bitcoin
bitcoin

$88930.48 USD 

-3.86%

ethereum
ethereum

$3156.75 USD 

-4.06%

tether
tether

$1.00 USD 

-0.18%

solana
solana

$215.95 USD 

-0.44%

bnb
bnb

$634.40 USD 

-0.18%

dogecoin
dogecoin

$0.398706 USD 

-3.92%

xrp
xrp

$0.727787 USD 

1.44%

usd-coin
usd-coin

$0.999668 USD 

-0.01%

cardano
cardano

$0.556223 USD 

-5.76%

tron
tron

$0.179071 USD 

-0.73%

shiba-inu
shiba-inu

$0.000025 USD 

-5.05%

toncoin
toncoin

$5.31 USD 

-1.41%

avalanche
avalanche

$32.50 USD 

-5.32%

pepe
pepe

$0.000023 USD 

18.43%

sui
sui

$3.36 USD 

1.25%

Cryptocurrency News Articles

Sui Chain Leads the Rise of New-Generation Public Chains, Unveiling Early Popular On-Chain Ecological Projects Worth Paying Attention to

Nov 14, 2024 at 08:46 am

On November 11, the L1 public chain Sui project's token SUI reached an all-time high of $3.3. Meanwhile, its on-chain ecological project Cow Protocol (COW) was listed on Binance just five days ago, further attracting community attention to the future potential of this new-generation public chain.

Sui Chain Leads the Rise of New-Generation Public Chains, Unveiling Early Popular On-Chain Ecological Projects Worth Paying Attention to

The Golden Finance report is as follows:

On November 11, the L1 public chain Sui project token SUI reached an all-time high of $3.3. Meanwhile, its on-chain ecological project Cow Protocol (COW) was listed on Binance just five days ago, further attracting community attention to the future potential of this new-generation public chain.

At the same time, Sui's ecological tokens saw a general rise, including CETUS, DEEP, NAVX, and related meme coins. In this regard, some institutions predict that Sui will be among the top ten trends in the development of the crypto industry over the next 12 months.

So why is Sui leading the rise among major public chains, and what early popular projects on its chain are worth paying attention to?

1. Sui's Ascending Channel

In May 2023, Sui officially launched on exchanges, after which the project token fell to around $0.37. However, with the arrival of a new bull market, SUI experienced a surge, reaching an all-time high of $2 at the end of March this year, marking an increase of approximately 440% from its lowest point.

But soon after, SUI fell sharply as the crypto market cooled, dropping to around $0.46, a decline of 77%. Therefore, in the last crypto bull market, SUI's overall returns were relatively average compared to similar projects.

However, entering the second half of this year, SUI entered a period of explosive growth. In August, it recorded over 140% in a single week, and in September and October, SUI showcased remarkable strength again, rising from $0.74 to $2.368, an increase of 220%.

Just when many thought SUI had peaked and started shorting it, SUI continued to climb. With Trump's victory and the crypto market warming up, SUI reached a peak of $3.3, representing an increase of about 346% from its low of $0.74.

In a year where public chain project returns have generally been poor, Sui's performance stands out.

According to DefiLLama data, Sui's current TVL is $1.46 billion, with a 49.14% increase over the past week, ranking 8th among public chains. Additionally, according to CoinMarketcap data, SUI's market capitalization has risen to 15th in the crypto space, surpassing BCH, currently reported at $9.068 billion.

The rise of Sui is attributed to various factors; besides the overall recovery of the crypto market, it is more due to the accumulation of many favorable factors.

In October this year, Grayscale opened private fund subscriptions for qualified investors, including SUI and 19 other tokens. Valour also launched the Valour Sui (SUI) ETP on the Swedish stock market Spotlight, providing retail and institutional investors with investment opportunities in SUI.

The Sui project team is also actively working, such as establishing a blockchain developer and entrepreneur incubator in Dubai and planning to launch the handheld gaming device SuiPlay0X1 in 2025. Additionally, in August this year, Mysten Labs launched a new consensus engine, Mysticeti, which can reduce latency on the Sui blockchain to some extent.

Analysts have noted that compared to Solana and Ethereum, Sui's lending protocols offer higher yields. Among them, Scallop provides the highest stable returns, with staking SCA to obtain veSCA allowing for borrowing with a maximum yield of 45%.

2. Popular Ecological Projects

The wealth effect brought by SUI has also activated its on-chain ecosystem, with many community members shifting their focus to early projects and MEME coins on Sui. According to information from the Sui official website, there are currently 86 projects listed, with many in the infrastructure, DeFi, and GameFi categories.

1. DeFi

NAVI Protocol

Navi is a native one-stop liquidity protocol and lending platform on Sui, providing collateralized loan/lending services for SUI, USDC, USDT, wETH, and wBTC, and supporting features such as isolated pools, flash loans, and upcoming cross-chain loans/lending. It allows users to participate in the Sui ecosystem as liquidity providers or borrowers. Liquidity providers supply assets to the market and earn passive income through yields, while borrowers can flexibly obtain loans in different assets.

Currently, the project token NAVX is priced at $0.18, with a market capitalization of approximately $57.5 million.

On October 22, NAVI Protocol became the official lending partner of Ondo Finance on the Sui network.

Cetus Protocol

Cetus Protocol is a decentralized exchange and liquidity protocol operating on the Sui and Aptos blockchains. It utilizes the

News source:www.chaincatcher.com

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Nov 15, 2024