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Supporting $500 million TVL, a list of Sui ecosystem DeFi projects

24-07-22 16:00

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In this round of bull market, many DeFi projects have ushered in a stage of rapid business development, and indicators such as transaction volume and TVL have increased significantly. As the most "Degen" track, the new dynamics of the DeFi market are worthy of attention. For the community, in addition to paying attention to specific protocols, you can also pay attention to DeFi at the public chain level. As the first permissionless L1 blockchain with POS (Proof of Stake) consensus, Sui's DeFi projects are the absolute force supporting the development of Sui. This article summarizes the various types of DeFi projects in the Sui ecosystem.

Liquidity Pledge Agreement

In the Sui DeFi ecosystem, liquidity pledge is one of the core mechanisms. It allows users to lock tokens into the Sui network and obtain annualized returns by participating in the verification and maintenance of the network. Liquidity pledge tokens (such as HaSUI, vSUI, and afSUI) not only represent the user's ownership of the underlying pledged token, but can also be used as liquid assets in the DeFi ecosystem, providing users with investment opportunities that go beyond traditional pledge returns.

Aftermath

The Aftermath project is committed to providing a comprehensive decentralized financial experience on the Sui chain. It is not just a liquidity pledge protocol, but also a comprehensive DeFi platform that provides a variety of financial services such as spot trading and perpetual contracts.

Aftermath's full-chain operation mode ensures the transparency and security of transactions without relying on any external components such as sequencers or matching engines. Its core products include multi-asset pools and stable exchange mechanisms that support portfolio management, spot exchanges, and liquidity mining.

Aftermath's liquid pledge derivative is afSUI, allowing users to use SUI tokens for both pledge and liquidity. Aftermath's design has also attracted crypto members from different communities including NFTFi and GameFi, and its perpetual market provides an order book execution layer that supports leveraged trading of cryptocurrencies, foreign exchange, commodities, and GameFi assets.

As of writing, Aftermath's TVL is $49.76 million.

Haedal

Haedal is a liquidity staking protocol focused on the Sui network. Haedal allows users to stake SUI Tokens into the protocol and participate in asset management and liquidity provision in the Sui ecosystem as a liquidity provider.

The SUI Token pledged by users will be converted into haSUI, which can be used as a pledge certificate, and users can earn income through staking. These incomes are automatically reinvested every 24 hours, further increasing the efficiency of users' assets. Users can exchange haSUI for other assets at any time by unstaking or through decentralized trading platforms. haSUI will be deeply integrated throughout the Sui ecosystem. It will be available in multiple fields such as decentralized trading platforms, lending protocols, stablecoin protocols, NFT markets, etc.

As of writing, Haedal's TVL is $22.51 million.

Volo

The Volo protocol is a liquidity staking solution on Sui.

Through Volo, users can stake SUI tokens and receive vSUI (staked SUI) tokens. Unlike the original assets, vSUI tokens have no lock-up period and can be freely transferred and generate income in partnered DeFi protocols such as Bucket Protocol, NAVI Protocol, Scallop and WispSwap, or traded on decentralized exchanges such as Cetus, FlowX, Turbos and Kriya Dex.

As of writing, Volo's TVL is $43.52 million.

Decentralized Exchanges (DEX)

Decentralized exchanges are an important part of the Sui DeFi ecosystem. They facilitate the exchange of value between assets by providing liquidity. Most of the DEXs in the Sui ecosystem are based on the automated market maker (AMM) model, but they are also constantly innovating. For example, Cetus and Turbos use the Uniswap V3 model to improve capital efficiency, reduce slippage, and enhance the trading experience. DeepBook in the Sui ecosystem is a DEX based on an on-chain centralized limit order book, which provides traders with a trading experience similar to traditional trading platforms while maintaining decentralization and transparency.

Cetus

Cetus is a leading DEX built on the Sui and Aptos blockchains. Cetus focuses on providing DeFi users with the best trading experience and excellent liquidity efficiency through the process of building a centralized liquidity protocol and a series of affiliated interoperable functional modules.

Cetus has built a highly customizable liquidity protocol based on CLMM. Through a flexible combination of swaps, range orders, and limit orders, users can conduct almost all complex trading strategies that can be implemented on CEX.

Last quarter, Cetus launched the limit order feature, marking the entry of the Sui ecosystem into the era of intentional trading. This new product enables users to trade with unprecedented precision and control, easily setting buy and sell orders at specific price points. The total trading volume of the Cetus protocol has increased by more than 66% in the past three months and has now reached more than $880 million. In the second quarter, Cetus's average daily trading volume exceeded $39 million.

As of writing, Cetus's TVL has exceeded $100 million, with a 24-hour trading volume of $31.54 million.

Aftermath

As introduced above. The Aftermath project is committed to providing a comprehensive decentralized financial experience on the Sui chain. It is not just a liquidity staking protocol, but also a comprehensive DeFi platform that provides a variety of financial services such as spot trading and perpetual contracts.

Aftermath's fully on-chain operation mode ensures transparency and security of transactions without relying on any external components such as sequencers or matching engines. Its core products include multi-asset pools and stable exchange mechanisms, supporting portfolio management, spot exchanges, and liquidity mining.

As of writing, Aftermath's TVL is $49.76 million and its 24-hour trading volume is $137,000.

Kriya

KriyaDEX is one of the most liquid trading venues on Sui, aiming to provide a one-stop solution for traders and institutions in the Move ecosystem. KriyaDEX's products include KriyaSwap, KriyaPerps, and KriyaStrats.

KriyaSwap is a UniV2-style AMM that combines deep liquidity and locked staking pools, while integrating professional trading terminals. Users can trade limit orders on Sui's Deepbook (similar to Serum's on-chain central limit order book).

KriyaPerps is a perpetual contract DEX based on a fully on-chain order book, supporting advanced features such as cross-chain collateral, multi-chain deposits, and Google zk-login, providing users with an efficient trading experience and powerful trading tools. KriyaStrats is an advisory layer product that provides one-click strategies, such as cross-lending DEX strategies such as Instadapp and Kamino Multiply, and includes a full-featured vault, supporting multiple strategies such as fixed investment average price strategy and grid trading, and has been successfully running on the mainnet.

As of writing, Kriya has a TVL of $34.51 million and a 24-hour trading volume of $584,000.

Turbos Finance

Turbos Finance is the first decentralized perpetual contract and zero-slippage trading platform on Sui, providing users with a secure, efficient, and low-cost trading platform to help increase asset liquidity in the Sui ecosystem.

Turbos has received investment from Jump Crypto and is characterized by its ultra-efficient trading performance and horizontal scalability. Turbos provides a more efficient and cost-effective way to trade tokens and manage liquidity. By leveraging the CLMM model, users can more simply provide liquidity and earn more fees than traditional automated market makers (AMMs).

As of writing, Turbos Finance has a TVL of $10.79 million and a 24-hour trading volume of $4.65 million.

FlowX Finance

FlowX Finance aims to provide a seamless, user-friendly trading experience for all users, catering to all trading needs.

FlowX provides users with an easy-to-access and easy-to-operate trading platform through its intuitive interface and powerful features. FlowX offers a unique multi-token trading feature that enables users to exchange one token for multiple tokens and vice versa in a single transaction. This feature enables users to efficiently allocate capital to each asset, create a portfolio, or quickly convert multiple tokens to a single token.

On FlowX, users can easily track the estimated value of their liquidity pairings, as well as pairings on other AMMs. FlowX allows users to easily move their liquidity positions between different AMM DEXs while ensuring minimal slippage.

As of writing, FlowX Finance has a TVL of $17.72 million and a 24-hour trading volume of $11,000.

Lending Protocols

Lending protocols play a vital role in the Sui DeFi ecosystem. They allow users to lend assets for interest income, or borrow assets to meet funding needs. Lending protocols in the Sui ecosystem, such as Navi, Suilend, and Scallop, provide users with a variety of lending services, supporting users to choose appropriate investment strategies based on their risk preferences.

Scallop

Scallop is a project on Sui that focuses on providing lending services. Characterized by its institutional-grade quality, enhanced composability, and strong security, Scallop is committed to providing users with dynamic money market services such as high-interest lending and low-fee lending

Scallop adopts the Compound V3+ lending model, providing institutional-grade quality, strong composability, and security. Scallop's innovation lies in that it provides professional traders with a 2-layer SDK and an arbitrage trading UI that does not require coding skills. In addition, Scallop's X-oracle multi-oracle strategy also provides a solid foundation for the security and reliability of the protocol.

As of writing, Scallop's TVL is $92.25 million and the borrowing amount is $49 million.

NAVI

NAVI Protocol is one of the largest DeFi protocols on Sui, providing lending and liquidity staking services. Since its launch, NAVI has achieved significant growth, with more than 800,000 users and $200 million in total locked value. NAVI is backed by well-known investors including OKX Ventures, Hashed, and Dao5. NAVI's token code is NAVX and it has been listed on multiple exchanges, providing users with a wide range of market access points.

As of writing, NAVI's TVL is $153 million and the borrowing amount is $57.54 million.

Suilend

Suilend is one of the lending protocols on Sui, and its functional advantages can be reflected in: 1. Intuitive segregated pools that support a wide range of assets and even NFT collateral. 2. LP lending, users will be able to deposit LP assets for further collateralization and enable lending. 3. Minimal fees, Suilend's model only requires a one-time lending fee, with no additional hidden fees. 4. Multi-collateralization, which can increase APY. 5. Insurance mechanism, adding an extra layer of security for user funds.

As of writing, Suilend's TVL is $49.41 million and the amount of borrowing is $7.41 million.

Collateralized Debt Positions

Bucket Protocol

Bucket Protocol is an innovative CDP protocol built on the Sui network that aims to solve the problem of USDC liquidity fragmentation on the Sui network. The protocol simplifies the process of users converting USDC bridged from different chains into a unified asset with high liquidity and low transaction costs by accepting various USDC variants and minting BUCK tokens at low cost. Bucket Protocol not only builds a strong infrastructure for LSDFi and RWAFi, but also provides users with diversified investment and financing options through its innovative financial products.

As of writing, Bucket Protocol's TVL is $13.96 million.

Derivatives

Derivatives also have a place in the Sui DeFi ecosystem. Derivatives such as perpetual contracts and options provide experienced traders with tools to use leverage and hedge risks. Projects such as BlueFin and Typus Finance meet the market's demand for complex financial instruments by providing advanced trading features and products.

BlueFin

Bluefin is an order-book based decentralized trading platform designed for both professional and novice traders. It focuses on security, transparency, and redefining the user experience of using an on-chain trading platform, and is supported by Polychain, SIG, Brevan Howard Digital, Tower Research, and other leading companies. Bluefin V2 enables users to trade through Google accounts, eliminating the complexity of traditional wallet management and greatly improving the accessibility of decentralized trading.

As of writing, BlueFin has a TVL of $23.06 million and a 24-hour derivatives trading volume of $73.8 million.

Typus Finance

Typus Finance is an innovative derivatives platform. Typus combines trading, lending, and derivatives protocols to create a long-tail asset options market. Allows users to bet on the volatility of long-tail assets. Typus' new flagship product Hourly Options has generated more than $200 million in notional trading volume in a short period of time. By integrating the dNFT collection Tails By Typus as an on-chain user incentive system, Typus provides users with a DeFi gamification platform that combines gambling excitement and social experience.

As of writing, Typus Finance has a TVL of $6.63 million.

Through an in-depth analysis of these representative projects in the Sui DeFi ecosystem, we can see the diversity and innovation of the Sui ecosystem. Each project provides unique value in its field, and together promotes the development and maturity of the Sui DeFi ecosystem. With the continuous advancement of technology and the growth of user demand, the Sui DeFi ecosystem is expected to continue to expand its service scope and provide more investment and financing opportunities.