Analysis of Popular Projects in the SUI Ecosystem

Recently, the focus of the cryptocurrency market has primarily concentrated on two directions: the sustained popularity of meme coins and the strong performance of the SUI public chain. The meme coin sector continues to innovate, creating a considerable wealth effect. As a Layer 1 public chain that emerged at the end of the previous bull market, SUI, although controversial due to its token distribution method, has shown strong price performance recently, with an increase of nearly 185% in just one and a half months, almost reaching a historical high.

The recent surge in SUI is driven by institutional funds, with its core narrative being to challenge Solana's position. As funds flow in, not only has the price of SUI increased, but the total locked value of its ecosystem, ecosystem projects, and even related meme coins have also seen significant growth.

Mainstream DeFi Projects

Cetus

Cetus is the largest decentralized exchange in the SUI ecosystem, utilizing a concentrated liquidity mechanism similar to Uniswap V3. Its product line includes DEX, liquidity pools, gun pools, yield vaults, and Launchpad, among others. Cetus also integrates the central limit order book DeepBook and the Wormhole cross-chain bridge, providing a comprehensive range of DeFi services.

Cetus's Launchpad provides an important financing channel for SUI ecosystem projects, with several past IDOs being oversubscribed, solidifying its leading position in the DEX field. Currently, Cetus's total locked value exceeds $200 million, ranking fourth in the SUI ecosystem, with an 83% growth over the past month.

The $Cetus token has increased by 180% in the past 30 days, with the current price around $0.17, close to its all-time high of $0.186. The current market capitalization is $54.52 million, ranking 638th on Coingecko.

NAVI

NAVI is the first native one-stop liquidity protocol on the SUI chain, offering lending services similar to Aave. It currently supports various assets including SUI, vSUI, NAVX, USDT, USDC, CETUS, and WETH. The annualized yield for stablecoin deposits is around 7%, while it is 4% for SUI.

NAVI is the project with the highest locked-up value in the SUI ecosystem, reaching $500 million, with a 52% increase in the past month. However, its token performance is not as impressive as the product. Although $NAVI has risen over 150% in 30 days, it is still more than double away from its historical high. The current token price is about $0.15, with a historical high of $0.357 and a market cap of $36.62 million.

Scallop

Scallop is another lending protocol on SUI. In March, it completed a strategic financing of $3 million, with investors including CMS Holdings, 6th Man Ventures, and Mysten Labs. At the end of April, it received strategic investment from DWF Labs, which will provide liquidity support for centralized exchanges and over-the-counter trading services for Scallop.

The $SCA token experienced a decline after its launch but has recently shown signs of recovery, with a one-month increase of 52%. However, it still lags behind the SUI main coin and other ecosystem tokens. The current price is approximately $0.376, which is still a significant gap from its historical high of $1.28, with a market capitalization of $20.34 million.

Meme Coin Project

HIPPO

HIPPO is the "Little Hippo" meme coin on the SUI chain, inspired by the Thai internet celebrity hippo "Bouncing Pig" MOODENG. This concept first gained popularity on the Solana chain, where the Sol version of the hippo reached a market cap of $330 million. The hippo coin on Ethereum has recently surged due to donations to Vitalik and being burned.

The current price of the SUI version of HIPPO is approximately $0.0148, close to its historical high of $0.01848. The market cap is $148 million, with a 17% increase over the past week.

AAA

AAA is a meme coin featuring a black cat, originating from an emoji on the SUI Name Service. It is one of the few non-marine-themed meme coins in the SUI ecosystem, and the community compares it to the popular Popcat on Solana.

The current price of AAA is approximately $0.0019, close to its historical high of $0.00253. It has increased by as much as 293% in the past seven days, with a market capitalization of $19 million.

BLUB

The image of BLUB is a fish with a Pepe face, which was once the hottest meme coin in the SUI ecosystem until the emergence of HIPPO. Interestingly, the issuance date of BLUB (September 1) is close to the time when SUI started to rise. It grew from an initial market cap of 3.5 million to a peak of 48 million, achieving an 11-fold increase.

The current price of BLUB is approximately $0.0000123, slightly below its historical high of $0.0000161. It has decreased by 9.8% in the past week, with a current market cap of $40 million.