Solana killer narrative works? A quick look at the current state of the SUI ecosystem

24-10-09 17:31

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Original title: "Is the Solana killer narrative effective? An overview of the SUI ecosystem"

Original source: WOO Research

Background

Since September, the market has almost only had two major focuses. The first is the continuous iteration and update of the meme track. Lowercase Neiro has continued to rise on Binance; the hippopotamus MOODENG has continued to soar on Solana and Ethereum. Meme coins continue to create wealth effects.

The second focus is SUI. As a Layer 1 that appeared at the end of the last cycle, the token distribution method is different from the above-mentioned memes that focus on fair asset issuance. It is the most criticized typical VC Token in this cycle.

However, SUI has been strong in recent price performance, rising from $0.76 in early September to $2.16, approaching the all-time high of $2.18, and rising by about 185% in one and a half months

The SUI hype was initiated by institutions, telling the narrative of replacing Solana. The injection of funds into the public chain not only benefits the price of the currency, but also leads to an increase in TVL, ecological projects and even memes.

Which projects/currencies should be paid attention to in SUI? Let WOO X Research take you to find out.

Cetus

The largest DEX in Sui ecosystem, adopting a centralized liquidity protocol similar to Uniswap V3, with products including DEX, liquidity pool, machine gun pool, income treasury, Launchpad, and integrating the central limit order book DeepBook and Wormhole cross-chain bridge.

In terms of Launchpad, it provides an IDO launch platform for Sui ecosystem projects, and xCETUS holders can participate. In the past, CETUS, SUIA, and NAVX were all oversubscribed, which is an important factor in Cetus's leading position in DEX.

Currently, the platform has a locked position of more than 200 million US dollars, ranking fourth on SUI, and has grown by 83% in the past month.

The price of the token CETUS has increased by 180% in the past 30 days. The current price is about 0.17, which is only one step away from the historical high of 0.186. The current market value is 54.52 million US dollars, ranking 638 on Coingecko.

NAVI

The first native one-stop liquidity protocol on Sui, similar to Aave, provides lending services, and currently supports assets such as Sui, vSui, NAVX, USDT, USDC, CETUS, and WETH. The deposit rate of stablecoins is about 7%, while that of SUI is 4%.

At the same time, it is also the project with the largest locked position on SUI, with a growth of 52% in one month, and the amount is as high as 500 million.

However, the token price performance is not as good as the product. During the period when SUI soared, the token NAVI rose by more than 150% in 30 days, but it is still more than 100% away from the historical high, which is different from the situation when SUI and Cetus challenged the previous high.

The current token price is about 0.15, with a record high of 0.357 and a current market value of 36.62 million.

Scallop

Sui’s lending protocol completed a strategic financing of US$3 million in March this year, led by CMS Holdings and 6th Man Ventures. Other investors include Mysten Labs (SUI’s parent company), Cetus mentioned above, the well-known NFT whale dingaling and China’s well-known KOL 0xSun as angel investors.

At the end of April, it was announced that it had obtained strategic financing from DWF Labs. DWF Labs will serve as Scallop's main liquidity provider on various centralized trading platforms and will also support over-the-counter (OTC) transactions.

The token SCA has been falling since its launch, and has improved slightly in the past month, rising by 52%, but it is not as high as SUI and the above currencies.

The SCA token price is about 0.376, with a record high of 1.28, and the current market value is 20.34 million.

The following introduces the meme coins on SUI.

HIPPO

The concept prototype is the Thai Internet celebrity hippo "bouncing pig" MOODENG. The concept of this meme coin first occurred on the Solana chain. The highest market value of Sol Hippo reached 330 million US dollars. Recently, the hippo on Ethereum also donated tokens to Vitalik, and Vitalik chose to destroy it, which led to an increase in the price, which rose 10 times in four days.

HIPPO is a hippopotamus on SUI. The current price is about 0.0148, the historical high is 0.01848, the current market value is 148 million, and the increase in the past seven days is 17%.

AAA

It is a black cat, and the concept is an emoticon package on Sui Name Service. It is a rare meme coin on SUI that is not related to marine life. The community uses the well-known meme coin Popcat on Solana as a benchmark expectation.

The current price is about 0.0019, the historical high is 0.00253, the increase in the past seven days is 293%, and the current market value is 19 million US dollars.

BLUB

It is a fish with a Pepe face. It was once the number one meme coin on SUI until HIPPO appeared.

Interestingly, BLUB’s token was issued on September 1, which was close to the time when SUI started to rise. It also rose from a market value of $3.5 million at the opening to a maximum of $48 million, an increase of 11 times.

The current coin price is about 0.0(6)123, with a record high of 0.0(6)161. It has fallen by 9.8% in the past seven days and has a current market value of $40 million.