THE COMPLETE GUIDE TO DEFI ON SUI$SUI

Since its birth nearly 10 months ago, Sui has seen tremendous growth of its DeFi ecosystem:

+ $700M TVL

+ $200M daily volume

+ 60% of bridged assets from Ethereum via Wormhole land on Sui

With this post, I propose to show you around the Sui DeFi ecosystem and more, while trying to be exhaustive. We'll go through all existing protocols, the different wallets to interact with them and the current incentives available.

Wallets

Depending on how you're used to interact with blockchains here is a list of available wallets on Sui (from most to least favorite).

Desktop: MystenLabs Sui wallet, @suiet_wallet, @EthosWalletXYZ, @Nightly_app, @ martian_wallet

Mobile: @surf_wallet, @mofalabs, @Nightly_app, @EthosWalletXYZ, @ elli_wallet, @ FewchaWallet, @ GlassWalletapp

You should know that some wallets provide zkLogin as a self-custodial way to create and manage a keypair using social logins. Now we can jump to the interesting part!

Lending

@Scallop_io is the protocol with the largest TVL on Sui. This is probably due to the fact that it is open-source and several protocols are built on top of it. Scallop recently refilled the incentive pools with 750k SUI for 2 weeks increasing the APRs up to 31%. Its particularity is that lent assets are separated from collateral, making the protocol more resilient. They recently raised $3M and launch their token $SCA.

@navi_protocol is the second highest TVL, first one if we include @volo_sui (Liquid Staking) that they recently acquired. They raised $2M and launched their token $NAVX via an IDO. 800k SUI and NAVX are used to incentive users for 2 weeks (up to 31% APR). The dApp is more beginner-friendly than scallop but provide less insights. Currently a point campaign is ongoing but we have very little info about it.

@suilendprotocol is the new kid on the block. It is the sister protocol of Solend which is widely used on Solana. Suilend is currently in beta access so you need a beta pass to join (dm me if you don't have one). The UI is pretty close to Solend and the user & global information is displayed in a clever way. The TVL is growing rapidly as limits increase and the team hints at a potential airdrop in the future. Thanks to the incentives and leverage, some users reached +100% APR.

@bucket_protocol is a CDP (users can borrow a stable coin $BUCK by depositing blue chip assets as collateral). They recently refreshed their UI which looks amazing. The team is working hard to expand BUCK ecosystem by partnering with other projects like @ Buck_You_Legend or @goosebumps_farm (that's mine). APRs are currently insane with up to 8% for borrowing BUCK and 70% on usd pairs via Aftermath and Cetus.

DEX

@DeepBookonSui is the central limit order book built by Sui Foundation and other contributors. It is a public good enabling deeper liquidity on Sui. As we'll see below, many protocols are using it under the hood.

@CetusProtocol is the largest DEX. It's a CLMM (uni v3). They completed a seed round fundraising last year and launched their token $CETUS. The protocol is built on both Aptos and Sui and provide swapping via their liquidity pool but also an orderbook interface using DeepBook. They have a launchpad for IDO (launched NAVX). You can farm 50% APR on Sui/haSui and 370% on Sui/Usdc.

@KriyaDEX has many cool features. In addition to an AMM and interface for DeepBook orderbook, they built tools for memecoins like an analyzer, coin creator and airdrop. They also developed features to use other protocols more efficiently. "Strats" allows you to leverage your position in lending protocol in 1-click. They have a campaign in progress around their future token and you can find 69% APR on vSUI/Sui.

@FlowX_finance is an AMM and a launchpad that they used to launch their own token $FLX. What is nice on the dApp is the analytics page they built for Sui-based Coins. They are close to $SCB and worked on SuiPearl (yield optimizer) and Poseidollar (stablecoin).

@Turbos_finance is also a CLMM with a feature to use deepbook. $TURBOS is the incentive token. The protocol gives access to 73% APR on Usdt/Usdc and 310% on Sui/Usdc.

@BlueMove_OA is primarily a NFT marketplace on Sui and Aptos but also a DEX, mostly used for memecoins.

@bluefinapp is a trading platform for perpetuals. They reached $400M+ volume in a single day.

@ABExFinance is a protocol for trading derivatives such as BTC, ETH, SOL, DOGE and more.

@AftermathFi is a DEX aggregator (similar to jup on solana) providing many cool features in addition to the best prices on Sui. They support dynamic gas (pay the gas fees with any coin) thanks to sponsored transactions as well as zkLogin. That means you can create an account on Aftermath with Google, then top it up with Usdc and directly start trading. They currently have up to 140% APR on Sui/Usd pairs. Aftermath has their own LST $afSUI.

@interest_dinero is a special case. The team built an AMM, lending / borrowing and a LST (I could help on this one) but shut down activities due to the lack of incentives. They are now deployed on Movement devnet and are looking forward to the incentivized testnet. Additionally they are currently building @su_protocol.

Yield Optimizers

@strater_sui features many vaults with different strategies with yield farming and leverage. They already integrated Aftermath, Bucket, Scallop, Navi and more. With it you can maximize your earnings easily. Currently there is 2000%+ with leveraged Sui staking using Bucket.

@moledefi provides savings and leveraged yield farming. Many features to maximize yield are proposed on their dApp. I suggest you to go through their tutorial / docs to get a complete overview of their offer.

@kai_finance_sui is an open-source yield aggregator featuring 3 vaults (Sui, Usdc, Usdt) that are built on top of Scallop. The proposed APYs are about 20% higher than Scallop's APRs.

@suipearlfi designed strategies using FlowX and Scallop under the hood. They primarily launched without any strategy and attracted users with the $PRL token that could be earned by farming $OSTR with high yield.

RWA

@sudofinance is a real-world synthetic asset trading platform on Sui. They started by launching a $SLP coin allowing holders to earn 100% of the protocol revenue. Now they are preparing to launch their "S" card NFT to incentivize activity on the dApp.

@OndoFinance launched $USDY, a coin backed by short-term US Treasuries and bank demand deposits, on Sui.

Other

@TypusFinance is a great looking protocol for options. If you're not familiar with this financial product (like me), they have writtten comprehensive Medium articles that you can read. In addition, they have created a beautiful NFT collection designed by Studio Mirai serving as loyalty passes. By interacting with the dApp, users can level up their Tails and earn huge rewards.

@HaedalProtocol is a Liquid Staking protocol issuing $haSUI. Users can either choose the validator they wish to stake with, or the automatic mode that optimizes the positions. Two other LSTs are available on Sui: $vSUI and $afSUI.

@mazufinance simplifies yield farming in the Sui ecosystem via a single yield-bearing token. The protocol should launch when I'm done with the smart contracts!

@VaporProtocol is a reserve currency similar to OlympusDAO. They recently launched their token on Flowx.

@poseidollar is an algorithmic stablecoin.

@SuibaOnSUI and @CenbotOrg are two trading bots on Sui.

NFTs

@SnotraProtocol is building a lending / borrowing platform for NFTs.

@DegenHive is currently developing an ambitious dApp mixing DeFi with NFTs and powered by a social graph.

@tradeportxyz is an aggregator with in depth analytics. The team has built on many chains including Sui, Near, Stacks and Aptos (Ethereum and Solana coming soon). They are behind indexer(.)xyz and developed a discord bot enabling holder verification and notifying traders when a sale occurs.

@HyperspaceSui is born from the famous Solana nft aggregator. Like Tradeport, it's an aggregator and launchpad as well.

@Clutchy_io was the most hyped marketplace and launchpad when Sui mainnet launched. They had a lot of technical issues at first then disappeared for a while. Now they're back with a new branding so let's see what happens next.

BlueMove was one of the first marketplaces on Aptos and Sui.

Wrapping up

I could also mention @DeSuiLabs, @suilette, @pandora_finance in the gambling domain. @karrier_one and @ChirpDeWi for DePIN. @Suia2023 for SocialFi.

So I guess that's all for the moment. I won't go into the games because there are a bunch of them and even more not yet revealed.

As you can see the ecosystem is extremely rich and varied. Given the fact that all this was born within a 10 months timeframe (more if we count dead projects and testnet period), it makes me super bullish on Sui.

Obviously this couldn't have been possible without the incredible work of @Mysten_Labs, @SuiFoundation and all other contributors, so hats off guys. I'm looking forward to celebrate with all of you at Basecamp!