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

Recently, the focus of the cryptocurrency market has mainly concentrated on two aspects: the continuous evolution of meme coins and the strong performance of the SUI public chain. The meme coin sector keeps innovating, creating a significant wealth effect. As an emerging Layer 1 public chain, SUI has faced criticism regarding its token distribution, but its coin price performance has been remarkable, soaring by as much as 185% in just one and a half months, almost reaching an all-time high.

The hype around SUI is driven by institutions, with a narrative of replacing Solana. This wave not only boosted the price of SUI coins but also drove the overall prosperity of its ecosystem, including Total Value Locked (TVL), ecological projects, and even related meme coins have risen. Let’s delve into the projects and tokens in the SUI ecosystem that are worth paying attention to.

Cetus: The Leading DEX of the SUI Ecosystem

Cetus is the largest decentralized exchange on SUI, using a concentrated liquidity mechanism similar to Uniswap V3. It offers comprehensive DeFi services, including trading, liquidity pools, yield farming, and more. Cetus's Launchpad feature provides an important financing channel for SUI ecosystem projects, with several past projects' IDOs being oversubscribed, solidifying its market position.

Currently, Cetus's locked value exceeds 200 million USD, ranking fourth in the SUI ecosystem, with a monthly growth rate of 83%. Its native token $Cetus has increased in price by 180% in the past 30 days, approaching its all-time high.

NAVI: The Leader of the Lending Market for SUI

NAVI is the first native one-stop liquidity protocol on SUI, similar to Aave on Ethereum. It provides lending services for various assets, with a stablecoin deposit annual interest rate of up to 7%. NAVI is currently the project with the highest locked value in the SUI ecosystem, reaching $500 million, with a monthly growth rate of 52%.

However, the performance of NAVI's token is not as good as its products. Despite gaining over 150% in the recent surge of SUI, it is still quite far from its historical high.

Scallop: A lending platform favored by capital

Scallop is another lending protocol operating on SUI. It completed a strategic financing of $3 million this March, with investments from several well-known institutions and individuals. Additionally, Scallop has also received strategic investment from DWF Labs, which will provide exchange liquidity support.

The token $SCA of Scallop experienced a decline after its launch, but has recently rebounded, with a monthly increase of 52%. However, this performance still lags behind the SUI mainnet coin and other ecosystem tokens.

The Meme Coin Craze on SUI

HIPPO

HIPPO is the SUI version of the "Hippo" meme coin, inspired by the Thai internet celebrity hippo "Bouncing Pig". This concept has already sparked a craze on Solana and Ethereum, and has now extended to the SUI ecosystem. HIPPO's market cap has reached 148 million USD, and its recent performance has been stable.

AAA

AAA is a meme coin featuring a black cat, originating from an emoji package 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 Popcat on Solana. AAA has seen a significant increase recently, rising 293% within seven days.

BLUB

BLUB was once the most popular meme coin on SUI, featuring an image of a fish with a Pepe expression. The issuance time of BLUB coincided perfectly with the start of the price increase of SUI, achieving an impressive 11x growth. Its current market cap is approximately $40 million, with a slight recent pullback.

With the rapid development of the SUI ecosystem, these projects and tokens have demonstrated strong growth potential. However, investors should remain cautious and fully assess the risks, as the volatility of the cryptocurrency market is still high.