By Nermeen Nabil Khear 
Welcome and hop on board the Sui train before it leaves the station. If you have been following this channel, you know already that $SUI is on fire. But besides the $SUI token, the Sui ecosystem is also on fire. For example, their NFT collections, like Prime Machin, Rootlets, or Kumo the Kat. However, one sector that really stands out, is their DeFi ecosystem. Sui takes 7th spot among all other chains. Furthermore, it reached a new ATH in TVL of $1 billion. Over the last month, TVL is up by 73%, and it keeps growing.
So, it’s about time to dive into the Sui ecosystem and find out what’s cooking in their DeFi sector. What are the Sui ecosystem projects that are currently ripping it?
BREAKING Sui has achieved $ 1⃣,0⃣ 0⃣ 0⃣,0⃣ 0⃣ 0⃣,0⃣ 0⃣ 0⃣ in Total Value Locked in less than two years since Mainnet launch!!
It’s all thanks to the Sui community, projects, products, and builders for getting us to this achievement!
And #Suitember is still going strong pic.twitter.com/sW4QcnGG3B
— Sui (@SuiNetwork) September 29, 2024
Cetus Protocol ($CETUS)
The first Sui ecosystem project on today’s list is Cetus Protocol ($CETUS). It calls itself a pioneer DEX for Move protocols.
In other words, you can find Cetus on both Sui and Aptos. However, for today’s purpose, we concentrate on the Sui side.
Cetus is a Concentrated Liquidity Market Maker or CLMM. In short, it offers minimal slippage in a pool. Thus, it improves capital efficiency. It also allows you to follow all kinds of complex trading strategies, similar to what you can do on a CEX. Measured by TVL, it takes rank #2 on Sui. Read our precious article on Cetus here.
Here are some features that Cetus offers, for example,
A swap with limit orders and DCA options.
Deepbook. This is a CLOB or a Central Limit Order Book. Deepbook doesn’t have a UI itself, but most of Sui’s DeFi uses this in the background.
Pools.
Farms.
Vaults. See the picture below.
Governance with its $xCETUS token.
A launchpad.
So, plenty of action and opportunities on Cetus. The current $CETUS price is 20.5 cents with a $65 million market cap. Over the last 30 days, it’s up by 250%. Out of the 1 billion $CETUS tokens, 316 million circulate.
Source: Cetus vaults
Navi Protocol ($NAVX)
With Navi Protocol ($NAVX), we have the current top mover in Sui’s DeFi ecosystem. It has $359 million in TVL. This makes it Sui’s #1 protocol, measured by TVL by a mile. The next project doesn’t even have half of that in TVL.
If you’re familiar with DeFi, you can compare Navi with Aave. It offers similar features, but on Sui. This includes, for instance,
Lending.
Yield strategies.
Liquid staking.
Flash loans.
It also offers looping options. In a nutshell, this allows you to use your $SUI as collateral. Now you can borrow $USDC against your collateral. The next step is to swap your $USDC against $SUI. Now you can supply this $SUI for lending.
Navi also tracks a health score. This increases every time you use this looping strategy. It’s top end use of DeFi.
The current $NAVX token price is 16 cents. It has a market cap of $40 million. Over the last 30 days, it’s up by 230%. However, out of the 1 billion max supply, only 243.6 million circulate. This is not so great. Nonetheless, it’s still 60% away from its ATH of 41 cents from 6 months ago. So, plenty of opportunity here.
Unlock the lending/borrowing features on NAVI and access the $14M+ native USDC liquidity to plug into high-yield opportunities on @CetusProtocol
Farm the USDC boosted pools on Cetus by lending assets and borrowing native USDC on NAVI.
Follow the thread for a step-by-step https://t.co/vO1oenwWPj
— NAVI Protocol | navi.sui (@navi_protocol) October 10, 2024
Scallop ($SCA)
Scallop ($SCA) is the next-generation money market. This is also a lending protocol, and it takes #4 spot measured by TVL on Sui. It was also the first DeFi protocol to receive a grant from the Sui Foundation.
So, besides lending, there’s also a swap. Besides its $NAVC token, there’s also a $veNAVX token. Lock your $SCA and you receive $veSCA. Some benefits of holding $veSCA are, for instance,
Governance and voting power.
Booster of receiving token $SCA emission.
Receive fees from voted pools.
Furthermore, Scallop also already has a small ecosystem.
Now let’s take a look at the current $SCA token price, which is 41 cents. It has a market cap of $22.8 million. Out of a 250 million max supply, 52.8 million circulate. So, not that great, but, over the last 30 days, it’s up by 180%. Its ATH was at $1.47, that’s 69% from here.
SCALLOP INCENTIVE PROGRAM
Weekly incentives refreshed for Scallop pools!
Borrow Native USDC on Scallop to earn juicy APR up to 22.41%!
Total SUI Incentives: ~114K SUI
Total SCA Borrow Incentives: ~450K SCA
Hold veSCA and enjoy up to 4X BOOST for SCA Borrow Reward… pic.twitter.com/8Dy9QscBXe
— Scallop (@Scallop_io) October 14, 2024
Suiswap ($SSWP) and Turbos Finance ($TURBOS)
Now I’m getting down to the nitty-gritty. Here are two projects with small market caps. So, in other words, plenty of upside potential, but also higher risk.
Let’s first take a look at Suiswap ($SSWP). It launched in 2023 with an airdrop. It’s a cross-chain DEX. You can only swap 16 tokens on it. However, this includes, for example,
$SOL
$WBTC
$GLMR
$AVAX
$WETH
$FTM
$WMATIC
The current $SSWP price is $0.0007325 with a $7.3 million market cap. The good news is that all tokens are already unlocked. It’s up 240% over the last 30 days and 300% over the last 14 days. It’s 79% away from its ATH.
Non Believers are about to be converted, Quickly. $SSWP will lead the charge for Launchpads on #SUI If you’re a believer smash the https://t.co/xMWuksHs7O
— Suiswap (@suiswap_app) September 22, 2024
Turbos Finance ($TURBOS) is another DEX on Sui. Its backers include Jump Crypto and Mysten Labs. It operates with a good old-fashioned AMM or an automated market maker.
Like all apps on Sui, it’s fast and offers low transaction fees. It offers,
Swaps.
Pools.
And yield strategies.
The current $TURBOS price is $0.00384. It has a market cap of $7 million. There’s a 10 billion max supply and a 3.7 billion total supply. Out of this, 1.86 billion circulate. $TURBOS is up by 180% over the last 30 days. It’s 45% away from its ATH.
A huge milestone for @Turbos_finance— we’ve officially surpassed $30M+ in TVL this month!
This marks a significant leap in the @SuiNetwork ecosystem, cementing Turbos as a driving force in DeFi growth
With even more on the horizon, we’re just getting started! pic.twitter.com/LdD3Mfimme
— Turbos Finance (@Turbos_finance) October 14, 2024
Potential Airdrops
Last but not least, here’s a quick note about some potential airdrops.
Deepbook had its TGE (token generation event) today, 14th October. The platform doesn’t have a UI itself. However, it’s the backbone of pretty much all DeFi apps on Sui.
Suilend is another platform to keep an eye out for. It’s an incentivized platform, so go and borrow some assets. This may still qualify you for their airdrop. It keeps swapping places with Cetus, measured by TVL between #2 and #3 spot.
Suitember 2024.
The best month,
on the best chain,
with the best tech,
(and the best merch).
Thank you @SuiNetwork. pic.twitter.com/radIzOIVoM
— Suilend (@suilendprotocol) September 30, 2024
In general, keep an eye out on the Sui ecosystem. As you just saw, especially the DeFi ecosystem is truly on fire.
So, are you familiar with any of the mentioned platforms? Do you have a favorite one? If so, let me know why you like that specific one.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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The post Top 4 Sui Ecosystem Altcoin Projects appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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