First off, $SUI is anything but lacking in innovation—it’s one of the most groundbreaking projects in this cycle. Anyone who’s actually used it knows Sui’s TPS is top-tier, smooth and fast, not just theoretical fluff.

Sui’s DeFi subsidy game has been solid. Compared to PointFi’s TGE flop, Sui’s DeFi APR has stayed consistent. Sure, no 100x or 1000x, but it’s a stable place to park funds when the market’s rough. Every DeFi player appreciates that stability. Sui’s massive TVL from real capital is second only to Tron and Solana among non-EVM chains, setting up a strong foundation.

On-chain capital can be split into active and dead. Active capital is fluid, constantly moving, while dead capital is locked for specific purposes. Solana leads in active capital, with huge meme coin FOMO driving massive SOL pools and retail activity. Meanwhile, Sui’s DeFi money isn’t as “active,” but it’s better than fully locked dead funds. The real challenge is converting that dead capital into active.

As for Sui itself, I sold at $2, I didn’t expect it to hit $2.3. But short-term, it’s overvalued—ecosystem growth is limited, and upcoming token unlocks are a big concern.