Latest Updates on Sui Blockchain: TVL Breaks $1 Billion, Market Capitalization Enters Top 20

The Sui Blockchain has developed rapidly recently, entering the top 20 in market capitalization for cryptocurrencies. Key highlights include:

• Total locked value ( TVL ) exceeds 1 billion USD
• The token price has increased by over 100% in the past three months.
• The ecosystem is rapidly expanding, with projects continuously emerging in areas such as DeFi and gaming.
• Native USDC and infrastructure such as cross-chain bridges are being launched successively.

Overview of the Sui Ecosystem

DeFi project

Currently, there are 5 DeFi protocols on Sui with a TVL exceeding 100 million USD:

• Cetus: A decentralized exchange with a TVL of 180 million USD
• DeepBook: the first order book DEX
• Navi: A lending platform with a TVL of $410 million
• Scallop: A lending protocol with a TVL of 170 million USD.
• Suilend: The Solend team launched a lending project on Sui.

wallet

• OKX Wallet: Supports multi-chain asset management
• Sui Wallet: The most widely used native wallet within the ecosystem
• Suiet: Open-source self-hosted wallet

Game Project

• SuiPlay0x1: A lightweight handheld gaming device, over 2000 units sold.
• DARKTIMES: A battle royale game supported by Animoca Brands

Meme Token

Several popular Meme tokens have emerged in the Sui ecosystem:

• $Hippo: market capitalization exceeds $100 million
• $BLUB: market capitalization reaches $50 million
• $FUD: market capitalization over 36 million USD, widely integrated into Sui ecosystem projects.

Team Background

Sui was founded by core members of the original Facebook Novi research team, mainly including:

• Evan Cheng: CEO, former Engineering Director at Facebook
• Sam Blackshear: Chief Technology Officer, main designer of the Move language
• George Danezis: Chief Scientist, PhD from Cambridge
• Avery Ching: CTO, former senior engineer at Facebook

Token Economics

The total supply of Sui is 10 billion coins, distributed as follows:

• 52.2% unlock after 2030
• 10.6% Community Reserve
• 9.5% staking rewards
• 7.1% Series A investors
• 7% Series B investors
• 6.1% early contributors
• 5.8% Community Access Plan
• 1.6% Mysten Labs Reserve

Important Events in 2024

1. Network upgraded to version V1.34.2
2. Launch the Hydropower plan and Enoki enterprise platform
3. Circle native USDC is about to launch
4. Sui Bridge officially launched on the mainnet
5. Grayscale launches SUI Trust Fund
6. Host multiple community events, such as the Sui Builder House Singapore stop

Advantages of Sui Technology

1. Object-oriented account model, improving parallel processing capabilities
2. Native randomness support, suitable for scenarios such as games.
3. Built-in zero-knowledge proof function to protect user privacy.
4. zkLogin achieves trustless identity verification

Prospects and Challenges

Advantages:

• Innovative Technology Architecture
• Experienced team
• High market attention

Challenge:

• Competing fiercely with other L1 projects
• Lack of blockbuster applications
• The transparency of token economics needs to be improved.

Sui, with its technological innovation and strong team, demonstrates long-term development potential. However, investors still need to closely monitor its ecological development progress and carefully assess market risks.