Sui Network, a next-generation Layer 1 blockchain, has emerged as a promising player in the decentralized ecosystem. Launched in 2023, Sui captured early investor attention with its efficient infrastructure and ability to support a wide range of decentralized applications (dApps). Its architecture, built around the Move programming language, emphasizes scalability and low-latency operations, allowing developers to create robust applications across DeFi, gaming, and social ecosystems.
With a focus on high throughput and interoperability, Sui has grown rapidly, attracting developers and users alike. As of 2024, it has reached $5.7 billion in market capitalization, placing it among the top 20 cryptocurrencies globally. The platform’s low gas fees and seamless integration with dApps have positioned it as a serious contender in the web3 space. Additionally, Sui's recent partnerships and developments—such as the launch of native USDC to enhance liquidity—underscore its momentum in the DeFi sector.
Sui Market Performance and Ecosystem Expansion
Throughout 2024, the Sui blockchain has achieved significant milestones, including a new all-time high (ATH) surpassing $2 per token. Its DeFi sector has seen explosive growth, with Total Value Locked (TVL) surpassing $1 billion, marking a dramatic rise from just over $200 million at the start of the year. Sui now boasts nearly 200 dApps, spanning DeFi, infrastructure, gaming, security, and social applications.
One of the most pivotal updates this year was the launch of native USDC on the Sui network. Introduced through a partnership with Circle, the integration streamlines liquidity and reduces reliance on bridged assets. This addition not only enhances transaction efficiency but also unlocks new possibilities for DeFi protocols on Sui.
Sui’s ecosystem has become increasingly attractive for developers, with the USDC integration immediately benefiting its dApps and liquidity protocols. This stablecoin’s presence allows DeFi applications to offer improved liquidity and more secure user experiences, reinforcing Sui's ambition to become a hub for decentralized finance and gaming.
With 200+ dApps now active, and stablecoins like USDY and USDC driving liquidity, Sui’s ecosystem is poised for further expansion. Upcoming features include advanced social platforms, DePIN solutions like Chirp, and new gaming experiences such as Blockus, solidifying Sui's role in leading Web3 innovation.
Top Projects in the Sui Ecosystem
Here’s a look at some of the most trending crypto projects in the Sui ecosystem to explore, based on their utility, popularity, and growth potential:
DeFi: DeepBook
DeepBook is a core decentralized finance (DeFi) infrastructure on the Sui blockchain, functioning as a fully on-chain central limit order book (CLOB). This platform offers efficient liquidity services for institutional traders and DeFi protocols by handling all order matching, routing, and settlement on-chain. Designed as a public good, DeepBook enables liquidity providers and traders to execute strategies with low latency and low gas fees, contributing significantly to the growth of Sui’s TVL.
The launch of DeepBook version 3 marked a key milestone, accompanied by the introduction of the native DEEP token. This update enhances governance by allowing token holders to participate in network decisions, stake their tokens, and enjoy reduced trading fees.
Memecoin: sudeng (HIPPO)
Sudeng (HIPPO) is a flagship memecoin on the Sui blockchain, inspired by a hippo named Su Deng, which gained popularity online in 2024. The token has become a community-driven initiative, focusing not only on fun and engagement typical of memecoins but also on philanthropy. A portion of its revenues goes towards wildlife conservation efforts.
Launched in 2024 during the memecoin boom, sudeng quickly captured attention, achieving substantial liquidity on Sui’s decentralized exchanges (DEXs). It reached an all-time high price of $0.0143, reflecting heightened market interest.
👉 Discover more about Sui memecoins
Infrastructure: Sui Name Service (SuiNS)
The Sui Name Service (SuiNS) is a blockchain-based naming platform designed to simplify user interactions on the Sui network. SuiNS allows users to register human-readable identifiers that replace complex alphanumeric wallet addresses. These identifiers make it easier to manage on-chain transactions and interact within the ecosystem.
A major development in 2024 was the introduction of SuiNS V2, which transitioned the naming format to more familiar '@' identifiers, enhancing usability. Additionally, SuiNS began offering Subnames, allowing hierarchical identity structures under a primary name.
Wallet: Sui Wallet
The Sui Wallet is the official non-custodial wallet of the Sui blockchain, designed to help users manage their SUI tokens, interact with dApps, and stake assets seamlessly. The wallet supports token transfers and allows users to store NFTs and other digital assets natively on the Sui blockchain.
A key development in 2024 was the integration with Transak, which enabled direct fiat-to-crypto onboarding within the wallet. This addition has significantly boosted transaction volumes.
DEX: Cetus Protocol (CETUS)
Cetus Protocol is a DEX operating on both the Sui and Aptos blockchains, with its primary focus on delivering efficient liquidity infrastructure through concentrated liquidity pools. Launched to support Sui’s growing DeFi ecosystem, Cetus Protocol offers advanced functionalities like limit orders, swap options, and range orders, ensuring minimal slippage during trades.
Throughout 2024, Cetus has expanded its offerings and partnerships, adding new features like Cetus Vaults and New Farms, further enhancing trading efficiency.
Launchpad: SuiPad (SUIP)
SuiPad is a community-focused launchpad designed to support innovative blockchain projects on the Sui network through Initial DEX Offerings (IDOs). Launched officially in Q2 2023 after completing testnet trials, SuiPad offers users the opportunity to participate in token sales for vetted Tier-1 projects by staking its native SUIP tokens.
In 2024, SuiPad introduced unique features like the SuiTank series, a Shark Tank-style reality show where project founders pitch to venture capitalists, offering both entertainment and education to the community.
Stablecoin: Ondo US Dollar Yield (USDY)
The Ondo US Dollar Yield (USDY) is a yield-bearing stablecoin launched on the Sui blockchain in 2024. Backed by U.S. Treasuries, USDY is designed to provide both price stability and predictable daily yields, making it an ideal asset for DeFi applications such as liquidity provision and lending.
The integration of USDY has been instrumental in boosting Sui’s DeFi growth, aligning with the network's push toward attracting more financial use cases.
👉 Explore Sui's DeFi ecosystem
DePIN: Chirp
Chirp is a decentralized physical infrastructure network (DePIN) built on the Sui blockchain, designed to revolutionize IoT connectivity and telecommunications. Launched in 2024, Chirp aims to connect IoT devices to blockchain applications through a multi-protocol wireless network.
The project focuses on expanding decentralized telecommunications while prioritizing IoT device compatibility, privacy, and user ownership. Future milestones include the mainnet launch and the introduction of mobile services.
Oracle: Supra
Supra Oracle is a decentralized oracle service integrated into the Sui blockchain, providing fast, secure, and reliable access to real-world data for smart contracts. Supra's technology ensures that dApps on Sui receive real-time data with sub-second latency, crucial for DeFi applications, lending protocols, and derivatives trading.
In 2024, Supra introduced significant updates, including Distributed Oracle Agreement (DORA) 2.0, which enhances the accuracy and integrity of real-world asset (RWA) price feeds.
Gaming: Blockus
Blockus is a Web3 gaming ecosystem built on the Sui blockchain, launched to enhance game development by integrating blockchain technology with interactive gameplay mechanics. In 2024, Blockus secured $4 million in pre-seed funding, following its participation in the a16z Crypto Startup Accelerator.
In 2024, Blockus expanded partnerships with over 30 studios, aiming to streamline development and onboard more players. Its mission is to redefine gaming by providing immersive experiences and enabling players to truly own and trade their in-game assets.
Future Trends and Innovations in the Sui Ecosystem
Looking forward, Sui is poised to maintain its momentum through continuous innovation. The network is expanding into cross-chain solutions with its upcoming bridge to Ethereum, aiming to attract more liquidity and dApp developers. With low gas fees and scalable infrastructure, Sui remains an appealing platform for DeFi, GameFi, and enterprise applications.
The DePIN and AI integrations introduced in 2024 indicate Sui’s ambition to explore new frontiers in blockchain technology. As more developers and investors flock to the ecosystem, Sui is set to solidify its place among leading Layer 1 blockchains.
Sui's ecosystem is evolving rapidly, demonstrating its potential to disrupt the blockchain landscape with a focus on speed, scalability, and innovation. With robust projects across DeFi, gaming, and social sectors, Sui stands ready to compete with major ecosystems like Ethereum and Solana in the decentralized economy.
FAQ
What is Sui Network?
Sui Network is a next-generation Layer 1 blockchain designed for scalability and low-latency operations, supporting a wide range of decentralized applications (dApps) across DeFi, gaming, and social ecosystems.
What are the top projects in the Sui ecosystem?
Top projects in the Sui ecosystem include DeepBook (DeFi), sudeng (HIPPO) (Memecoin), Sui Name Service (Infrastructure), Sui Wallet (Wallet), Cetus Protocol (DEX), SuiPad (Launchpad), Ondo US Dollar Yield (Stablecoin), Chirp (DePIN), Supra (Oracle), and Blockus (Gaming).
How has Sui performed in 2024?
In 2024, Sui achieved significant milestones, including surpassing $1 billion in TVL, launching native USDC, and expanding its ecosystem to nearly 200 dApps. The network has also seen substantial growth in market capitalization and user adoption.
What are the future trends for Sui?
Future trends for Sui include expanding cross-chain solutions, integrating DePIN and AI technologies, and continuing to grow its DeFi and gaming ecosystems. The network aims to solidify its position among leading Layer 1 blockchains.