Recent Developments and Market Analysis of SUI

Recently, with the unlocking of SUI's tokens and the launch of the cross-chain bridge mainnet, along with the rapidly heating meme token craze, SUI has led a new wave of price increase, entering the top 20 by market capitalization.

Overview

Sui is a permissionless, PoS-based Layer 1 blockchain developed by the original Facebook Libra/Diem team, designed to provide instant settlement and high throughput, supporting the next generation of latency-sensitive decentralized applications.

Market Performance

2024 SUI performs outstandingly:

• Market capitalization growth: Strong performance since the fourth quarter of 2023, with a quarter-on-quarter increase of 176% in the first quarter of 2024.
• Price Trend: Overall, there is an upward trend in 2024, reaching an all-time high of $2.18 on March 27.
• Current Price: $1.92( as of October 3, )
• Three-month increase over 100%

Sui Ecosystem Projects

DeFi project

DeifLlama shows that 5 protocols have a TVL exceeding 100 million USD:

• Cetus: DEX with a TVL of $180 million
• DeepBook: Order Book DEX
• Navi: Lending platform, TVL 410 million USD
• Scallop: Lending Agreement, TVL $170 million
• Suilend: Solend lending protocol on Sui

wallet

• OKX Wallet: Supports multiple chains
• Sui Wallet: The most widely used native wallet
• Suiet: Open-source self-hosted wallet

Game

• SuiPlay0x1: Lightweight handheld gaming device
• DARKTIMES: Battle Royale Game

Meme Token

• $Hippo: Market Cap $129 million
• $BLUB: Market Cap $50.52 million
• $FUD: Market Cap $36.21 million

Team Members

Mysten Labs was founded by former Meta executives and the chief architect of Diem.

• Evan Cheng: CEO, former Engineering Director at Facebook
• Sam Blackshear: Technical Director, Main Designer of Move Language
• George Danezis: Chief Scientist
• Avery Ching: CTO, former senior engineer at Facebook

Token Economics

Total supply of 10 billion SUI, allocated as follows:

• Unlock after 2030: 52.2%
• Community Reserve: 10.6%
• Staking Subsidy: 9.5%
• Series A Investors: 7.1%
• Series B investors: 7%
• Early Contributors: 6.1%
• Community Access Plan: 5.8%
• Mysten Labs Reserve: 1.6%

Key Events of 2024

1. Network upgraded to version V1.34.2
2. Launch the Hydropower Accelerator Program and Enoki Enterprise Platform
3. Circle's native USDC is about to launch
4. Sui Bridge launches mainnet
5. Grayscale Launches SUI Trust Fund
6. Hold Sui Builder House and Sui Connect community events

Technical Advantages

1. Object-oriented account model
2. Native Randomness Support
3. Native Zero-Knowledge Proof and zkLogin Features

Prospects and Challenges

Advantages:

• Excellent technology and strong R&D team
• Gain market attention and capital support

Challenge:

• Intense market competition
• The driving force behind the future development of Meme projects
• Lack of blockbuster applications
• Issues of Transparency in Token Economics

SUI has long-term development potential thanks to its innovative technology and team strength. However, investors still need to closely monitor its ecological development progress and assess market risks.