Recent Developments of SUI: Market capitalization jumps into the top 20, TVL surpasses 1 billion USD

SUI has recently performed remarkably well, with its market capitalization rising to the top 20, and the total locked value (TVL) surpassing 1 billion USD. This surge is related to token unlocks, the launch of cross-chain bridges, and the momentum from popular meme tokens.

SUI is a permissionless, PoS-based Layer 1 blockchain developed by Mysten Labs, aimed at providing instant settlement and high throughput. The project was founded by former members of the Facebook Libra/Diem team and has garnered capital favor.

Market Performance

SUI has performed strongly since the fourth quarter of 2023:

• market capitalization increased by 120% quarter-on-quarter in Q4 2023, and further increased by 176% in Q1 2024.
• Reached an all-time high of $2.18 on March 27, 2024
• The current price is approximately $1.92 as of October 3, 2024 (
• Over the past three months, the increase has exceeded 100%.

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Ecosystem Overview

The SUI ecosystem is rapidly expanding, covering multiple fields:

) DeFi project

• Cetus: DEX with a TVL of 180 million USD
• Navi: The largest lending platform by TVL, managing $410 million in assets.
• Scallop: Another major lending protocol, managing $170 million in assets.
• DeepBook: the first order book DEX
• Suilend: The first project on SUI by Solend

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) wallet

• OKX Wallet: Supports multi-chain functionality
• Sui Wallet: The most widely used native wallet
• Suiet: open-source self-custody wallet

game project

• SuiPlay0x1: lightweight handheld gaming device
• DARKTIMES: Battle Royale game, supported by Animoca Brands

Meme Token

• $Hippo: market capitalization exceeds 100 million USD
• $BLUB: a token similar to "Pepe in Water"
• $FUD: A meme token from early airdrops, has been integrated by multiple projects.

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Team Background

Mysten Labs was founded by former executives of Meta)Facebook( and the chief architect of the Diem blockchain:

• Evan Cheng: CEO, former Engineering Director at Facebook
• Sam Blackshear: Technical Director, Main Designer of the Move Language
• George Danezis: Chief Scientist, Blockchain and Privacy Protection Expert
• Avery Ching: CTO, former senior engineer at Facebook

![TVL突破10亿美元，market capitalization闯进前20，Sui近期发生了什么？])https://img-cdn.gateio.im/webp-social/moments-43f24865d2a29d187dae7b342b432dfe.webp(

Token Economics

Total supply of 10 billion SUI, distributed as follows:

• 52.2%: Unlock after 2030
• 10.6%: community reserve
• 9.5%: Staking Subsidy
• 7.1%: Series A investors
• 7%: Series B investors
• 6.1%: Early Contributors
• 5.8%: Community Access Program
• 1.6%: Mysten Labs Treasury

![TVL突破10亿美元，market capitalization闯进前20，Sui近期发生了什么？])https://img-cdn.gateio.im/webp-social/moments-1d246a727212f0ceb45931a8448dcc7d.webp(

Important Events in 2024

1. Network upgraded to version V1.34.2
2. Launch the Hydropower project and Enoki enterprise platform
3. Circle's USDC is about to land on the SUI network.
4. Sui Bridge mainnet launched, connecting to Ethereum
5. Grayscale launches SUI trust fund
6. Hold community events such as Sui Builder House and Sui Connect

![TVL breaks through 1 billion USD, market capitalization enters the top 20, what has happened to Sui recently?])https://img-cdn.gateio.im/webp-social/moments-7b3c4fea1f416ab7265bce60365e10d4.webp(

Technical Advantages

1. Object-oriented account model: Enhancing flexibility and scalability
2. Native Random Number Generation: Enhancing Fairness and Security
3. Native zero-knowledge proof support: Protecting user privacy
4. zkLogin: Innovative authentication mechanism

![TVL突破10亿美元，market capitalization闯进前20，Sui近期发生了什么？])https://img-cdn.gateio.im/webp-social/moments-705f3230b389fcab4e80ba064cf71bce.webp(

Prospects and Challenges

Advantages:

• Advanced Technology Architecture
• Experienced team
• High market attention

Challenge:

• Intense market competition
• The sustainability of meme projects is in doubt.
• Lack of blockbuster applications
• Transparency issues raise concerns

SUI, with its technological innovation and strong team, demonstrates long-term development potential. However, the challenges it faces still require close attention, and investors should weigh the risks and rewards and make prudent decisions.

![TVL突破10亿美元，market capitalization闯进前20，Sui近期发生了什么？])https://img-cdn.gateio.im/webp-social/moments-572943f2bf5cc4ed8e05dd359844713e.webp(

![TVL突破10亿美元，market capitalization闯进前20，SUI近期发生了什么？])https://img-cdn.gateio.im/webp-social/moments-13ee700ad68284cc2d1ce93860771de3.webp(