Sui Project Overview and Potential Expectations
Sui is known as the “Solana killer” in the cryptocurrency space, and its recent price increase is very similar to the start-up phase before Solana’s last surge. It’s like two people running, and the pace of the first part of the road is similar, so many people speculate that Sui may become the next Solana. Just like Solana has achieved a lot in its previous development, Sui may have huge development potential waiting to be tapped.
Sui's current data
TVL (Total Value Locked):
Previously, the number of newly generated tokens in the Sui ecosystem increased dramatically, with more than 700 tokens generated per day. However, just like the ebb and flow of the tide, this number has dropped in the past two days. This has led us to think, will this wave of prosperity in the Sui ecosystem be like fireworks, which will only be brilliant for a short time and then return to calm? This is a question worth our in-depth exploration.
Volume:
The number of active addresses in Sui in a single day should not be underestimated. It broke through the million mark at once, and at its peak, nearly 2 million addresses were active in a single day. This is like a city with a large number of people active every day. These active addresses are like residents in the city. They perform various operations in the "city" of Sui, such as transactions, interactions, etc. This is also an important manifestation of ecological prosperity.
Daily active addresses:
Sui's trading volume continued to rise like a rocket launch, reaching an all-time high, with a single-day trading volume of $1.2 billion. Such a high trading volume means that a large amount of assets are being exchanged in the Sui ecosystem, just like a busy market with people coming and going and frequent transactions, which also reflects from the side that the Sui ecosystem is very active.
Number of newly generated tokens:
The TVL of Sui ecosystem has made a major breakthrough, breaking through 900 million US dollars in one fell swoop, which is a record high. Just like climbing a mountain, it has reached a new peak. At present, it is stable at about 950 million US dollars. This value reflects that a large amount of funds are locked in the Sui ecosystem, indicating that many users or project parties are full of confidence in the development of Sui and are willing to invest funds in this ecosystem.
Wallet related
OKX Wallet:
The OKX wallet is like a super butler. It can manage wallets of multiple blockchains with one click, which is very convenient and fast. And it also supports Sui chain. When using it, you only need to simply switch to Sui chain on the homepage, and then you can recharge your wallet with Sui. Just like refueling a car, you need to recharge your wallet to carry out various activities in the Sui ecosystem. In addition, on the discovery page in the lower right corner, you can also view the details of the Sui ecological project. This function is so friendly to novices, just like having a guide by your side to help you understand the various projects in this ecosystem.
Sui Wallet：
Among the many wallets on the Sui network, Sui Wallet is the most popular one, with the most users and full functions. It is like a multi-functional toolbox, and it has almost all the functions you can think of. It can be easily downloaded directly from the Google Store, which is very convenient for users. It also has built-in practical functions such as Swap. The Swap function is like a currency exchange, allowing you to easily convert between different tokens.
DEX (decentralized exchange) situation
Sui has two very important DEXs, namely Cetus and Turbos.
Flash：
Cetus ranks second in the TVL ranking of Sui ecosystem, and its TVL has reached 160 million US dollars. This is like winning the runner-up in a competition, which is a very good result. Cetus is very powerful and its operation logic is relatively easy for users to understand. Just like a simple and easy-to-use trading platform, you can easily perform a Swap operation by simply entering the contract address of the token. This Swap operation is like exchanging between two different currencies. In addition to swapping, you can also perform liquidity addition and liquidity management operations. If operated properly, you can also earn income from it, just like depositing money in a bank to get interest.
Turbos：
Turbos’ TVL has reached 20 million USD, which is less than Cetus, but it is also an indispensable part of Sui ecosystem. Like Cetus, it has very good liquidity, which means that when trading on this platform, you don’t have to worry about not being able to find a counterparty. Its operation logic is very similar to Cetus. You can also perform swap operations by entering the contract address of the token, and you can also perform liquidity-related operations to obtain benefits.
Lending
There are two very well-known lending protocols on Sui, namely Navi and Scallop.
Navi：
Navi plays an important role in the Sui ecosystem. Its TVL has reached 350 million US dollars, making it the largest contributor to TVL in the Sui ecosystem. Like the backbone of a big family, Navi provides strong support for the lending sector of the Sui ecosystem. The lending protocol is like a bank in the cryptocurrency ecosystem. Users can pledge their assets in Navi and then borrow other assets they need. However, the specific operation is relatively simple, so I will not demonstrate it in detail here.
Scallop：
Scallop’s TVL is 165 million USD, and it also occupies an important position in the lending field of Sui ecosystem. These two protocols together basically constitute the main part of Sui ecosystem TVL in lending, and they jointly maintain the stability and development of Sui ecosystem lending sector.
How to play the dog
In the Sui ecosystem, if you want to buy a local dog, you can use the Dexscreener Owl tool to check it out. This tool is like a treasure map, and you can use it to choose to view popular local dog projects by time. However, I would like to remind everyone that buying a local dog is like taking a risk. Although there may be high returns, the risks are also very high, so you must pay special attention to the liquidity factor when buying a local dog. If the liquidity is not good, it is like fishing in a small pond. You may not catch anything, and you may be trapped easily, so be cautious.
Popular Meme Introduction
The $FUD project is also very unique. It is an airdrop issued to the Sui NFT community in December 2023. It was born out of consideration for the fairness of Sui OG community rewards, so it has no team share or pre-investment share, which is relatively rare in many projects. Since it was launched relatively early, just like the early bird catches the worm, it has been integrated into many DeFi and GameFi projects in the Sui ecosystem. Now with the rise of Sui ecosystem popularity, it has also begun to rise gratifyingly. The current market value has reached 23 million US dollars, and the liquidity is about 1 million US dollars.
$BLUB is a very popular meme project in Sui Ecosystem. It was created in early September. Like a new star rising in the sky of Sui Ecosystem, it has developed very fast. So far, its market value has exceeded 40 million US dollars, becoming the first in Sui Ecosystem Meme Project. Its success lies in its clever integration of Pepe's core culture and Sui Ecosystem's water system characteristics. This unique creativity has attracted the attention of many users. And its liquidity in 2 DEXs is close to 5 million US dollars, which is a pretty good liquidity level, just like it has a stable foundation and can gain a foothold in the market.
Summary and Thoughts
Sui's data growth shows a characteristic of ups and downs, which is like riding a roller coaster. We can't help but wonder whether such data changes can really represent that Sui's ecology is active? Maybe it is just a superficial prosperity, and there may be some unstable factors hidden behind it. Moreover, in the Sui ecological project, there has not yet appeared an ecological DAPP that has a strong wealth effect and can break the circle like Solana in the last round of bull market, such as Raydium and MagicEden. This is like a game. Sui has not yet sent a project that can compete with Solana's players in this regard. So how can Sui break the game? This is an important question facing Sui. Although the Meme project of Sui ecology has attracted some new attention by pulling the plate, overall, this pool is relatively small. This is like a small pond. Although the fish seem to be a lot, they are still much less than the fish in the sea. So for investors, it is okay to play with a small investment and experience the fun of this emerging project, but don't blindly and impulsively invest a lot, otherwise you may face relatively large risks.
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