Many major projects have emerged on Sui, with recent ones like $WAL and further ones like $DEEP and $BLUE. It is recommended to pay close attention to these developments.
Quantitative Performance of the Sui Ecosystem
TVL: As of April 2025, the TVL of the Sui ecosystem ranks 9th among all public chains, with a total locked value exceeding $1.5 billion (data source: DeFiLlama).
Market Capitalization Performance of Ecosystem Projects: Two projects within the Sui ecosystem—$WAL and $DEEP—have entered the top 100 in cryptocurrency market capitalization. The market shows a high level of recognition for leading projects within the Sui ecosystem, and their tokens possess strong value capture capabilities.
Stablecoin Circulation: The circulating supply of stablecoins on the Sui chain has reached a historical high of approximately $900 million. The high circulation of stablecoins provides ample liquidity for DeFi protocols within the ecosystem.
Competitive Advantages of the Sui Ecosystem
From a theoretical perspective, Sui's success is attributed to:
High Throughput and Low Latency: Sui employs an object-centric data model and parallel processing mechanism, significantly enhancing transaction throughput and confirmation speed, giving it a competitive edge in high-frequency DeFi scenarios.
Modular Ecosystem Design: Sui supports the development of modular protocols, allowing developers to focus on specific functions, thus creating a diverse ecosystem.
Capital Efficiency and User Incentives: Through native token incentives and liquidity mining, Sui has attracted a large number of developers and users.
Notable Sui Ecosystem Projects
The following are key projects within the Sui ecosystem that have undergone TGE and those that have not:
TGE Projects
Suilend
Positioning: The leading lending protocol in the Sui ecosystem, with the highest TVL.
Data Reference: TVL accounts for approximately 30% of the Sui ecosystem (around $500 million).
Cetus
Positioning: The leading DEX in the Sui ecosystem.
Bluefin
Positioning: A DEX for derivatives and spot trading.
Navi
Positioning: A comprehensive protocol combining lending and liquid staking (LST).
Scallop
Positioning: A lending platform focused on user experience and cross-chain integration.
Data Reference: TVL is approximately $140 million, ranking among the top lending protocols in the ecosystem.
Non-TGE Projects
Momentum
Positioning: The liquidity engine of the Sui ecosystem, aimed at optimizing on-chain asset liquidity and inter-protocol collaboration.
Investment and Observation Recommendations
For investors and researchers interested in the Sui ecosystem, it is recommended to closely monitor the following indicators:
Leading Project Dynamics: As the leading projects in the ecosystem, the token prices, TVL growth rates, and protocol fees of $WAL and $DEEP serve as barometers for the ecosystem's health.
Ecosystem Synergy: Observe user flow and capital circulation between lending, DEX, and derivatives protocols to assess the sustainability of the ecosystem.
On-Chain Activity: Analyze on-chain data (such as active address count and daily transaction volume) to determine user adoption rates and protocol stickiness.
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