The Rise of the SUI Ecosystem: Overview of Popular Projects and Meme Coins

Recently, the focus of the cryptocurrency market has mainly concentrated on two aspects: the sustained popularity of meme coins and the strong performance of the SUI public chain. The meme sector continues to innovate, bringing considerable wealth effects. Meanwhile, as an emerging Layer 1 public chain, SUI, despite being controversial in terms of token distribution, has shown impressive coin price performance.

Since the beginning of September, the price of SUI coin has soared from $0.76 to $2.16, an increase of nearly 185%, almost reaching its historical high of $2.18. This surge is driven by institutional funds and the market narrative of "replacing Solana." The prosperity of the SUI ecosystem is not only reflected in the coin price but also drives the total locked value (TVL), the rise of ecosystem projects, and even the overall increase of related meme coins.

Here are several important projects in the SUI ecosystem that are worth paying attention to:

Cetus

Cetus is the largest decentralized exchange in the SUI ecosystem ( DEX ), employing a concentrated liquidity mechanism similar to Uniswap V3. Its product line includes DEX, liquidity pools, liquidity mining, yield vaults, and Launchpad, among others. Cetus also integrates a central limit order book DeepBook and the Wormhole cross-chain bridge, providing users with comprehensive trading services.

Cetus's Launchpad function provides an important financing channel for SUI ecological projects. Previous IDO projects such as CETUS, SUIA, and NAVX have all achieved oversubscription, solidifying Cetus's leading position in the DEX field. Currently, Cetus's total locked value exceeds $200 million, ranking fourth in the SUI ecosystem, with a growth of 83% over the past month.

The $Cetus token has increased in price by 180% in the last 30 days, currently trading at around $0.17, close to its historical high of $0.186. The current market cap is approximately $54.52 million, ranking 638th on Coingecko.

NAVI

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

NAVI is the project with the highest locked value in the SUI ecosystem, having grown by 52% over the past month, with a total locked value reaching $500 million. However, its token performance has been relatively lagging. Although $NAVI has risen over 150% in the past 30 days, it is still quite a distance from its historical high. Currently, the trading price of $NAVI is approximately $0.15, with a historical high of $0.357 and a current market capitalization of $36.62 million.

Scallop

Scallop is another lending protocol in the SUI ecosystem. In March of this year, Scallop completed a strategic financing round of $3 million, led by CMS Holdings and 6th Man Ventures. Other participants in the investment included SUI's parent company Mysten Labs, the aforementioned Cetus, as well as well-known NFT investors dingaling and Chinese KOL 0xSun.

At the end of April, Scallop secured strategic investment from DWF Labs. DWF Labs will become Scallop's main liquidity provider on major centralized exchanges and support over-the-counter trading (OTC) business.

The $SCA token experienced a period of decline after its launch, but has recently seen a recovery over the past month, rising by 52%. However, the increase still lags behind SUI and other ecosystem tokens. Currently, the trading price of $SCA is approximately $0.376, with a historical high of $1.28 and a current market capitalization of $20.34 million.

Meme Coin of the SUI Ecosystem

HIPPO

HIPPO is inspired by the Thai internet celebrity hippo "Bouncing Pig" MOODENG. This meme concept initially gained popularity on the Solana chain, then expanded to Ethereum, and eventually appeared in the SUI ecosystem. Currently, HIPPO's trading price is approximately $0.0148, with an all-time high of $0.01848, and a market capitalization of $148 million, showing a 17% increase over the last seven days.

AAA

The image of AAA is a black cat, originating from an emoji on the SUI Name Service. It is one of the few non-aquatic-themed meme coins in the SUI ecosystem, and the community compares it to the famous Popcat on Solana. Currently, AAA's trading price is approximately $0.0019, with a historical high of $0.00253. In the past seven days, it has surged by as much as 293%, and its current market value is $19 million.

BLUB

The image of BLUB is a fish with a Pepe face, which was once the most popular meme coin in the SUI ecosystem until the emergence of HIPPO. BLUB was launched on September 1, coinciding with the rise of SUI. It climbed from an initial market cap of $3.5 million to a peak of $48 million, achieving an 11-fold increase. Currently, the trading price of BLUB is approximately $0.0000123, with a historical high of $0.0000161, down 9.8% in the past week, and a current market cap of $40 million.