The rise of SUI ecosystem projects, the meme coin craze continues

Recently, the cryptocurrency market has primarily focused on two major hotspots: the continuous development of the meme coin sector and the strong performance of the SUI public chain. Meme coins are constantly innovating and creating wealth effects. At the same time, SUI, as an emerging Layer 1 public chain, has also garnered widespread attention.

As a public chain project that emerged at the end of this cycle, SUI's token distribution method differs from the fair issuance model of meme coins and was once controversial. However, SUI has recently shown strong performance, with the coin price soaring from $0.76 at the beginning of September to a peak of $2.16, approaching the historical high of $2.18, representing an increase of about 185% in a month and a half.

The recent surge in SUI's price is driven by institutional funds, promoting the slogan "Replace Solana." The influx of capital has not only driven up the price of SUI but has also boosted various indicators within its ecosystem, including the total locked value (TVL), ecological projects, and the performance of related meme coins.

Here are a few projects in the SUI ecosystem worth paying attention to:

Cetus

Cetus is the largest decentralized exchange (DEX) in the SUI ecosystem, adopting a concentrated liquidity mechanism similar to Uniswap V3. Its product line includes DEX, liquidity pools, yield aggregators, project incubation platforms, and integrates central limit order book and cross-chain bridge functions.

Cetus's project incubation platform plays an important role in the SUI ecosystem, providing initial token issuance ( IDO ) services for new projects. Users holding xCETUS tokens can participate in these IDOs, and past events have all been oversubscribed, solidifying Cetus's leading position in the DEX field.

Currently, the total locked value of the Cetus platform exceeds 200 million USD, ranking fourth in the SUI ecosystem, with a growth of 83% in the past month. Its native token $Cetus has increased in price by 180% in the last 30 days, currently trading at around 0.17 USD, close to its historical high of 0.186 USD. The current market capitalization is 54.52 million USD, ranked 638th on CoinGecko.

NAVI

NAVI is the first native one-stop liquidity protocol in the SUI ecosystem, similar to Aave on Ethereum, providing lending services. It currently supports a variety of assets including SUI, vSUI, NAVX, USDT, USDC, CETUS, and WETH. The annualized interest rate for stablecoin deposits is approximately 7%, while SUI is 4%.

NAVI is the project with the highest locked value in the SUI ecosystem, growing by 52% in the past month, with a total locked value reaching 500 million USD. However, the performance of its token $NAVI has not been as impressive as the product. Although it has surged over 150% in the past 30 days alongside SUI, it still has more than 100% room for growth to reach its historical peak. Currently, the price of $NAVI is around 0.15 USD, with a historical high of 0.357 USD, and a current market capitalization of 36.62 million USD.

Scallop

Scallop is another lending protocol in the SUI ecosystem. In March of this year, it completed a strategic financing of $3 million, with investors including well-known institutions such as CMS Holdings and 6th Man Ventures, and SUI's parent company Mysten Labs also participated. At the end of April, Scallop announced a strategic investment from DWF Labs, which will provide liquidity support for Scallop on major centralized exchanges and assist with over-the-counter (OTC) business.

The token $SCA of Scallop experienced a period of decline after its launch, but has recently seen some recovery. It has risen 52% in the past month, but the increase is less than that of SUI and other major ecosystem tokens. Currently, the price of $SCA is about $0.376, with a historical high of $1.28, and a current market cap of $20.34 million.

SUI Ecosystem Meme Coin

In addition to DeFi projects, some eye-catching meme coins have also emerged in the SUI ecosystem:

1. HIPPO: Inspired by the Thai internet celebrity hippo "Bouncing Pig" MOODENG. The current price is approximately $0.0148, close to the historical high of $0.01848, with a market cap of $148 million and a 17% increase over the past seven days.

2. AAA: Based on the image of a black cat, it originates from an emoji pack on the SUI Name Service. The current price is approximately 0.0019 dollars, with a historical peak of 0.00253 dollars, and a price increase of as much as 293% in the past seven days, with a market cap of 19 million dollars.

3. BLUB: The image is a fish with a Pepe face, which was once the largest meme coin in the SUI ecosystem. Since its launch on September 1, it has risen from an initial market value of $3.5 million to a peak of $48 million, achieving an 11-fold increase. The current price is approximately $0.0000123, with a historical high of $0.0000161, a slight pullback of 9.8% over the past seven days, and a current market value of $40 million.

With the development of the SUI public chain and the market's attention to emerging public chains, the performance of these ecological projects and meme coins is worth continuous monitoring. However, investors should carefully assess the risks, as the cryptocurrency market has always been highly volatile, especially for emerging projects and meme coins.