The Rise of SUI Ecosystem Projects: Challenging Solana's Position?

Recently, the cryptocurrency market has been mainly focused on two major hotspots: the continuous development of meme coins and the strong performance of the SUI public chain.

In terms of meme coins, various innovative concepts are constantly emerging, attracting the attention of a large number of investors. At the same time, SUI, as a new Layer 1 public chain, has recently stood out despite its controversial token distribution model, with its price soaring from $0.76 in early September to $2.16, a rise of 185%, almost reaching its historical peak.

The recent SUI market movement is driven by institutions, focusing on the narrative of replacing Solana. As capital flows in, not only does the price of SUI rise, but the total locked value of its ecosystem, project valuations, and even related meme coins are also on the rise.

Let's take a closer look at several noteworthy projects in the SUI ecosystem:

Cetus: Leading DEX in the SUI Ecosystem

Cetus is the largest decentralized exchange on SUI, utilizing a concentrated liquidity mechanism similar to Uniswap V3. Its product line includes trading, liquidity pools, yield aggregation, and integrates order book and cross-chain functionalities. Cetus also provides an IDO platform for SUI ecosystem projects, which is one of the key factors in maintaining its market leadership.

Currently, the locked amount of Cetus exceeds $200 million, with a monthly growth of 83%. Its native token CETUS has increased by 180% in the last 30 days, approaching its historical high. The current market capitalization is approximately $54.52 million.

NAVI: SUI Native Lending Protocol

NAVI is the first one-stop liquidity protocol on SUI, similar to Aave on Ethereum. It supports lending services for multiple assets, with an annualized deposit yield of up to 7%. NAVI is the project with the highest locked-in value in the SUI ecosystem, reaching 500 million USD, with a monthly increase of 52%.

However, the NAVI token's performance is not as impressive as its products. Although it has recently risen over 150% along with SUI, there is still a significant gap from its historical high. The current market value is approximately $36.62 million.

Scallop: A Lending Platform Favored by Capital

Scallop is another lending protocol on SUI that has received multiple rounds of funding this year, with investors including well-known institutions and individuals. Its token SCA has recently performed relatively flat, with a monthly increase of 52%, which is lower than SUI itself. The current market capitalization is approximately $20.34 million.

SUI Ecosystem Meme Coin

HIPPO

HIPPO is the SUI version of the "Hippopotamus" meme coin, inspired by the Thai internet celebrity hippo. Its current market capitalization is approximately $148 million, with a recent increase of 17%.

AAA

AAA is represented by the image of a black cat, making it one of the few SUI meme coins that does not have a marine life theme. In the past 7 days, it has surged by 293%, with a market cap of approximately 19 million USD.

BLUB

BLUB was once the largest meme coin in the SUI ecosystem, depicted as a fish with a Pepe expression. Since its launch in early September, it reached a peak increase of 11 times. Its current market value is approximately $40 million, with a slight recent pullback.

Overall, the SUI ecosystem is rapidly developing, with various projects flourishing. However, whether it can truly challenge Solana's position still requires time to verify. While investors pay attention to these opportunities, they should also cautiously assess the risks.