Exploring the SUI Ecosystem: A Guide to Key Projects and Meme Coins

Since September, the market has had two main focal points. The first is the continuous iteration and updates in the meme coin sector

Author: WOO X Research

Background

Since September, the market has had two main focal points. The first is the continuous iteration and updates in the meme coin sector, with lowercase Neiro launching on Binance and continuing to rise; the little hippo MOODENG has surged on Solana and Ethereum. Meme coins continue to create a wealth effect.

The second focal point is SUI, which emerged as a Layer 1 at the end of the previous cycle. Its token distribution method differs from the aforementioned meme coins that emphasize fair asset issuance, making it a typical VC Token criticized in this cycle.

However, SUI has recently shown strong price performance, rising from $0.76 at the beginning of September to a peak of $2.16, approaching its historical high of $2.18, marking an increase of about 185% in just one and a half months.

This SUI speculation was initiated by institutions, telling a narrative of replacing Solana. The influx of funds into the public chain benefits not only the coin price but also the TVL, ecological projects, and even memes.

What projects/tokens within SUI should be focused on? Let WOO X Research take you on a journey to explore.

Cetus

The largest DEX in the Sui ecosystem, it adopts a concentrated liquidity protocol similar to Uniswap V3. Its products include DEX, liquidity pools, gun pools, yield vaults, and a Launchpad, integrating the central limit order book DeepBook and the Wormhole cross-chain bridge.

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

Currently, the platform's locked value exceeds $200 million, making it the fourth largest on SUI, with an 83% growth over the past month.

The token $Cetus has risen 180% in price over the past 30 days, currently priced at about $0.17, just a step away from its historical high of $0.186. Its current market cap is $54.52 million, ranking 638 on Coingecko.

NAVI

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

It is also the top project in terms of locked value on SUI, growing 52% in one month, reaching as high as $500 million.

However, the token price performance has not been as impressive as the product. During SUI's surge, the token $NAVI increased by over 150% in 30 days, but it is still more than 100% away from its historical high, unlike SUI and Cetus, which are challenging their previous highs.

The current token price is about $0.15, with a historical high of $0.357, and a current market cap of $36.62 million.

Scallop

A lending protocol on Sui, it completed a strategic financing of $3 million in March this year, led by CMS Holdings and 6th Man Ventures, with other investors including Mysten Labs (the parent company of SUI), the aforementioned Cetus, well-known NFT whale dingaling, and prominent Chinese KOL 0xSun as angel investors.

At the end of April, it announced a strategic financing from DWF Labs, which will act as Scallop's main liquidity provider on various centralized exchanges and will also support over-the-counter (OTC) trading.

The token $SCA has seen a gradual decline since its launch, with a slight recovery in the past month, rising by 52%, but still not matching the gains of SUI and the aforementioned tokens.

The $SCA token price is about $0.376, with a historical high of $1.28, and a current market cap of $20.34 million.

The following introduces meme coins on SUI.

HIPPO

The conceptual prototype is the Thai internet celebrity hippo "Bouncing Pig" MOODENG. The concept of this meme coin first emerged on the Solana chain, where the small hippo reached a market cap of $330 million. Recently, the hippo on Ethereum surged due to donating tokens to Vitalik, who chose to burn them, driving a tenfold increase in just four days.

HIPPO is the little hippo on SUI, currently priced at about $0.0148, with a historical