Original source: Chain Catcher

Reprinted: Koala, Mars Finance

On November 11, the token SUI of the Sui project on the L1 public chain hit a record high of $3.3. Its on-chain ecological project Cow Protocol (COW) was also launched on Binance 5 days ago, which made the community start to pay attention to the future possibilities of this new generation of public chains.

At the same time, Sui ecological tokens generally rose, such as CETUS, DEEP, NAVX and related meme coins. In this regard, some institutions predict that Sui will be included in the top ten trends in the development of the crypto industry in the next 12 months. So why can Sui lead the rise of major mainstream public chains, and what are the early popular projects on its chain that are worth paying attention to?

1. Sui opens the rising channel

In May 2023, Sui was officially launched on the exchange, and the project token has since fallen to as low as $0.37. However, with the advent of a new round of bull market, SUI has also ushered in a wave of explosions, and rose to a historical high of $2 at the end of March this year, an increase of about 440% from the lowest point.

But soon SUI fell all the way as the crypto market cooled down, falling to as low as $0.46, a drop of 77%. Therefore, in the last round of crypto bull market, SUI's overall performance was average among similar projects.

However, in the second half of this year, SUI ushered in a period of explosive growth. In August this year, it had a weekly performance of over 140%. In September and October, SUI once again showed its amazing strength. It rose from $0.74 to $2.368, an increase of 220%.

Just when many people thought that SUI had reached its peak and shorted it, SUI continued to rise. With Trump's victory and the recovery of the crypto market, SUI rose to $3.3, which was about 346% higher than the low of $0.74.

At a time when the returns of public chain projects are almost collectively poor this year, Sui's performance is outstanding.

According to DefiLLama data, Sui's current TVL is $1.46 billion, up 49.14% in the past seven days, currently ranking 8th among public chains. In addition, according to CoinMarketcap data, SUI's market value has now risen to 15th in the encryption field, surpassing BCH, and is now reported at $9.068 billion.

There are many reasons behind Sui's rise. In addition to the overall recovery of the crypto market, it is more due to the combined effect of many favorable factors.

In October this year, Grayscale opened private fund subscriptions for 20 tokens including SUI to qualified investors. Valour also launched Valour Sui (SUI) ETP on the Swedish stock market Spotlight, providing retail and institutional investors with investment opportunities in SUI.

The Sui project team is also actively working on it. For example, the team has established a blockchain developer and entrepreneur incubator in Dubai, and plans to launch the handheld gaming device SuiPlay0X1 in 2025. In addition, in August this year, Mysten Labs launched a new consensus engine, Mysticeti, which can reduce the latency of the Sui blockchain to a certain extent.

Some analysts have found that compared with Solana and Ethereum, Sui lending protocol offers higher returns. Among them, Scallop offers the highest stable return. When pledging SCA to obtain veSCA, borrowers can get a maximum return of 45%.

2. Popular ecological projects

The wealth effect brought by SUI has also made its on-chain ecology active, and many community members have begun to shift their attention to early projects on Sui and MEME coins. According to information on Sui’s official website, there are currently 86 projects included, including many infrastructure, DeFi, and GameFi projects.

1、DeFi

NAVI Protocol

Navi is a one-stop liquidity protocol and lending platform native to Sui. It provides mortgage/lending services for SUI, USDC, USDT, wETH, and wBTC, and supports features such as isolated pools, flash loans, and upcoming cross-chain loans/borrowing. It enables users to participate in the Sui ecosystem as liquidity providers or borrowers. Liquidity providers provide assets to the market and earn passive income through yields, while borrowers can flexibly obtain loans for different assets.

The current price of the project token NAVX is $0.18, and its market value is approximately $57.5 million.

On October 22, NAVI Protocol became the official lending partner of Ondo Finance on the Sui network.

Cetus Protocol

Cetus Protocol is a decentralized exchange and liquidity protocol that runs on the Sui and Aptos blockchains. It leverages the centralized liquidity market maker (CLMM) paradigm and integrates elements of Uniswap V3 and Trader Joe to provide advanced trading and liquidity options.

The current price of CETUS is $0.36, with a market value of $219 million.

Cetus' Q3 report for 2024 shows that TVL exceeded $200 million and the number of users was nearly 2 million. The total transaction volume exceeded $13 billion, a 47% increase from the previous quarter. The number of users reached 1.75 million, approaching the 2 million mark.

DeepBook Protocol

DeepBook is a shared decentralized central limit order book exchange built for the Sui ecosystem, leveraging Sui’s performance and providing a low-latency and high-execution engine to spread liquidity across the DeFi ecosystem.

The project token DEEP is currently priced at $0.077, with a market value of approximately $194 million.

Scallop

Scallop is the currency and lending market of the Sui ecosystem, committed to building a dynamic currency market that provides high-interest lending, low-fee lending, AMM and asset management tools on a unified platform, and provides SDK for professional traders.

In October this year, Scallop received investment from the Sui Foundation to promote Scallop to deploy new features.

The current price of the project token SCA is $0.57, with a market value of approximately $35.15 million.

Suilend

Suilend is an automatic lending platform on Sui. On October 22, Suilend announced that it expects to launch its native token SEND in December.

Haedal Protocol

Haedal is a liquidity staking protocol based on Sui that allows anyone to stake their SUI tokens to contribute to the governance and decentralization of the Sui blockchain. At the same time, users will receive haSUI in return so that they can continue to participate in DeFi activities to gain additional benefits.

Turbos Finance

Turbos Finance is a non-custodial liquidity layer on top of Sui Network, providing an automated market maker (AMM) decentralized exchange with a centralized liquidity market maker (CLMM) model and derivatives trading capabilities.

The project token price is currently $0.0053, with a market value of approximately $9.75 million.

2、GameFi

On 8192

Sui 8192 is an on-chain game inspired by 2048 and created by the Ethos team. Players can combine blocks to get high scores and submit them to the leaderboard. In addition, users can pre-approve transactions in Ethos to speed up the game.

Panzerdogs

Panzerdogs is an NFT gaming project where users can own every asset in the game and use them to battle each other in tanks. Like Brawl Stars, but with tanks and money-making mechanics.

Arcade Champion

Arcade Champion is a reimagining of the classic arcade game, combining NFTs and play-action elements with familiar single-player and multiplayer competitive mini-games. The game features a hero-based system that uses NFTs to represent each player's unique character. These NFTs are upgradable, tradable, and fusionable, and play a key role in both single-player and two-player modes, allowing players to accumulate bonuses and coins and achieve arcade dominance.

Haven‘s Compass

Haven's Compass is a first-person tactical shooter developed by Ghost Ivy. It focuses on fast-paced shooting gameplay, and both multiplayer and single-player will appear in the final version of the game.

Final Stardust

Final Stardust is an ongoing media franchise, the first of which is Final Stardust: Cosmic Nexus, a digital collectible card game inspired by Japanese/anime TCG games such as Pokemon and Yu-Gi-Oh.

3.Meme：

Turbos.Fun

On November 7, Turbos.Fun, the Meme token launch platform on Sui Chain, was officially launched. Within 24 hours of its launch, the platform's trading volume exceeded US$5 million and more than 1,300 projects were launched.

HIPPO

Sui's version of the internet celebrity hippopotamus SU DENG currently has a market value of approximately US$136 million.

BLUB

The first meme coin on Sui, with the theme image of ocean fish, has a market value of 30 million US dollars.

Him

Named after the dog of SUI's founder, its market value is now $167 million.

SHORK

Sui’s shark-themed meme token now has a market cap of $5 million.

summary

Sui's continuous rise has exceeded the expectations of many investors. In fact, under the narrative of Bitcoin's rising cycle, new-generation public chains generally have more opportunities. In terms of the current crypto market environment, it is clear that future opportunities outweigh risks. The rise of public chains will drive the prosperity of ecological projects on their chains, so it is necessary to pay attention to these early projects in advance.