idle liquidity into the lending market. The protocol has a composable architecture that supports various pricing systems, including constant product pricing, stablecoin-focused pricing, and dynamic fee pricing based on market volatility. By allowing idle funds to generate yields in the lending market while still being available for trading, Steamm improves capital efficiency and provides additional yields for liquidity providers through its bToken mechanism. Aftermath MetaStables was incubated by Aftermath on Sui as a treasury system that allows users to deposit cross-chain or native assets to mint stablecoins such as mUSD (pegged to USD) and mETH (pegged to ETH), with plans to launch meta tokens like mBTC in the future. It uses oracle-based exchange rates (e.g., Pyth) for no-slippage trades between treasury assets, avoiding inefficiencies caused by AMM slippage, and supports lending deposited assets to enhance yields. The concept of MetaStables is to address liquidity fragmentation issues by promoting meta tokens and allowing users to earn mPOINTS. In addition to MetaStables, Aftermath has also launched Perp DEX on the testnet, which is a fully on-chain perpetual contract order book based on Sui. Walrus Goes Live The decentralized storage protocol Walrus launched its mainnet on March 27, 2025, completing a $140 million financing round led by Standardcrypto. Walrus is a decentralized storage network built on Sui, designed to store a variety of data, from NFT assets, AI model weights, to blockchain files and website content. It can also serve as a data availability layer for rollups, similar to Celestia or EigenDA. While Walrus utilizes Sui for metadata and governance, it offloads storage tasks to a set of separate nodes, thereby avoiding the overhead of Sui validators. At the core of Walrus is Red Stuff, a two-dimensional encoding protocol that enables efficient single-file encoding and boasts strong data recovery capabilities. The system is protected by a staking-based WAL token incentive model, where nodes are rewarded for uptime and correct data handling and penalized for failures or malicious behavior. The breakdown of WAL token economics is as follows: Community Reserve: 43% Core Contributors: 30% Walrus User Airdrop: 10% Subsidies: 10% Investors: 7% Technical Updates Sui Core Development Project Mysticeti V2 Update...